New Delhi, Jan 27 (NationPress) Prime Minister Narendra Modi launched the fourth edition of the India Energy Week (IEW) 2026 virtually on Tuesday, commending the India-EU Free Trade Agreement as the 'Mother of all deals' and a stunning example of synergy between two of the world's largest economies.

Speaking to attendees in South Goa after the virtual launch, PM Modi remarked, 'You all have gathered in India to discuss energy and sustainability; I extend my warm welcome to everyone. The India Energy Week has swiftly evolved into a global platform for dialogue and action.'

He emphasized that India has transformed into a 'land of immense opportunities' for the energy sector.

Highlighting India's status as the world's fastest-growing major economy, which leads to a continuous rise in demand for energy products, the Prime Minister stated, 'India presents exceptional opportunities to meet global needs. Currently, we rank among the top five globally for petroleum products, with our exports reaching over 150 countries. Our capabilities will be immensely beneficial to you, which is why platforms like the Energy Week are ideal for nurturing our partnerships.'

Before moving forward, PM Modi announced a 'major development', referencing the almost finalized 'very significant agreement' between India and the European Union.

'This is being discussed globally as the 'Mother of All Deals'. This pact offers tremendous opportunities for India's 1.4 billion people and the countless populations in European nations,' he said, referring to the India-EU Free Trade Agreement (FTA).

Negotiations for this landmark agreement, aimed at enhancing trade and solidifying economic ties, have concluded, with an announcement expected later in the day.

The Prime Minister characterized the FTA as 'a remarkable example of synergy between two of the world's largest economies', which together account for nearly 25% of global GDP and about one-third of global trade.

'This agreement not only enhances trade but also reinforces our shared commitment to democracy and the rule of law.' He added that the free trade agreement with the EU will complement existing agreements with Britain and EFTA, thereby strengthening global supply chains. 'I applaud the youth of India and all of our citizens for this achievement,' he concluded.

He extended congratulations to those working in sectors like textiles, gems and jewelry, leather, and footwear, saying, 'This trade deal will not only elevate manufacturing in India but will also enhance the services sector significantly. This Free Trade Agreement will further bolster global confidence in India for every business and investor.'

PM Modi articulated that India is actively pursuing global partnerships across all sectors.

'Even within the energy sector alone, there exists vast investment potential across various facets of the energy value chain. Take exploration, for example—India has significantly liberalized its exploration sector. Our Deep Sea Exploration Mission is noteworthy as well. Our goal is to attract $100 billion in investments in our oil and gas sector by the end of this decade.'

He continued, 'Our aim is to expand exploration efforts across one million square kilometers. We have already awarded blocks covering over 1.7 million square kilometers. The Andaman & Nicobar Basin is emerging as our next hydrocarbon hub due to substantial reforms in the exploration sector, including a reduction in the 'no-go' areas.'

Based on suggestions from the previous edition of India Energy Week, PM Modi noted improvements in India's Acts and Rules, stating, 'Investing in India's exploration sector will enhance your company's profitability.'

According to the Prime Minister, another significant advantage for India in the energy sector is its 'vast refining capacity.'

'We currently rank second in global refining capacity and are on track to become number one. Presently, India's refining capacity is approximately 260 million tonnes, with ongoing efforts to increase it to over 300 million tonnes.'

On transportation, he mentioned, 'Specialized vessels are essential for LNG transportation, and we are focused on building them domestically. Recently, a ₹70,000 crore program was initiated for shipbuilding, alongside numerous investment opportunities in constructing LNG terminals at our ports. There is also a pressing need for extensive LNG pipelines.'

He noted the expansion of the City Gas Distribution network across multiple Indian cities, asserting that the government is 'rapidly connecting' other cities as well, labeling it a 'highly attractive sector' for investment.

'With such a large population and a consistently growing economy, the demand for petrochemical products in India is poised to rise steadily. Thus, we will require a substantial energy infrastructure, and your investments in this area will yield significant growth. Additionally, there exist abundant opportunities for investments in downstream activities within India,' the Prime Minister stated.

PM Modi affirmed that India is currently on the 'Reforms Express', rapidly implementing reforms across all sectors. He emphasized that the nation is undertaking reforms to spur domestic hydrocarbon production and create a transparent, investor-friendly environment for global collaboration.

'India is transitioning from energy security to a mission of energy independence... Our energy sector is central to our aspirations. There exists an investment opportunity of $500 billion within it. I invite you all with the call—Make in India, Innovate in India, Scale with India, Invest in India.'

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, UAE's Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, Canada's Minister of Energy and Natural Resources Tim Hodgson, along with high-ranking ministers from Africa, the Middle East, Central Asia, and the Global South, attended the inauguration ceremony in Betul village, South Goa district.

The IEW aims to bolster energy security, attract investments, and promote effective, scalable approaches to decarbonization that can be adapted by economies at various stages of development.

This three-day event features delegations from the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, showcasing the IEW's growing influence in global energy diplomacy. The IEW expects to welcome over 75,000 energy professionals from more than 120 nations.