Trade, energy, discussions on global conflicts are the main agenda of Modi’s Nordic visit

Trade and energy supplies will be at the fore as Prime Minister Narendra Modi lands here on Monday (May 18, 2026) for the first bilateral visit by an Indian prime minister to Norway, one of the world’s largest oil and gas exporters.

Mr. Modi’s meeting with Mr. Storr will be an opportunity to review progress on the India-EFTA Trade and Economic Partnership Agreement (TEPA) with the four countries of Iceland, Liechtenstein, Norway and Switzerland, which came into force in October 2025. Mr. Modi is scheduled to hold talks with Norwegian Prime Minister Jonas Gahr Stør and the two leaders will seek new markets and new technology collaborations at the summit of the two countries.

The visit will also include the 3rd Nordic-Indian Summit, which will bring together the leaders of the five Nordic countries of Norway, Sweden, Finland, Iceland and Denmark on Tuesday (May 19, 2026). The summit had to be canceled last year after the terrorist attacks in Pahalgam and the four-day India-Pakistan conflict. In addition, discussions of the conflicts in Ukraine, Iran and Gaza are expected to appear in both bilateral and multilateral discussions.

Mr. Modi’s meeting with Mr. Stør will be an opportunity to review progress on the India-EFTA Trade and Economic Partnership Agreement (TEPA) with Iceland, Liechtenstein, Norway and Switzerland, which entered into force in October 2025.

On Monday (May 18), India and Norway are expected to announce three intergovernmental MoUs on cooperation in health, digital infrastructure and space links, while at least 18 business-to-business MoUs, many of which will be in the energy sector, are expected during the visit.

“We are increasingly discussing what we can do together on the energy side and we expect some memorandums of understanding between businesses on the energy side,” Norway’s ambassador to India May-Elin Stener told The Hindu, referring to a large LNG shipment delivered to India last week, part of a 15-year deal with Norwegian energy major Equinor, which will also help with fertilizer production.

In addition, India hopes to negotiate more investments from Norwegian pension funds, the world’s richest, the MEA said at a briefing last week.

“Another investment we’re getting from Norway, for example, is from the government pension fund, which is about $28 billion. And we’re trying to increase the investment they have in Indian capital markets,” said Puja Kapur, additional secretary (northern Europe).

According to MEA data, more than 700 Nordic companies operate in India and around 150 Indian companies have presence in Nordic regions.

India’s bilateral trade in goods and services is well below potential, experts say, at around $19 billion with the Nordic countries, and both sides are seeking further cooperation. Mumbai-based biotech start-up founder Ashvany Bansal, owner of Shashvi Biotech, which has patented phytotherapeutic drugs for cancer treatment, says the Nordic countries are important investors, especially in research. Mr Bansal, who will join the business summit on Monday, said he hoped to find support for laboratory certification and research investment during the visit.

The timing of Mr Modi’s visit to Norway and the Nordic summit is also important, with leaders coming together for the first time since 2022 and the Russia-Ukraine war, Israel’s assault on Gaza following the October 7 attacks and the US-Israeli war with Iran all impacting the global economy.

“The world has changed a lot since (the last Nordic-Indian summit). So all five Nordic countries are really looking forward to discussing geopolitical issues with the leader of the most populous country, and there will also be a lot of discussion about climate, sustainability, a green future and how we can work closely together as a democracy,” Ambassador Stener said.

All eyes will also be on India’s response to the lifting of US sanctions on Russian oil that expired on Saturday (May 16) and whether this will mean a drop in Russian oil imports to India.

(The reporter is in Norway at the invitation of the Norwegian Ministry of Foreign Affairs to report on the Nordic Summit)

Published – 17 May 2026 22:48 IST