PM Modi Invites Norwegian Companies to Invest in India

Prime Minister Narendra Modi on Monday invited Norwegian companies to invest in India, highlighting reforms the country has taken in taxation, labour code and governance, as well as reducing compliance burden.

Speaking at the India-Norway Business and Research Summit, the Prime Minister said the foundation of the partnership between the two countries is very strong.

"This is a proven partnership. Today, when food, fuel and fertiliser security have become a sort of global challenge, India and Norway are working together to solve this problem," he said.

He noted that many CEOs from Norway had been participating in Vibrant Gujarat and other summits in India.

"We should increase the intensity of this partnership and take it to the new frontier," Modi said.

The summit was attended by CEOs of over 50 companies and more than 250 participants from the Norwegian and Indian business and research communities.

The Prime Minister highlighted that India offers huge opportunities for investment, and particularly spoke about clean energy and major demand in the nutrition and health sectors.

He also said that investment in clean energy is a priority for the Norwegian wealth fund and invited it to become an important partner in India's clean energy future.

In the last 12 years, the Indian government has completely changed the country's economic DNA, he said, adding that India is continuously reducing compliance and taking proactive steps to enhance the ease of doing business.

He further said India provides the best opportunities for manufacturing, and the government offers incentives in many sectors.

Referring to the shipbuilding, the Prime Minister said the country is working to make this sector a strategic manufacturing segment.

Currently, 10% of Norway's ships are built in India, Modi said, calling for increasing it to 25% over the next five years.

In his address, the Prime Minister lauded the growth in bilateral trade and investments following the Trade and Economic Partnership Agreement (TEPA) coming into force.

He also underlined that stakeholders on both sides should make efforts to achieve the investment target of $100 billion under the TEPA and one million jobs over fifteen years.

The Prime Minister also said that a dedicated trade facilitation desk under Invest India for Norway has been established.

This, he said, will make the Norwegian investment journey in India easier, faster and more effective.

"Come and increase your scope and ambition in India. I am inviting you to come to India...," he said, assuring business leaders that their investment in India will have positive outcomes.

Norwegian Crown Prince Haakon and Prime Minister Jonas Gahr Store also participated in the summit.

The summit marked the growing momentum in bilateral economic cooperation, the Ministry of External Affairs said in a statement.

Prior to the high-level Business and Research Summit, four round table sessions were organised across different locations in Oslo, focusing on healthcare innovation, maritime cooperation, batteries and energy storage systems, digitalisation and electrification, and wind energy.