Sitharaman Meets Norway PM, Eyes Semiconductors & Green Tech Partnership

In a social media post on Wednesday, the Ministry of Finance stated that during the meeting, the Norwegian Prime Minister said that Norway is looking forward to the visit of Prime Minister Narendra Modi scheduled for later in the year and expressed confidence that the visit would further expand India-Norway cooperation.

It stated "Union Minister for Finance and Corporate Affairs Smt.@nsitharaman called on H.E. Mr. Jonas Gahr Støre @jonasgahrstore, the Prime Minister of Norway, in Oslo, today".

Norway PM Støre appreciated India's reform momentum and highlighted that Norway and India can collaborate in sectors such as fisheries, health tech, maritime, and space.

He also lauded the contribution of the Indian diaspora in Norway. Both leaders discussed the operationalisation of the EFTA and TEPA agreements and outlined several key areas of collaboration between the two countries, including high-tech manufacturing, carbon capture storage, startups, semiconductors, renewable energy, and waste management.

During her visit, Sitharaman also met Cecilie Mysreth, Norway's Minister for Trade and Industry, and Even Tronstad Sagebakken, State Secretary, Fisheries and Ocean Policy, in Oslo.

The leaders discussed ways to deepen cooperation and explore mutual opportunities in areas such as green technology, rare earth processing, maritime and shipping industries, and fisheries, especially in the context of the India-EFTA TEPA deal.

Mysreth mentioned that she and her team are looking forward to Prime Minister Narendra Modi's visit scheduled later in the year.

Sagebakken also referred to the important role being played by India in Norway's maritime industry. Sitharaman stated that the effective operationalisation of TEPA will foster mutual benefits for both countries and expressed hope for its timely implementation.

The Finance Minister also participated in a roundtable meeting with prominent Norwegian CEOs and investors in Oslo. The CEO of India's National Investment and Infrastructure Fund (NIIF) and the President of CII also participated in the session.

Sitharaman interacted with over 35 CEOs and top-level participants from the Norwegian business and investment community and said that her visit witnessed engaging and positive discussions on India as an investment destination and the fastest-growing major economy of the world.

Highlighting India's expanding trade architecture, including agreements with EFTA, the EU, the UK, and the US, Sitharaman emphasised that India offers a durable framework for trade, industrial collaboration, and long-term investments.

She also noted that the Union Budget 2026-27 underpins the government's reform focus on easing regulatory and compliance burden for citizens and companies.

The CEO of NIIF made a presentation highlighting India's growth and reform story and the investment opportunities between the two countries across key sectors.

The roundtable discussions covered opportunities in renewables, carbon capture, rare earths, financial services, advanced engineering and manufacturing, and various aspects of the maritime ecosystem, including shipbuilding and ship repair.

Participants appreciated India's predictable policy and macroeconomic environment and acknowledged the government's reform efforts and momentum, reflecting growing investor confidence and strengthening economic cooperation between India and Norway.

Union Finance Minister Nirmala Sitharaman arrived in Norway on Monday for an official visit. During the visit, she is meeting the senior Norwegian leadership, holding bilateral meetings, and engaging with business leaders, investors, and members of the Indian diaspora, with the aim of strengthening economic and financial cooperation between the two countries.

- ANI