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India, Norway Forge Ties, Plan to Launch Startup Bridge

2024-12-10

Union Commerce and Industry Minister Piyush Goyal proposed on Sunday the launch of a startup bridge between Norway and India, as the two countries explored ways to strengthen their trade relations. Norwegian Ambassador to India, May-Elin Stener, suggested that the initiative could be launched during the Indo-Nordic summit next year.

While addressing the India-Norway Business Forum, organised by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), Goyal committed to working collectively with the relevant ministries to address various concerns and further enhance bilateral trade and investment between the two nations. The forum, which brought together policymakers, industry leaders, and stakeholders, focused on deepening trade and investment ties across priority sectors.

During the forum, several key issues were raised, including regulatory challenges, public procurement concerns, and quality standards compliance across various sectors. Concerns were presented to the minister regarding sectors such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and the circular economy.

In a video message, Cecilie Myrseth, Norwegian Minister of Trade and Industry, highlighted the potential for Norwegian companies to expand in India under the Trade and Economic Partnership Agreement (TEPA).

Goyal emphasised India's favourable investment landscape, stressing the country's strong value proposition for international partners. He highlighted India's strategic advantages, including its youthful and dynamic workforce, robust democratic institutions, expanding consumer market, and decisive national leadership. The Commerce Minister further positioned India as an attractive global investment hub, inviting Norwegian companies to tap into local talent for domestic opportunities and as a gateway for expanding into international markets.

Gurneet Tej, Joint Secretary of DPIIT, emphasised the growing India-Norway partnership, noting that bilateral trade had reached $1.1 billion, with Norway emerging as India's 33rd largest investor. She highlighted key areas of cooperation, including the blue economy, green hydrogen, renewable energy, fisheries, and water management, and underscored Norway's increasing role in India's infrastructure development.

The recently signed TEPA between India and the European Free Trade Association (EFTA) was praised as a significant step towards strengthening economic collaboration, with India having signed TEPA agreements with Switzerland, Iceland, Norway, and Liechtenstein, an important economic bloc in Europe.