India and Norway strengthen economic ties with focus on green investments
Finance Minister Nirmala Sitharaman recently visited Norway to explore stronger economic ties between the two nations. During her trip, she met with government officials, business leaders, and members of the Indian diaspora to discuss investment opportunities and collaboration in key sectors.
Sitharaman began her visit with a meeting alongside Norway's Finance Minister Jens Stoltenberg. The two leaders talked about expanding investment in India's growing economy. They also agreed to focus on renewable energy, particularly solar power, rare earth processing, and carbon capture technologies.
Later, she held a roundtable with Norwegian CEOs and investors. The discussions centred on potential partnerships in green and blue economies, as well as investments through Norway's Sovereign Wealth and pension funds. Both sides highlighted the Trade and Economic Partnership Agreement (TEPA) as a way to boost cooperation in these areas.
The minister also invited members of the Norwegian Committee to visit GIFT-IFSC, India's international financial hub. She emphasised its tax incentives and streamlined regulations as key advantages for foreign investors. Additionally, Sitharaman engaged with Norwegian parliamentarians to explore further economic collaboration.
Norway's government expressed enthusiasm for Prime Minister Narendra Modi's upcoming visit later this year. Officials see it as an opportunity to deepen India-Norway ties in trade, technology, and sustainable development.
While no specific investment deals or renewable energy projects have been formally announced yet, both countries have signalled strong interest in future cooperation. The discussions covered solar energy, rare earth processing, and carbon capture, with further talks expected during Modi's visit later in the year.
