India, Norway Exploring More Opportunities In Maritime, Green Energy Sectors: Envoy

(MENAFN- IANS) New Delhi, May 12 (IANS) India and Norway are exploring more opportunities in sectors such as maritime, green energy and startups and the upcoming visit of Prime Minister Narendra Modi to Oslo will only cement bilateral ties in these sectors, May-Elin Stener, Ambassador of Norway to India, said on Tuesday.

Over the last 10 years, the number of Norwegian companies in India has doubled.

“We now have around 160 Norwegian companies operating in India, and they are exploring new solutions and opportunities for trade and investment in sectors such as energy, maritime, and the circular economy,” Stener told IANS.

So far, around 70 per cent of Norwegian companies in India are in the maritime sector.

“Norway is a major maritime nation, and India also has strong maritime ambitions. There are many opportunities for collaboration in this sector. I understand that the Indian government has ambitious plans to expand shipbuilding in India,” Stener added.

India’s maritime sector has seen significant expansion in capacity, connectivity, and operational efficiency over the past decade, and the government’s ‘Sagarmala’ programme has contributed to the modernisation of ports, the development of coastal and inland waterway infrastructure, and the enhancement of cargo handling capabilities.

The Union Cabinet, chaired by PM Modi, recently approved Rs 69,725 crore to revitalise India’s shipbuilding and maritime ecosystem.

Stener said that 10 per cent of Norwegian-commissioned ships are now being built in India.

“So, if I had to point to one sector with the greatest potential, it would definitely be the maritime sector,” she told IANS.

In the green energy sector, Norway is already supporting India and would like to strengthen that support even further.

“Norway is an energy superpower. We have had oil and gas resources since the early 1970s, and we are now transitioning towards a greener future ourselves. We have developed many strong technological solutions to support this transition, and Norwegian companies are keen to provide these solutions to Indian stakeholders and support India on this journey,” said Stener.

Impressed with India’s startup ecosystem, she said there is tremendous innovation taking place.

“Norwegian startups are also looking closely at these opportunities. We are exploring ways to support this ecosystem through stronger research collaboration and by facilitating business deals during this visit to Oslo,” Stener told IANS.

PM Modi will travel to Norway from May 18 to 19 for the third India-Nordic Summit and bilateral engagements. This will be the first visit of PM Modi to Norway and will mark the first prime ministerial visit from India to Norway in 43 years.

PM Modi will also address the India-Norway Business and Research Summit along with the Norwegian Prime Minister.

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