Sitharaman, Stoltenberg discuss strengthening economic cooperation

Union Finance Minister Nirmala Sitharaman met her Norwegian counterpart Jens Stoltenberg in Oslo, agreeing to leverage the TEPA to boost cooperation in the blue and green economies and increase investment through sovereign wealth and pension funds.

Sitharaman, Stoltenberg Discuss Economic Cooperation

Union Finance Minister Nirmala Sitharaman held a meeting with Norway's Finance Minister Jens Stoltenberg in Oslo and discussed strengthening bilateral economic cooperation, with both sides agreeing to leverage the Trade and Economic Partnership Agreement (TEPA), especially in the domains of blue economy, green economy, and investment through sovereign wealth and pension funds.

In a social media post on Tuesday, the Ministry of Finance stated, "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".

During the meeting, both leaders discussed enhancing collaboration in key sectors, including renewable energy, particularly solar power, rare earth processing, and carbon capture and storage. Both sides agreed to work towards leveraging the Trade and Economic Partnership Agreement (TEPA) to strengthen cooperation in emerging and sustainable sectors. The focus areas included the blue economy, which relates to ocean-based industries, and the green economy, which promotes environmentally sustainable growth. They also discussed increasing investment through sovereign wealth funds and pension funds to further boost economic ties.

Jens Stoltenberg also informed Sitharaman that Norway is looking forward to Prime Minister Narendra Modi's visit scheduled later in the year. He expressed hope that the visit would further strengthen and expand cooperation between India and Norway.

Engagement with Norwegian Parliament

As part of her visit, Sitharaman also interacted with key members of the Norwegian Parliament, including Tuva Moflag, Head of the Finance Committee, Trine Lise Sundnes, Deputy Head of the EFTA Committee, and Himanshu Gulati, Head of the Indian-Norwegian Friendship Group in the Norwegian Parliament.

During the interaction, both sides discussed opportunities for mutual investment and collaboration, noting that cooperation between India and Norway has gained importance, especially in the context of the India-EFTA Trade and Economic Partnership Agreement (TEPA). The parliamentary members welcomed Prime Minister Narendra Modi's upcoming visit to Norway and expressed confidence that it would further strengthen bilateral ties.

Invitation to India's GIFT-IFSC

The Finance Minister also invited the Norwegian leaders to visit GIFT-IFSC and highlighted that it is a world-class financial hub that provides infrastructure and services for global financial institutions. She informed that GIFT-IFSC offers various tax benefits and a liberalised regulatory regime for entities operating within the centre.

Strengthening Bilateral Ties

Union Finance Minister Nirmala Sitharaman arrived in Norway on Monday for a two-day official visit. During the visit, she is meeting the senior Norwegian leadership, holding bilateral meetings, and engaging with business leaders, investors, and members of the Indian diaspora, with the aim of strengthening economic and financial cooperation between the two countries.

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