Sitharaman Holds Talks with Norway PM Støre, Focus on Trade and Investment Ties

Union Finance Minister Nirmala Sitharaman held a meeting with Norway Prime Minister Jonas Gahr Støre in Oslo on Wednesday, during which both sides discussed the operationalisation of the EFTA and TEPA agreements and outlined key areas of collaboration including high-tech manufacturing, carbon capture storage, startups, semiconductors, renewable energy and waste management.

In a social media post, the Ministry of Finance stated that the Norwegian Prime Minister said 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".

Prime Minister 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 reiterated the importance of operationalising EFTA and TEPA and discussed collaboration across high-tech manufacturing, carbon capture storage, startups, semiconductors, renewable energy and waste management.

What opportunities in green technology, maritime and rare earths were discussed during Sitharaman’s Norway visit?

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.

The leaders discussed ways to deepen cooperation and explore mutual opportunities in 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 later in the year, while Sagebakken referred to the important role being played by India in Norway’s maritime industry.

Sitharaman said 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, which was attended by the CEO of the National Investment and Infrastructure Fund and the President of the Confederation of Indian Industry.

How did Sitharaman pitch India as an investment destination to Norwegian CEOs?

She 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 on India’s growth and reform story and investment opportunities between the two countries across key sectors.

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.

How did investors respond to India’s policy environment during Sitharaman’s Norway visit?

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.

Earlier, Sitharaman met Norway Finance Minister Jens Stoltenberg in Oslo, where the two leaders discussed scope for cooperation in the renewable sector, especially solar power, rare earth processing and carbon capture and storage.

In her bilateral meeting, Stoltenberg said that India’s economic growth offers lots of opportunities to invest and grow.

“The two leaders discussed working together in the renewable sector, especially solar power, rare earth processing, carbon capture and storage,” the finance ministry said in a post on X.

Both leaders agreed to work towards leveraging the Trade and Economic Partnership Agreement, especially in the domains of blue economy, green economy, as well as investment via Sovereign Wealth and pension Funds.

Sitharaman arrived in Norway on Monday for an official visit during which she is meeting senior Norwegian leadership, holding bilateral meetings and engaging with business leaders, investors and members of the Indian diaspora to strengthen economic and financial cooperation between the two countries.

(With inputs from ANI)