The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Memorandum of Understanding (MoU) between India and Norway on India-Norway Ocean Dialogue.
The MoU will promote cooperation in the areas of mutual interest pertaining to the development of blue economy. Norway is a global leader in the area of Blue Economy and has cutting-edge technologies and expertise in areas such as fisheries, hydrocarbons, renewable energy, sustainable harnessing of ocean resources and maritime transport. The proposed MoU will contribute to create opportunities for collaboration in areas such as exploitation of hydrocarbons and other marine resources, as well as management of ports and tourism development for the mutual benefit of all stakeholders within the framework of the Joint Task Force (JTF). It will contribute to the objective of Food Security through infusion of new technologies in fisheries and aquaculture. It will further offer a platform for businesses in both countries to execute profitable ventures. Scientists and researchers may collaborate on studying ocean ecosystem also in the context of the Arctic region.