During a visit by India’s Finance Minister Nirmala Sitharaman, Norway’s Minister of Finance, Mr Jens Stoltenberg met India’s Minister of Finance in Oslo. Another important step in strengthening the economic partnership between the two countries was taken at the meeting. Both leaders also cited collaborations on renewable energy and trade and investment, and how Prime Minister Narendra Modi's trip to Norway later this year will enhance its prospects.
Mr Stoltenberg emphasized that India’s rapid economic growth presents abundant avenues for investment and expansion. Norway is keen to partner with India on the renewable sector and will focus on solar power, rare earth processing, and carbon capture and storage, he said. These include key areas in the world and are recognized by both countries to be vital for a more sustainable future due to their green development ambitions.
Minister Sitharaman and Mr Stoltenberg also agreed to leverage the Trade and Economic Partnership Agreement (TEPA) to cement cooperation. They highlighted the need to build on cooperation in the blue economy, the green economy, and the investment side through sovereign wealth and pension funds. Thus, this agreement aims to serve as a solid basis for India’s long‑term economic engagement with Norway.
- Focus on Renewable Energy: Solar power, rare earth processing, carbon capture high priority for both sides
- Trade and investments: Agreement to use TEPA as a springboard for increasing cooperation in blue and green economies
- Financial cooperation: Norway’s sovereign wealth and pension funds could do a lot for India’s growth story
- Upcoming engagement with Norway: Norway looks forward to Prime Minister Modi’s visit, which is also likely to deepen relations
India has now emerged as the fastest‑growing major economy and the country has drawn global attention for initiatives around reforms and investment opportunities. Moreover, Norway has complementary strength in renewable energy, advanced technologies, and sustainable practices, which are useful in supporting India’s development goals. It is a common agenda of building a cleaner, greener and more resilient world economy, and the Oslo conversations reflect this shared purpose.
While the meeting between Finance Minister Nirmala Sitharaman and Norway’s Finance Minister Jens Stoltenberg was nothing less than a diplomatic back and forth, for it marked a more concrete step toward building meaningful economic bridges. Renewable energy, trade, and investment were areas of focus for both countries who showed commitment to pursuing a sustainable future. The next visit of Prime Minister Modi will also further advance this collaboration and open doors for India and Norway to work together.
