Oslo [Norway], May 18 (ANI): Prime Minister Narendra Modi on Monday held a wide-ranging interaction with leading Norwegian business and research leaders at the India-Norway Business and Research Summit, with the outreach bringing together CEOs and senior leaders from diverse fields in Norway ranging from energy and shipping to healthcare technology. The combined market capitalisation of the major participating companies is estimated at around USD 200 billion.

The interaction underlined the scale and significance of Norway's economic engagement with India and New Delhi's growing importance as a trusted economic partner.

In his interaction, PM Modi highlighted the opportunities in India. The outreach brought together CEOs and senior leaders from the fields of energy and offshore wind, green hydrogen and green ammonia, maritime and shipping , fertilizers and food security, consumer goods and food processing, industrial manufacturing and coatings, robotics and underwater technologies, healthcare technologies and research, innovation and higher education

The combined market capitalisation/enterprise value of the major participating companies is estimated at around USD 200 billion, underlining the scale and significance of Norway's economic engagement with India.

The meeting also reflected India's growing importance as a trusted economic partner and innovation destination for Nordic economies.

Among the prominent companies represented were: Equinor - Norway's energy giant and a global leader in oil, gas, offshore wind and low-carbon energy; Yara International - global fertilizer and green ammonia major; Orkla - leading Nordic consumer goods conglomerate with major India presence through brands like MTR and Eastern and Kongsberg Group/Kongsberg Maritime - advanced maritime technology, defence and robotics company.

The other prominent companies represented at the interaction included DNV - global leader in maritime classification, risk management and energy transition services; Jotun - internationally renowned coatings and paints company; Aker Solutions - major global energy engineering and services company; BW LPG - world's largest LPG shipping company and Laerdal Medical - global healthcare training and medical simulation leader.

Earlier, PM Modi held bilateral talks with his Norwegian counterpart Jonas Gahr Stre in Oslo.

In a special gesture emblematic of the close ties between India and Norway, on his arrival at the Oslo Airport this morning, he was warmly received by Prime Minister Stre.

The leaders reviewed the full spectrum of India-Norway relations, covering trade and investments, follow up on the India-EFTA Trade and Economic Partnership Agreement (TEPA), climate action and energy transition, blue economy and ocean governance, research and higher education, Arctic and polar cooperation, space, and talent mobility. They agreed to elevate ties to a Green Strategic Partnership, underscoring their shared commitment to sustainability and green growth.

Both leaders agreed that there is huge potential for boosting economic and commercial partnership. Prime Minister welcomed greater investments by Norwegian enterprises in India. The two leaders underlined the aim of doubling the value of current trade between India and Norway by 2030 and encouraged business representatives to work towards dynamic tie-ups across sectors to meet the investment commitment of USD 100 billion under TEPA and creation of one million jobs in India.

The leaders tasked their teams to deepen cooperation in the blue economy, including marine ecosystem protection, shipbuilding, green shipping, tunneling and infrastructure, space, AI, robotics, cyber security, seafarer training, fisheries and aquaculture. They reaffirmed UNCLOS principles and welcomed Norway joining the Indo-Pacific Oceans Initiative.

Prime Minister Modi invited Norway to participate in Bharat Innovates 2026 to be held in France in June 2026. He also suggested setting up a Start-up Innovation Hub and Green Innovation Hackathon between the two countries.

Underlining cooperation in environment and renewable energy, the leaders called for more collaboration in niche technologies such as carbon capture, utilization and storage (CCUS), offshore wind, and larger investments by Norway in clean energy projects in India.

The leaders agreed to strengthen polar research and logistics in the Arctic, reaffirming environmentally responsible practices. They emphasized joint work in research and innovation, including renewable energy, oceans, climate, health, critical minerals, emerging technologies and IT. In higher education, they agreed to explore joint degree programmes, mutual recognition of qualifications, and mobility of students and faculty.

They also discussed collaboration in multilateral fora and exchanged views on key regional and global issues of mutual interest. The Norwegian Prime Minister reiterated Norway's support for India's permanent membership in a reformed UN Security Council.

The leaders unequivocally condemned terrorism, including cross-border terrorism, and urged concerted global action to deal with the menace.

They noted potential in defence cooperation and defence industrial collaboration, agreed to explore third-country cooperation in digital public goods, and tasked ministries to establish a Joint Working Group on Digitalization to drive the digital transition. (ANI)