An India-Norway business summit in Oslo on Monday saw open discussions about the regulatory and operational challenges faced by Norwegian companies working in India. During the event, Prime Minister Narendra Modi highlighted reforms introduced by his government to improve the business environment and attract more foreign investment.
PM Modi attended the Norway-India Business and Research Summit alongside Norwegian Prime Minister Jonas Gahr Støre at Oslo City Hall. The gathering included top executives from major Norwegian companies such as Orkla, Yara International and Equinor, all of which have a strong presence in India.
Norway Calls India a Natural Economic Partner
Støre encouraged Norwegian business leaders to speak openly about their experiences in India. At the same time, he stressed the importance of deeper economic cooperation between India and Norway.
He described the two countries as “natural and complementary partners” that support a rules-based global order and stable trade systems. He also warned that some major global powers are increasingly “weaponising to some extent diplomacy, trade value chains [and] critical rare materials.”
Yara Highlights Regulatory Delays
Svein Tore Holsether, CEO of Yara International, spoke about the difficulties his company faces while operating in India. Yara has worked in India for 15 years. In 2018, the company acquired a fertiliser plant in Babrala, Uttar Pradesh, from Tata Chemicals. The deal marked the first foreign direct investment in India’s fertiliser sector.
When asked what changes could speed up business growth in India, Holsether pointed to delays in approvals and regulatory procedures. He called for “improving the ease of doing business within crop nutrition by streamlining the fertiliser registration timelines in India [and] faster approvals,” while also mentioning “some ground-level challenges…creating uncertainty around our business growth in Uttar Pradesh.”
Holsether added that Yara also needs a supportive regulatory system to establish domestic diesel exhaust fluid production at its urea plant.
Companies Praise Trade Agreement
Nils K. Selte, CEO of Orkla, praised the Trade and Economic Partnership Agreement signed last year between India and the European Free Trade Association. He said the agreement has improved transparency and predictability for companies planning long-term investments and international operations.
According to Selte, such agreements “reduce uncertainty and support stable long-term growth grounded in the principles of global trading systems.”
Equinor Expands Energy Partnership With India
Anders Opedal, CEO of Equinor, said his company continues to support India’s energy security through energy supplies. “We deliver about two million tonnes of LPG, important for cooking gas, and roughly 25 to 30 million barrels of crude each year,” he said.
Equinor recently began its first long-term LNG supply agreement with India. The company delivered its first LNG cargo to an Indian fertiliser company last week.
“I hope we can do more to further strengthen the energy security of both countries and deliver long-term value,” Opedal said.
Modi Invites More Norwegian Investment
In his address, Modi said India is taking continuous steps to improve ease of doing business through reforms in taxation, labour laws and governance systems. He also announced that Invest India has created a dedicated trade facilitation desk for Norwegian businesses.
“My main message is please expand your scope and ambition in India. I invite you to come to India, I have assured you and, in a way, the ball is in your court,” Modi said.
The Indian Prime Minister also highlighted India’s target of generating 500 GW of clean energy by 2030 and invited Norway to become an “important stakeholder in India’s green energy future.”
Modi further encouraged Norwegian firms to invest in India’s ship-building industry. He said around 10% of Norway’s ships are currently built in India and expressed confidence that the figure could rise to 25% over the next five years.