New Delhi: Prime Minister Narendra Modi on Monday invited Norwegian companies to invest in India, highlighting reforms in taxation, labour codes and governance, as well as the country’s efforts to reduce compliance burden. Speaking at the India-Norway Business and Research Summit, attended by CEOs of over 50 companies and more than 250 participants, PM Modi said the foundation of the partnership between the two countries was 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, adding, “We should increase the intensity of this partnership and take it to the new frontier.”
India eyes 25% share of Norwegian shipbuilding
PM Modi highlighted shipbuilding as a key area of bilateral cooperation, noting that 10% of Norway’s ships are currently built in India. He called for increasing this to 25% over the next five years, describing shipbuilding as a strategic manufacturing segment for India. The Prime Minister also invited Norway’s sovereign wealth fund to become an important partner in India’s clean energy future, noting that clean energy investment is a priority for the fund.
$100 billion investment target under TEPA
PM Modi lauded the growth in bilateral trade and investments following the Trade and Economic Partnership Agreement coming into force and called on stakeholders on both sides to work towards achieving a $100 billion investment target and one million jobs over fifteen years under the agreement. He also announced the establishment of a dedicated trade facilitation desk under Invest India for Norway, saying it would make the Norwegian investment journey “easier, faster and more effective.”
India’s economic reforms on display
PM Modi said that in the last 12 years, the Indian government had completely changed the country’s economic DNA, continuously reducing compliance and taking proactive steps to enhance ease of doing business. “Come and increase your scope and ambition in India. I am inviting you to come to India,” he told business leaders, assuring them that their investment in India would have positive outcomes. Norwegian Crown Prince Haakon and Prime Minister Jonas Gahr Store also participated in the summit.