Indian Economy News

India-EFTA TEPA to Support US$ 100 billion Investments and 1 million Jobs: Prime Minister Mr. Narendra Modi

India and Norway deepened their bilateral economic engagement during the India-Norway Business and Research Summit held in Oslo, attended by Prime Minister Mr. Narendra Modi, Norwegian Prime Minister Mr. Jonas Gahr Støre and Crown Prince Mr. Haakon. The summit brought together CEOs of over 50 companies and more than 250 participants from business and research communities of both countries. The statement further emphasised the growing bilateral trade and investment ties following the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA). It further elaborated that stakeholders to work towards the TEPA investment target of Rs. 9.43 lakh crore (US$ 100 billion) and the creation of one million jobs in India. Moreover, the statement outlined India’s investor-friendly ecosystem, demographic dividend and competitive federalism, while encouraging Norwegian investments across blue economy, shipbuilding, renewable energy, green transition, health-tech, critical minerals, healthcare innovation and start-up sectors. 

Highlighting the upgraded India-Norway Green Strategic Partnership, the statement stressed India’s ambitious clean energy and sustainability agenda, including renewable energy expansion, green hydrogen and grid infrastructure development. It further highlighted Norway’s expertise in clean energy investments, maritime decarbonisation, climate finance and ocean sustainability, while inviting stronger collaboration in green and blue economy initiatives. Several agreements were signed between government bodies and companies from both countries in sectors such as space, digital public infrastructure, sustainability, tunnelling technology, healthcare and advanced technologies. The Ministry of External Affairs stated that the summit reflected the growing momentum in bilateral cooperation under TEPA, while Secretary (West) Mr. Sibi George highlighted that the partnership would enhance investment flows, employment generation, energy security and technological cooperation aligned with India’s Viksit Bharat vision. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.