**Executive Summary**
The Prime Minister’s address at the Norway-India Business and Research Summit on May 18, 2026, highlights the strengthening of bilateral ties through the Trade and Economic Partnership Agreement (TEPA) implemented in October 2025. The speech outlines ambitious goals, including a $100 billion investment target from EFTA countries and the creation of one million jobs over 15 years. Key focus areas for future collaboration include clean energy, shipbuilding, healthcare, and a newly established Green Strategic Partnership.
**Key Points / Main Content**
**Trade and Economic Partnership Agreement (TEPA)**
* Implemented in October 2025 between India and the European Free Trade Association (EFTA).
* Sets a target of $100 billion in investments into India and the generation of one million jobs over the next 15 years.
* Framework based on talent, technology, and mutual trust.
**Strategic Sector Opportunities**
* **Clean Energy:** India aims to produce 500 gigawatts of clean energy and five million tonnes of green hydrogen by 2030.
* **Shipbuilding and Maritime:** A target has been set to increase the proportion of Norwegian ships built in India from 10% to 25% over the next five years.
* **Healthcare and Nutrition:** Opportunities for Norwegian firms to cater to the demands of India’s rapidly growing middle class.
* **Manufacturing:** India is developing shipbuilding clusters and emerging as a global hub for MRO (Maintenance, Repair, and Overhaul) and green shipping.
**Green Strategic Partnership and Innovation**
* Bilateral relations have been elevated to a "Green Strategic Partnership."
* Cooperation will extend to critical minerals, AI, cyber technologies, space, and defense.
* Focus on "lab-to-lab" and "university-to-university" connectivity between India’s Council of Scientific and Industrial Research (CSIR) and Norwegian research institutions.
**Ease of Doing Business and Support Mechanisms**
* Introduction of next-generation reforms in taxation, labor codes, and governance to improve the economic environment.
* Establishment of a dedicated trade facilitation desk for Norway within "Invest India" to provide a smoother and faster investment journey.
* Proactive reduction of compliances to enhance the "Ease of Doing Business."
**Impact Analysis**
**Norwegian Businesses and CEOs**
**Impact**
They gain access to a stable, reformed economic environment with specific incentives in manufacturing and technology.
**Action Required**
Expand investment scope and ambitions in India by utilizing the dedicated trade facilitation desk at Invest India.
**Norwegian Wealth Fund**
**Impact**
The fund is recognized as a priority partner for India’s massive clean energy transition.
**Action Required**
Direct investments toward India’s 2030 clean energy and green hydrogen production targets.
**Research and Academic Institutions (Norway and India)**
**Impact**
Increased synergy between the startup and research ecosystems of both nations.
**Action Required**
Strengthen cooperation through "lab-to-lab" partnerships and scientist-to-scientist engagements.
**Indian Shipbuilding Sector**
**Impact**
Designated as a strategic manufacturing sector with the goal of becoming a global maritime hub.
**Action Required**
Develop end-to-end ecosystems and clusters to handle the projected increase in international shipbuilding orders.
Key Entities Referenced
Trade and Economic Partnership Agreement (TEPA): A comprehensive trade agreement implemented between India and EFTA countries to promote investment, technology transfer, and job creation.
Green Strategic Partnership: A bilateral framework between India and Norway aimed at enhancing cooperation in sectors like clean energy, maritime services, and advanced technologies.
European Free Trade Association (EFTA): An intergovernmental organization of four European states (including Norway) that signed the TEPA with India, setting a $100 billion investment target.
Invest India: The national investment promotion and facilitation agency of India, which established a dedicated trade facilitation desk for Norwegian businesses.
Council of Scientific and Industrial Research (CSIR): India’s premier research and development organization collaborating with Norwegian institutions to connect research and startup ecosystems.
Prime Minister's Office
English Translation of Prime Minister's address at
Norway-India Business and Research Summit
Posted On: 18 MAY 2026 11:49PM by PIB Delhi
Your Royal Highness,
Your Excellency Prime Minister,
Distinguished members of the business communities of both countries,
Today, we have had the opportunity to engage in discussions with the business and research leaders of
Norway and India. I sincerely thank the Prime Minister of Norway for organising this summit on such a
grand scale.
It is a matter of great pleasure for me to be here today among the business and research communities of
Norway and India. I had the opportunity to listen to some of the participants, and hearing them gives me
confidence that the foundation of our partnership is very strong.
This is not merely a partnership of possibilities; it is a proven partnership. Today, when food, fuel, and
fertiliser security have become global challenges, India and Norway are working together to address them.
Whether it is Orkla’s investments in India’s food sector, Equinor’s supply of LPG and LNG to India, or
Yara International’s contribution to India’s fertiliser sector - these collaborations are strengthening our
partnership.
I am very pleased that many among you, the CEOs present here, have consistently participated with great
enthusiasm in Vibrant Gujarat and other investor summits in India. Now, we must increase the intensity of
this partnership and take it towards new frontiers.
And now, merely moving forward one step at a time will not be sufficient. We will have to increase our
pace, and we must also set our goals much higher.
Friends,
All of you who are connected with India, and the discussions you have had here regarding India - I believe
there could not be a better time than this. Today is a moment of great opportunity, where the right use of
the right time can make a significant difference.
In October 2025, we implemented the Trade and Economic Partnership Agreement, or "TEPA,” with the
European Free Trade Association. This unique and special agreement is an agreement of talent,
technology, and mutual trust between us.
Through this agreement, the EFTA countries have set a target of investing 100 billion dollars in India andcreating one million jobs over the next fifteen years. This is an ambitious target, but it is also achievable.
And I assure you with confidence that transforming your investments in India into tangible outcomes is
our guarantee.
Friends,
I would like to mention two sectors that may be particularly beneficial for you. India’s rapidly growing
middle class is creating major demand in the nutrition and healthcare sectors. Norway’s food, fisheries,
and healthcare companies can become strong partners in meeting this demand in India.
Similarly, in the field of clean energy, India’s aspirations are unmatched anywhere in the world. By 2030,
we have set targets of producing 500 gigawatts of clean energy and 5 million tonnes of green hydrogen.
Clean energy investment is also a priority for the Norwegian Wealth Fund. I invite Norway to become an
important partner in India’s clean energy future.
Friends,
Guided by the mantra of "Reform, Perform, and Transform,” as we move forward, if we look back at the
past twelve years, we can see that we have fundamentally transformed the economic DNA of India.
We are continuously reducing compliances, and the government is taking highly proactive steps to further
improve the Ease of Doing Business.
Recently, we have introduced next-generation reforms in areas such as taxation, labour codes, and
governance. I believe that we are now offering some of the finest opportunities to take manufacturing in
India to the next level. We are also providing incentives across several key sectors.
A shining example of this is our shipbuilding sector. We are working rapidly to develop this sector as a
strategic manufacturing sector. We are building shipbuilding clusters and creating an end-to-end
ecosystem for its growth.
Alongside shipbuilding, India is also emerging as a global hub for MRO, green shipping, and maritime
services.
Today, nearly 10 percent of Norway’s ships are built in India. Can we increase this to 25 percent over the
next five years? I believe this is not a difficult task. We have already gained momentum. What we need
now are bigger steps backed by larger ambitions.
I invite all of you to become major partners in this sector by taking advantage of India’s policy stability
and incentives.
Friends,
Today, the Prime Minister and I have elevated India–Norway relations to the level of a Green Strategic
Partnership. Through this strategic partnership, Norwegian companies will receive full support in areas
such as critical minerals, AI, cyber technologies, space, and defence. In all these sectors, I invite you to
make India a base for innovation and manufacturing.
Friends,Today, we are also transforming India–Norway relations into partnerships from lab to lab, university to
university, and scientist to scientist. India’s Council of Scientific and Industrial Research (CSIR), startup
funds, and Norway’s research institutions are strengthening their cooperation with one another. This will
connect the research and startup ecosystems of both countries.
Friends,
We have opened a dedicated trade facilitation desk for Norway within Invest India so that we can address
your requirements in a focused manner. This desk will make your investment journey in India smoother,
faster, and more effective.
Such a dedicated mechanism provides significant convenience. It also makes coordination with state
governments much easier for you. And whenever there is a need for adjustments or support within
decision-making processes, those too can be addressed with much greater speed. That is precisely why we
have created this special arrangement.
Now, my principal message to all of you is this: come, expand both your scope and your ambitions in
India. I warmly invite you to India.
You will also have the opportunity to witness these experiences firsthand. I, too, have conveyed my
assurance and confidence to you from my side. In a way, the ball is now in your court.
Thank you.
DISCLAIMER: This is the approximate translation of Prime Minister's address. Original address
was delivered in Hindi.
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