Prime Minister Narendra Modi stated on May 19, 2026, that his government is providing the best opportunities and incentives to elevate manufacturing in India.
Speaking at the Norway-India Business and Research Summit in Oslo, he urged companies in Norway to invest in India.
Highlighting the India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA), implemented in October 2025, PM Modi described it as “a pact centred on talent, technology, and mutual trust”. He explained that the agreement aims to increase economic cooperation, seeking to attract $100 billion in investment from EFTA countries over the next 15 years and create one million jobs.
He affirmed that relations between India and Norway represent “a proven partnership” rather than just potential. Addressing the business and research communities, he expressed gratitude to the Norwegian Prime Minister for organising the summit and said, “Having listened to some of the colleagues here, I am convinced that the foundation of our partnership is extremely strong.”
PM Modi encouraged global business leaders to deepen their engagement with India, stating, “We must now take this partnership to new frontiers by enhancing its intensity. We must accelerate our pace and set our goals significantly higher.” He added, “Today marks a moment that presents a unique opportunity to make the right use of the right time.”
Regarding global challenges such as food, fuel, and fertiliser security, Modi noted ongoing collaboration between India and Norway, citing investments by Orkla in India’s food sector, LPG and LNG supply by Equinor, and Yara’s involvement in fertiliser production.
The Prime Minister identified India's rapidly expanding middle class and clean energy ambitions as major investment opportunities for Norwegian companies, especially in nutrition, health, and green energy. He said, “Norway’s food, fisheries, and healthcare companies can emerge as strong partners for India in meeting this demand,” and added that India aims to produce 500 gigawatts of clean energy and 5 million tons of green hydrogen by 2030.
He invited Norway to become a key stakeholder in India's clean energy future, noting that investments in this field are also a priority for Norway’s Wealth Fund.
Outlining India's reform agenda, Modi said, “As we move forward guided by the mantra of ‘Reform, Perform, and Transform’, we have completely transformed India’s economic DNA over the last 12 years.” He mentioned ongoing efforts to streamline compliance and improve ease of doing business, including recent reforms in taxation, labour codes, and governance.
Focusing on the manufacturing sector, PM Modi highlighted developments in shipbuilding, describing it as a strategic sector with clusters and an end-to-end ecosystem being created. He stated, “Today, nearly 10% of Norway’s ships are built in India. Can we take this figure up to 25% over the next five years? I believe this is not a difficult task.” He called for leveraging India’s policies, stability, and incentives to become major partners in this sector.
India and Norway have elevated bilateral relations to a ‘Green Strategic Partnership’. Modi noted support for Norwegian companies in critical areas such as critical minerals, artificial intelligence, cyber technology, space, and defence. He also highlighted cooperation through ‘Lab-to-Lab,’ ‘University-to-University,’ and ‘Scientist-to-Scientist’ partnerships, linking research and startup ecosystems.
Specifically for Norway, India has established a dedicated Trade Facilitation Desk within the ‘Invest India’ initiative to address Norwegian investors’ needs and facilitate smoother investments. Modi concluded with an invitation: “Come to India, expand both your scope and your ambitions here. I extend a warm invitation for you to come and join us in India… I, too, have given you my assurance from my side; and in a way, the ball is now in your court.”