Union Finance Minister Nirmala Sitharaman met with Norwegian Finance Minister Jens Stoltenberg in Oslo to discuss strengthening bilateral economic cooperation. Both sides agreed to effectively use the Trade and Economic Partnership Agreement (TEPA), especially in the areas of blue economy, green economy and enhancing investment through sovereign assets and pension funds. The Finance Ministry said in a social media post that during the meeting, the Finance Minister of Norway described India’s rapid economic growth as a huge opportunity for investment and development.
The meeting also discussed in detail ways to enhance cooperation in key areas like renewable energy, especially solar energy, rare earth processing, and carbon capture and storage. Both countries agreed to leverage TEPA to strengthen partnerships in emerging and sustainable sectors.
Blue economy (ocean-based industries) and green economy promoting environmentally sustainable development were identified as key focus areas of cooperation. Apart from this, it was also considered to further strengthen economic ties by increasing investments through sovereign wealth funds and pension funds. Jens Stoltenberg also said that Norway is looking forward to the visit of Prime Minister Narendra Modi proposed this year and expressed hope that it will give new impetus to India-Norway cooperation.
