Modi in Norway: Europe’s ‘hidden treasure’ that made this tiny nation rich and why timing of PM’s visit is important
A small European nation with vast offshore wealth is at the centre of attraction as PM Narendra Modi is visiting Oslo for the third India-Nordic Summit.
by Zee Media Bureau · Zee NewsNew Delhi/Oslo: Prime Minister Narendra Modi is visiting Norwegian capital of Oslo to take part in the third India-Nordic Summit. The visit comes at a time when energy markets are facing uncertainty and countries are seeking stable partnerships in trade, technology and fuel supply.
Norway is one of Europe’s smaller countries and is located in the northern part of the continent. In some regions, the country experiences long cycles of daylight and darkness across seasons. Despite its small size, it has built a strong international identity and is ranked among the most developed and happiest countries in the world. The country became independent from Sweden in 1905 and has since developed a stable political and economic system.
During the visit, PM Modi is attending the India-Nordic Summit, where talks are expected to be on trade, energy cooperation and new technology partnerships.
The Nordic group includes five countries – Denmark, Finland, Iceland, Norway and Sweden – which are known for strong welfare systems and advanced economies.
India’s ambassador to Norway, Gloria Gangte said in a press briefing that this visit is taking place after a gap of 43 years since an Indian prime minister last visited Norway. She added that this is also PM Modi’s first visit to the country, and it is happening at a time when international situations are uncertain.
She explained that India-Norway relations have evolved over time and this visit offers a chance to review cooperation and explore new opportunities under the India-EFTA-TEPA agreement.
She also pointed out that the TEPA deal includes investment commitments from EFTA countries, with projections suggesting up to $100 billion in investment over 15 years and the potential creation of around 1 million jobs.
What is India-EFTA-TEPA
The India-EFTA Trade and Economic Partnership Agreement (TEPA) is a free trade arrangement signed on March 10, 2024, and it came into force on October 1, 2025. It connects India with the European Free Trade Association, which includes Iceland, Liechtenstein, Norway and Switzerland. The agreement aims to increase trade flows, improve investment opportunities and support cooperation in technology and services.
Norway’s oil story and economic rise
Norway’s modern economic story changed in the 1970s when offshore oil and natural gas reserves were discovered in the North Sea. This discovery turned the country into one of the major petroleum exporters in the world.
The revenue generated from oil and gas exports has helped Norway build a strong welfare model. Public services, education, healthcare and social support systems have developed over the years using this income. Today, Norway is listed among top countries in human development and happiness rankings across the world.
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The country’s per capita GDP is estimated to range between Rs 66 lakh and Rs 87 lakh. Annual per capita income is around $47,000, placing it among the highest in the world. Norway also ranks among the top countries in the World Happiness Index. It is presently placed around sixth position.
Strategic importance of the visit
Officials from India’s Ministry of External Affairs (MEA) have explained that PM Modi and Norwegian Prime Minister Jonas Gahr Støre are expected to participate in the India-Norway Business and Research Summit, where talks will be on trade, investment and technology cooperation.
Energy security is also part of the agenda. Recent tensions in West Asia have affected international oil and gas supply chains, especially routes passing through important shipping corridors. India has historically depended on imports for a large share of its energy needs, and Norway’s role as a stable energy exporter makes it an important partner in this space.
Talks are also expected on climate-related technologies, including carbon capture systems, offshore wind energy, battery development and energy efficiency solutions. Officials have described these areas as important for future cooperation between the two countries.
A constitutional monarchy with deep roots
Norway is a constitutional monarchy with a history that goes back more than a thousand years. The monarchy today is largely ceremonial, with elected institutions handling governance.
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The royal family continues to hold cultural and national importance. King Harald V has been on the throne for decades and plays a formal role in state functions and ceremonies. The line of succession was changed in 1990 to allow the eldest child, regardless of gender, to inherit the throne.
Norway covers an area of about 3,85,252 square kilometres and has a population of roughly 56.6 lakh people. It is also home to around 25,000 Indians, forming a small but active diaspora community.
The country is known for its high life expectancy of over 82 years, strong public services and low unemployment, which stands at around 3.97 percent. Its landscapes include mountains, glaciers and long coastal stretches that define its geography.