Prime Minister Narendra Modi called for a 100 billion US dollar investment commitment and creation of 1 million jobs under the India-EFTA Trade and Economic Partnership Agreement (TEPA) while addressing the Business & Research Summit in Norway. His remarks highlighted India’s growing economic partnerships with European nations and the country’s focus on strengthening trade, innovation, and investment cooperation.
During the summit, PM Modi emphasized that the India-EFTA agreement represents a major step toward enhancing economic collaboration between India and the member countries of the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein.
The Prime Minister stated that the agreement has the potential to significantly boost investments, create employment opportunities, strengthen technology partnerships, and accelerate economic growth in India.
Focus on Investment and Employment
Addressing business leaders, investors, policymakers, and research communities at the summit, PM Modi underlined the importance of long-term economic cooperation between India and EFTA nations.
He highlighted that the India-EFTA agreement is expected to:
- Bring nearly 100 billion US dollars in investment
- Generate around 1 million direct and indirect jobs
- Strengthen industrial cooperation
- Promote innovation and research partnerships
- Expand trade and technology collaboration
The Prime Minister described the agreement as a landmark economic partnership aimed at creating mutual growth opportunities for both India and EFTA member countries.
Importance of India-EFTA Agreement
The India-EFTA Trade and Economic Partnership Agreement is considered an important milestone in India’s international trade relations. The agreement is expected to improve market access, attract foreign investments, and strengthen cooperation across multiple sectors.
Key sectors likely to benefit include:
- Manufacturing
- Pharmaceuticals
- Renewable energy
- Infrastructure
- Technology and innovation
- Financial services
The agreement is also expected to support India’s vision of becoming a global manufacturing and investment destination.
PM Modi Highlights India’s Economic Growth
Prime Minister Modi emphasized India’s rapid economic transformation and highlighted the country’s strong focus on:
- Ease of doing business reforms
- Digital transformation
- Startup ecosystem growth
- Infrastructure development
- Green energy initiatives
- Skilled workforce expansion
He stated that India offers significant opportunities for international investors due to its growing market, stable governance, and innovation-driven economy.
The Prime Minister also encouraged global companies and research institutions to collaborate with India in areas such as technology, sustainability, artificial intelligence, and industrial development.
Strengthening India-Europe Economic Relations
The Business & Research Summit in Norway provided a platform for strengthening India’s economic and strategic relations with European nations. PM Modi’s participation highlighted India’s commitment to expanding global partnerships and attracting international investment.
The India-EFTA agreement is expected to further deepen:
- Bilateral trade relations
- Research and development partnerships
- Innovation ecosystems
- Industrial cooperation
- Skill development initiatives
Experts believe that enhanced collaboration with EFTA countries could contribute significantly toward India’s long-term economic growth goals.
Focus on Research and Innovation
Along with investment and trade, PM Modi also emphasized the importance of research collaboration and innovation-driven partnerships. He highlighted India’s growing capabilities in technology, startups, scientific research, and digital infrastructure.
The summit discussions focused on areas such as:
- Artificial Intelligence (AI)
- Sustainable technologies
- Renewable energy solutions
- Education and research cooperation
- Industrial innovation
Such partnerships are expected to support economic modernization and future-ready development.
Conclusion
Prime Minister Narendra Modi’s call for 100 billion US dollar investment and creation of 1 million jobs under the India-EFTA agreement at the Norway Business & Research Summit highlights India’s growing global economic ambitions and focus on international partnerships.
The India-EFTA agreement is expected to play a major role in strengthening trade, investment, innovation, and employment opportunities while deepening India’s economic ties with European nations.
