January 16, 2020
India-Norway ties have maintained its strength amid global economic uncertainties with bilateral trade between the nations coming at US$679.5 million in 2018-19
India has received an investment of over US$257 million from Norway in the sectors of electricity, financial services, food processing, maritime trade, aquaculture and IT
The Government of Norway, through its Government Pension Fund Global (GPFG), has invested around US$9.5 billion in more than 250 Indian companies as of 2018
The session was preceded by an industry interaction with representatives from Indian industry, spanning shipping & maritime, ICT, renewable energy, fisheries, and MSME
The first session of the India-Norway Dialogue on Trade & Investment (DTI) was organised in New Delhi over January 15-16. The event was structured around the terms of reference (ToR) signed between India and Norway in January 2019 in New Delhi, during the state visit of the Prime Minister of Norway, Erna Solberg. The session was preceded by an industry interaction with representatives from the Indian industry, where discussions were held on various areas of mutual interest like the blue economy, shipping & maritime, ICT, renewable energy, fisheries, and MSME. India-Norway ties have maintained its strength amid global economic uncertainties with bilateral trade between the nations coming at US$679.5 million in 2018-19.
There has been a steady growth in economic ties between India and Norway in recent years, especially in the areas of oil and gas, shipping and maritime industries, renewable energy, and service sectors. Presently over 100 Norwegian companies are engaged in India. Given the size of the two economies, there remains scope of increased interaction which was targeted by the session. Meanwhile, India has so far received an investment of over US$257 million from Norway in the sectors of electricity, financial services, food processing, maritime trade, aquaculture and IT. Additionally, the Government of Norway, through its Government Pension Fund Global (GPFG), has invested US$9.5 billion in India as of 2018.
At the session, both sides exchanged views on investment opportunities available in the respective countries as well as the facilitation being extended by respective Governments for creating attractive investment environments. Separately, presentations were made at the event by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India. Representatives from industry bodies such as the FICCI and CII also participated. India’s Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted the various policy initiatives of the Government for promoting investment. These initiatives are sure to usher in new strengths in ties.