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