Ambassador of India to Norway, Gloria Gangte said on Sunday that the visit of Prime Minister Narendra Modi to Norway, "taking place after a gap of 43 years", as part of his five-nation visit, will provide a "very good oppurtunity to take stock" of the bilateral relationship.
Prime Minister Narendra Modi is on a six-day trip to the United Arab Emirates, the Netherlands, Sweden, Norway and Italy.
The Indian envoy also underlined the importance of the visit taking place in the wake of the global uncertanity triggered by West Asia crisis and Russia-Ukraine war.
"The visit is taking place after a gap of 43 years of a Prime Ministerial visit from India and this is Prime Minister Modi's first ever visit to Norway and it is taking place in the backdrop of global flux and also in the India-Norway relationship a lot has happened and so this visit provides a very good opportunity to take stock of the relationship and also look for fresh opportunities that are provided by the India EFTA-TEPA Agreement that is the Trade and Economic Partnership Agreement that was signed with the four EFTA countries which has come into force and in fact it's very interesting that the TEPA agreement also has an investment component there, where it talks about a $100 billion investment in 15 years from the EFTA states and one million jobs being created," Ambassador of India to Norway, Gloria Gangte told ANI.
The India-EFTA TEPA is one of India's most significant trade arrangements with a group of high-income and innovation-driven economies. Along with India's other trade agreements and ongoing trade negotiations, it forms part of a wider effort to expand opportunities for farmers, fishermen, MSMEs and start-ups, while supporting investment and job creation across sectors.
The Indian envoy also spoke about the immense oppurtunities that need to be explored to further strength relationship between the two countries.
"There are a lot of opportunities that are to be tapped here, and in fact, there are Norwegian companies which are present in India who would like to utilise this opportunity provided by the India-EFTA-TEPA Agreement...," she added.
Prime Minister Modi will visit Norway from May 18-19, during the fourth leg of his foreign tour, where he will participate in the 3rd India-Nordic Summit and hold bilateral engagements with Norwegian leaders.
During the visit, PM Modi is scheduled to call on Their Majesties King Harald V and Queen Sonja and hold bilateral talks with Norwegian Prime Minister Jonas Gahr Store. He will also jointly address the India-Norway Business and Research Summit alongside the Norwegian Prime Minister.
The visit coincides with the 3rd India-Nordic Summit in Oslo on May 19, where PM Modi will meet the leaders of Norway, Denmark, Finland, Iceland and Sweden amid growing geopolitical uncertainty and increasing global focus on sustainable development.
The visit is expected to provide momentum to bilateral trade worth nearly USD 2.73 billion in 2024, while also boosting investments by Norway's Government Pension Fund Global (GPFG), which has invested close to USD 28 billion in the Indian capital market.
Prime Minister Narendra Modi is on a six-day trip to the United Arab Emirates, the Netherlands, Sweden, Norway and Italy.
The Indian envoy also underlined the importance of the visit taking place in the wake of the global uncertanity triggered by West Asia crisis and Russia-Ukraine war.
"The visit is taking place after a gap of 43 years of a Prime Ministerial visit from India and this is Prime Minister Modi's first ever visit to Norway and it is taking place in the backdrop of global flux and also in the India-Norway relationship a lot has happened and so this visit provides a very good opportunity to take stock of the relationship and also look for fresh opportunities that are provided by the India EFTA-TEPA Agreement that is the Trade and Economic Partnership Agreement that was signed with the four EFTA countries which has come into force and in fact it's very interesting that the TEPA agreement also has an investment component there, where it talks about a $100 billion investment in 15 years from the EFTA states and one million jobs being created," Ambassador of India to Norway, Gloria Gangte told ANI.
The India-EFTA TEPA is one of India's most significant trade arrangements with a group of high-income and innovation-driven economies. Along with India's other trade agreements and ongoing trade negotiations, it forms part of a wider effort to expand opportunities for farmers, fishermen, MSMEs and start-ups, while supporting investment and job creation across sectors.
The Indian envoy also spoke about the immense oppurtunities that need to be explored to further strength relationship between the two countries.
"There are a lot of opportunities that are to be tapped here, and in fact, there are Norwegian companies which are present in India who would like to utilise this opportunity provided by the India-EFTA-TEPA Agreement...," she added.
Prime Minister Modi will visit Norway from May 18-19, during the fourth leg of his foreign tour, where he will participate in the 3rd India-Nordic Summit and hold bilateral engagements with Norwegian leaders.
During the visit, PM Modi is scheduled to call on Their Majesties King Harald V and Queen Sonja and hold bilateral talks with Norwegian Prime Minister Jonas Gahr Store. He will also jointly address the India-Norway Business and Research Summit alongside the Norwegian Prime Minister.
The visit coincides with the 3rd India-Nordic Summit in Oslo on May 19, where PM Modi will meet the leaders of Norway, Denmark, Finland, Iceland and Sweden amid growing geopolitical uncertainty and increasing global focus on sustainable development.
The visit is expected to provide momentum to bilateral trade worth nearly USD 2.73 billion in 2024, while also boosting investments by Norway's Government Pension Fund Global (GPFG), which has invested close to USD 28 billion in the Indian capital market.
