“Energy security, technology sovereignty, defence self-reliance — Modi’s five-nation tour addressed all three in six days.” — Current Affairs Desk
Prime Minister Narendra Modi concluded a six-day, five-nation diplomatic tour on 20 May 2026, covering the United Arab Emirates (UAE), the Netherlands, Sweden, Norway, and Italy. The tour yielded an investment pipeline estimated at nearly US$40 billion, along with bilateral upgrades, technology agreements, and energy security pacts of long-term strategic importance.
The Ministry of External Affairs confirmed that PM Modi held discussions with over 50 chief executive officers of major multinational corporations during the tour. These companies carry a combined market valuation of approximately US$2.7 to US$3 trillion, with existing cumulative investment exposure in India already at around US$180 billion.
⚡ India–UAE: Energy Security and a $5 Billion Investment Package
The UAE leg on 15 May 2026 produced six landmark agreements covering energy, defence, and infrastructure. Abu Dhabi announced investment commitments of US$5 billion in India through three channels:
- US$3 billion by Emirates New Development Bank (ENDB) in RBL Bank
- US$1 billion by Abu Dhabi Investment Authority (ADIA) with NIIF for infrastructure projects
- US$1 billion by International Holding Company in Sammaan Capital
Think of India’s strategic petroleum reserves as underground oil “savings accounts.” The ADNOC deal allows UAE’s state oil company to deposit up to 30 million barrels of crude in India’s reserves — while India gets access to oil stored in Fujairah, UAE. Both countries insure each other against supply shocks.
The most consequential agreement was an MoU on Strategic Petroleum Reserves between ISPRL (Indian Strategic Petroleum Reserves Limited) and ADNOC (Abu Dhabi National Oil Company). Key provisions:
- ADNOC may store up to 30 million barrels of crude oil in India’s underground reserves at Visakhapatnam (Andhra Pradesh) and Chandikhol (Odisha)
- Indian crude oil may be stored in Fujairah, UAE
- ADNOC is already the only foreign entity currently storing oil in India’s strategic reserves
Separately, Indian Oil Corporation (IOCL) and ADNOC signed a long-term LPG supply agreement. A Strategic Defence Framework was also formalised, covering defence industrial collaboration, cyber defence, maritime security, and joint exercises.
India–UAE Relationship: Comprehensive Strategic Partnership (CSP) established in 2017; Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. The UAE was also doubling its crude export capacity via a new pipeline to Fujairah by 2027 — bypassing the Strait of Hormuz.
🔬 India–Netherlands: Strategic Partnership Roadmap 2026–2030 and 17 Agreements
In The Hague, India and the Netherlands elevated bilateral ties to a full-fledged Strategic Partnership and signed 17 agreements spanning semiconductors, critical minerals, green hydrogen, defence co-production, AI, quantum computing, maritime security, horticulture, and dairying. Both governments adopted the “India–Netherlands Strategic Partnership Roadmap 2026–2030”.
The centrepiece was an MoU between Tata Electronics and ASML — the Dutch company and world leader in extreme ultraviolet (EUV) lithography systems — to support semiconductor fabrication at the Dholera Special Investment Region, Gujarat. This directly supports India’s semiconductor mission under the India Semiconductor Mission (ISM).
ASML’s EUV machines are widely regarded as the most critical chokepoint in global semiconductor manufacturing — no advanced chips can be made without them. With global restrictions on their export, the Tata–ASML MoU signals not just a business deal, but a geopolitical alignment: India gaining access to technology that most countries cannot.
| Country | Bilateral Status | Key Agreement | Trade/Investment |
|---|---|---|---|
| UAE | Comprehensive Strategic Partnership (CSP) | ISPRL–ADNOC Petroleum Reserves MoU | US$5B fresh investment |
| Netherlands | Strategic Partnership | Tata Electronics–ASML MoU (Semiconductors) | FDI US$55.6B; Trade US$27.8B (2024-25) |
| Sweden | Strategic Partnership | AI, green transition, supply chains | — |
| Norway | Green Strategic Partnership | Clean energy, blue economy | India–EFTA Agreement |
| Italy | Special Strategic Partnership | Defence Industrial Roadmap; IMEC | €14.25B trade; target €20B by 2029 |
🌿 India–Sweden: Strategic Partnership and European Industry Engagement
In Gothenburg — Sweden’s manufacturing hub — PM Modi held bilateral talks with Swedish Prime Minister Ulf Kristersson and addressed the European Roundtable for Industry. India and Sweden formally upgraded their bilateral relationship to a Strategic Partnership, with discussions focused on artificial intelligence, emerging technologies, green transition, and resilient supply chains.
Sweden is home to major global companies in defence, automotive, and clean energy sectors. The Gothenburg visit reinforced India’s appeal as a manufacturing and innovation destination, strengthening ties with Nordic-European economies that combine strengths in clean technology, advanced manufacturing, and digital infrastructure.
🌊 India–Norway: First PM Visit in 43 Years and Green Strategic Partnership
The Norway leg was historically significant: it marked the first visit by an Indian Prime Minister to Norway in 43 years — the previous being PM Indira Gandhi’s visit in 1983. PM Modi was received at Gardermoen Airport in Oslo by Norwegian PM Jonas Gahr Støre and called on King Harald V and Queen Sonja.
Bilateral talks resulted in India–Norway relations being elevated to a “Green Strategic Partnership”, focused on clean energy, climate resilience, and the blue economy. The visit coincided with the conclusion of the India–EFTA Agreement, of which Norway is a member.
Don’t confuse EFTA with EU: EFTA (European Free Trade Association) comprises Norway, Iceland, Switzerland, and Liechtenstein — NOT EU member states. India signed the India–EFTA Agreement in 2026. The India–EU FTA is a separate agreement concluded in January 2026. Both are tested in exams but are different treaties.
On 19 May 2026, PM Modi participated in the 3rd India–Nordic Summit in Oslo, bringing together leaders of Norway, Sweden, Denmark, Finland, and Iceland. Key discussion themes included trade, technology, climate cooperation, regional security, AI, and the Arctic region.
- 1st India–Nordic Summit: Stockholm, April 2018
- 2nd India–Nordic Summit: Copenhagen, May 2022
- 3rd India–Nordic Summit: Oslo, 19 May 2026
On the margins of the Oslo summit, PM Modi also held bilateral meetings with the prime ministers of Iceland, Finland, and Denmark.
🏛️ India–Italy: Special Strategic Partnership and Defence Industrial Roadmap
In Rome, PM Modi and Italian PM Giorgia Meloni elevated India–Italy ties to a “Special Strategic Partnership” — a step beyond the Strategic Partnership announced in 2023. Both sides adopted the India–Italy Joint Strategic Action Plan 2025–2029 and agreed to hold annual meetings.
A defence industrial roadmap was formalised for co-design, co-development, and co-production of military hardware. India–Italy bilateral trade reached €14.25 billion in 2025 (up 9.42% year-on-year), with a new target of €20 billion annually by 2029.
Both leaders underlined the importance of advancing the India–Middle East–Europe Economic Corridor (IMEC) and called for early implementation of the India–EU FTA (concluded January 2026).
🌍 Geopolitical Context and Strategic Significance
The five-nation tour reflects India’s increasingly assertive and multi-directional diplomatic posture. The combination of energy security (UAE), semiconductor supply chains (Netherlands), clean technology (Sweden, Norway), and defence industrial cooperation (Italy) represents a deliberate effort to reduce strategic vulnerabilities across multiple domains simultaneously.
India is the world’s third-largest oil consumer, with over a fifth of crude imports from the UAE and surrounding Gulf region. The timing amid US tariff uncertainties, West Asian conflict, and evolving supply chain realignments allowed India to position itself as a stable, high-growth partner for Western and Gulf nations alike.
The Tata–ASML MoU is particularly significant given global restrictions on EUV lithography exports — widely seen as the most critical chokepoint in semiconductor manufacturing. India gaining access signals both a geopolitical alignment and a long-term industrial ambition to be a chip-manufacturing nation, not just a chip-consuming one.
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PM Modi’s five-nation tour ran from 15 to 20 May 2026, covering UAE, Netherlands, Sweden, Norway, and Italy in that order.
ADNOC is permitted to store up to 30 million barrels of crude at Visakhapatnam and Chandikhol under the ISPRL–ADNOC MoU.
Tata Electronics signed an MoU with ASML for semiconductor fabrication at Dholera Special Investment Region in Gujarat, supporting India’s Semiconductor Mission.
PM Modi’s visit in 2026 was the first by an Indian PM in 43 years. The previous visit was by PM Indira Gandhi in 1983.
The 3rd India–Nordic Summit was held in Oslo, Norway on 19 May 2026. The 1st was in Stockholm (2018) and the 2nd in Copenhagen (2022).
