Modi Seeks Norwegian Investment in Blue Economy

Prime Minister Narendra Modi has invited Norwegian companies to invest in India’s blue economy, green energy, and shipbuilding sectors, marking a strategic expansion of India-Norway economic cooperation.

During the India-Norway Business and Research Summit in Oslo on May 19, 2026, the Prime Minister encouraged greater Norwegian participation across the blue economy, renewable energy, green transition, critical minerals, clean energy, green hydrogen, AI, cybersecurity, and maritime services.

Strategic Partnership

The visit marked a major milestone as India and Norway launched a Green Strategic Partnership focused on clean energy, climate action, maritime cooperation, digital innovation, AI, defence and sustainable development.

Modi highlighted India’s reform, perform and transform agenda, noting that India’s economic DNA has transformed over the past 12 years through improved ease of doing business, taxation reforms, and manufacturing incentives. The EFTA agreement is expected to bring nearly $100 billion in investments and create 1 million jobs over 15 years.

Shipbuilding Opportunities

The Prime Minister emphasized that India is working to make shipbuilding a strategic manufacturing segment. Currently, 10 per cent of Norway’s ships are built in India, and Modi called for increasing this to 25 per cent over the next five years.

India has created a $2.9 billion Maritime Development Fund offering affordable long-term financing for shipbuilding projects, and is preparing to launch Shipbuilding Financial Assistance Policy 2.0 with an estimated $2 billion in support emphasizing eco-friendly and high-tech vessels.

Investment Landscape

Norway’s sovereign wealth fund, the Norwegian Pension Fund Global, is among India’s largest foreign investors, with investment interest rising particularly in ocean-related sectors including maritime industries, shipping, marine services, and oil and gas.

The Prime Minister praised Norway’s leadership in clean energy investments, maritime decarbonisation, ocean sustainability and climate finance, urging businesses from both countries to forge new partnerships and deepen economic cooperation.