Sitharaman, Norway FM to Leverage TEPA for Green Growth

• Union Finance Minister Nirmala Sitharaman met Norway’s Finance Minister Jens Stoltenberg to boost bilateral economic ties
• Discussions covered renewable energy, rare earth processing, carbon capture, and sustainable growth under TEPA
• Sitharaman engaged with Norwegian parliamentarians, promoted GIFT-IFSC, and highlighted investment opportunities

Union Finance Minister Nirmala Sitharaman held a high-level meeting with Norway Finance Minister Jens Stoltenberg in Oslo to discuss strengthening bilateral economic cooperation.

“Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr.@jensstoltenberg, Norway's Minister of Finance, in Oslo, Norway, today. Mr. @jensstoltenberg said that India's economic growth offers lots of opportunities to invest and grow”, stated the Ministry of Finance in a social media post.

The Sitharaman Norway meeting focused on leveraging India Norway TEPA to strengthen the blue economy, green economy, India Norway trade, bilateral investment, and sustainable growth, highlighting the role of economic diplomacy in deepening bilateral ties.

The two parties reached an agreement to use the Trade and Economic Partnership Agreement (TEPA) for their cooperation, especially in emerging and sustainable sectors, which include the blue economy, green economy, sovereign wealth and pension fund investment.

The discussions focused on key strategic areas, including renewable energy with an emphasis on solar power, rare earth processing, and carbon capture and storage technologies.

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Both leaders highlighted the importance of TEPA in promoting environmentally sustainable growth and ocean-based industries while fostering increased investment opportunities. Stoltenberg also conveyed Norway’s anticipation for Narendra Modi’s upcoming visit later this year, expressing optimism that it would further deepen bilateral ties.

Sitharaman met with Tuva Moflag Trine, Lise Sundnes and Himanshu Gulati, who are senior members of the Norwegian Parliament, to explore TEPA as a platform for mutual investment and collaborative initiatives. Parliamentary leaders welcomed the Prime Minister’s visit and underscored the growing significance of India-Norway cooperation.

The Finance Minister invited officials from Norway to investigate GIFT-IFSC, which serves as India's international financial hub that operates with a flexible regulatory system and provides tax advantages, while its facilities support international financial institutions.

Sitharaman will conduct a two-day visit during which she will meet with high-ranking Norwegian officials, business executives, investors and members of the Indian diaspora to develop economic and financial ties while establishing India as a vital partner for sustainable technology development.