PM Modi with business leaders in Norway.
Prime Minister Narendra Modi on Monday held large-scale talks with big business and research leaders of Norway, in which he talked about the opportunities in India. On this occasion, PM Modi said that Today, food, fuel and fertilizer security has become a global challenge. India and Norway are solving these together. Today is a time which has an opportunity to be used at the right time.
PM Modi Said that in October 2025 we implemented trade and economic partnership agreement (TEPA) with the European Free Trade Association. This unique and special agreement is an agreement of talent, technology and mutual trust between us.
India’s changing economic DNA
PM Modi said that in the last 12 years, we have completely changed the economic environment. We are continuously reducing compliance requirements and taking proactive steps to increase the ease of doing business.
Speaking at the India-Norway Business and Research Summit in Oslo. https://t.co/1otNH9QiwD
— Narendra Modi (@narendramodi) May 18, 2026
He said that recently, we have implemented next-generation reforms in taxation, labor code and governance. To further improve the manufacturing sector, we are offering unique opportunities and incentives across different industries. The shipbuilding sector is a great example of these efforts. While we are moving forward with the mantra of Reform, Perform and Transform, if we look back, in the last 12 years we have completely changed the economic DNA of India.
Business and investment opportunities in India for Norway
He said that recently we have made next generation reforms in subjects like taxation, labor code and governance. Apart from shipbuilding, India is emerging as a global hub for MRO (maintenance, repair and overhaul), green shipping and various maritime services. Currently, 10% of Norway’s ships are made in India.
While we are moving forward with the mantra of Reform, Perform and Transform, if we look back, in the last 12 years we have completely changed the economic DNA of India.
Recently we have made next generation reforms in subjects like taxation, labor code and governance.
-PM
— BJP (@BJP4India) May 18, 2026
PM Modi said, can we increase this figure to 25% in the next five years? I believe this is an achievable goal, especially given the current momentum in the sector. Today we are also making India-Norway relations a lab to lab, university to university and scientist to scientist partnership. This will connect the research and startup ecosystems of both the countries.
He said that my first message to all of you is that you should increase your vision and ambition. I encourage you to explore opportunities and think about starting your own business in India.
CEOs and senior leaders from these fields participated in this conversation:
- Energy and Offshore Wind
- Green Hydrogen and Green Ammonia
- Maritime and Shipping
- Fertilizer and food security
- Consumer Goods and Food Processing
- Industrial Manufacturing and Coatings
- Robotics and Underwater Technology
- healthcare technology
- Research, Innovation and Higher Education
The total market capitalisation/enterprise value of the major participating companies is estimated to be around US$200 billion, reflecting the scale and importance of Norway’s economic engagement with India.
The meeting also highlighted India’s growing importance as a reliable economic partner and innovation destination for the Nordic economy. Among the notable companies represented were:
- Equinor is a Norwegian energy giant and global leader in oil, gas, offshore wind and low-carbon energy.
- Yara International is a major global fertilizer and green ammonia company.
- Orkla is a Nordic consumer goods company with a significant presence in India through brands such as MTR and Eastern.
- Kongsberg Group/Kongsberg Maritime Advanced maritime technology, defense and robotics company.
- DNV is the global leader in maritime classification, risk management and energy transition services.
- Jotun is an internationally renowned coatings and paints company.
- Aker Solutions Large global energy engineering and services company
- BW LPG is the world’s largest LPG shipping company.
- Laerdal Medical is the global healthcare training and medical simulation leader.
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