Nirmala Sitharaman Highlights India Growth Opportunities During Norway Visit

Nirmala Sitharaman Highlights India Growth Opportunities During Norway Visit​

Finance Minister Nirmala Sitharaman on February 17 underscored India’s strong economic growth and expanding investment potential during her official visit to Norway, positioning the country as a key destination for global capital and strategic partnerships.

Talks with Norway Finance Minister Jens Stoltenberg Focus on Renewable Energy and TEPA​

During her meeting with Nirmala Sitharaman and Norway’s Finance Minister Jens Stoltenberg, discussions centered on deepening collaboration in renewable energy and emerging sectors.

Key focus areas included:

• Solar power
• Rare earth processing
• Carbon capture and storage

Both leaders agreed to leverage the Trade and Economic Partnership Agreement TEPA to strengthen cooperation in the blue economy and green economy. Investment through sovereign wealth and pension funds also emerged as a priority area for expanding bilateral financial engagement.

According to the Ministry of Finance, the discussions aimed at translating policy alignment under India EFTA TEPA into tangible investment and sectoral partnerships.

Norway Looks Ahead to PM Modi’s Visit​

Stoltenberg conveyed Norway’s anticipation of Narendra Modi’s scheduled visit later this year. He expressed confidence that the Prime Minister’s trip would further enhance India Norway cooperation across economic and strategic sectors.

Norwegian parliamentary leaders echoed similar sentiments during Sitharaman’s engagements in Oslo.

Parliamentary Interactions in Oslo Strengthen Bilateral Focus​

In Oslo, Sitharaman interacted with:

• Tuva Moflag, Head of the Finance Committee
• Trine Lise Sundnes, Deputy Head of the EFTA Committee
• Himanshu Gulati, Head of the Indian Norwegian Friendship Group in the Norwegian Parliament Storting

Both sides explored avenues for mutual investment and collaboration, particularly in light of growing engagement under India EFTA TEPA. Committee members expressed optimism that the upcoming visit by Prime Minister Modi would further accelerate bilateral cooperation.

GIFT IFSC Presented as Global Financial Hub​

Sitharaman also highlighted India’s GIFT International Financial Services Centre as a globally competitive financial hub. She invited Norwegian committee members to visit GIFT IFSC and outlined its key advantages, including:

• World class financial infrastructure
• Tax benefits
• Liberalized regulatory framework for entities operating within the IFSC

The outreach sought to position GIFT IFSC as a gateway for Norwegian financial institutions and investors seeking exposure to India’s growth story.

Engagement with Norwegian CEOs and Diaspora​

As part of her visit, the Finance Minister was scheduled to hold a roundtable discussion with Norwegian CEOs and investors to further promote India as an investment destination. She was also set to engage with the Indian diaspora at a community event.

Germany Visit Preceded Norway Engagement​

Before arriving in Norway, Sitharaman met top leaders and industrialists in Germany, where she discussed bilateral trade relations in the context of the ongoing EU India FTA deal.

The Norway leg of her visit builds on these discussions, reinforcing India’s broader push to deepen economic ties with European partners through structured trade agreements and targeted investment collaboration.