India has extended a formal invitation to Norway for a significant investment push in the shipbuilding and green energy sectors. This announcement was made by Prime Minister Narendra Modi during the Norway-India Business and Research Summit held in Oslo.
Shipbuilding Sector Expansion
During his address, PM Modi highlighted India's strategic focus on scaling up shipbuilding as a key manufacturing sector. He noted that nearly 10 percent of Norway's ships are currently built in India and set an ambitious target to increase this share to 25 percent within the next five years. The Prime Minister invited global partners, including Norwegian companies, to expand their investments in India's shipbuilding industry, emphasizing the country's competitive advantages and skilled workforce.
Green Energy Collaboration
PM Modi also underscored India's rapid progress in the clean energy domain. He reiterated India's commitment to achieving a 500 GW renewable energy capacity target and expanding green hydrogen production by 2030. The Prime Minister invited Norway's sovereign wealth fund and private companies to participate in India's clean energy transition, highlighting the vast opportunities in solar, wind, and hydrogen projects.
India has implemented several reforms aimed at improving the ease of doing business and boosting manufacturing competitiveness, making it an attractive destination for foreign investment. The summit served as a platform to strengthen bilateral economic ties and explore new avenues of cooperation between the two nations.
