India and Norway are taking significant steps to enhance their economic relationship, with a focus on boosting trade and investment ties across key sectors. Union Commerce and Industry Minister Piyush Goyal proposed the launch of a startup bridge between the two countries, aiming to foster innovation and collaboration in the startup ecosystem. This initiative is expected to be launched during the Indo-Nordic summit next year, as suggested by Norwegian Ambassador to India, May-Elin Stener.
The announcement was made at the India-Norway Business Forum, organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT). This forum brought together policymakers, industry leaders, and stakeholders to discuss strategies for enhancing bilateral trade and investment. The primary objective was to identify opportunities to deepen trade ties across priority sectors, including maritime, shipping, renewable energy, logistics, oil and gas, and food processing. During the forum, key issues like regulatory challenges, public procurement concerns, and quality standards compliance were discussed. Cecilie Myrseth, Norwegian Minister of Trade and Industry, emphasized the Trade and Economic Partnership Agreement (TEPA), highlighting its potential to help Norwegian companies expand in India.
Piyush Goyal underscored India’s growing appeal as an investment destination. He highlighted the country’s dynamic workforce, strong democratic institutions, and expanding consumer market as key advantages for international investors. The minister also invited Norwegian companies to explore India not only for domestic growth but as a launchpad for global expansion. The bilateral trade between India and Norway has grown steadily, reaching $1.1 billion, with Norway now ranking as India’s 33rd largest investor. Gurneet Tej, Joint Secretary at DPIIT, noted the growing partnership, particularly in sectors like blue economy, green hydrogen, renewable energy, fisheries, and water management. Norway’s increasing role in India’s infrastructure development was also highlighted, marking a significant shift toward collaborative growth.
The recently signed TEPA between India and the European Free Trade Association (EFTA), which includes Norway, is expected to further strengthen the economic ties between the two nations. This agreement will serve as a foundation for increasing trade and cooperation in a wide range of sectors, including those crucial to both nations’ future growth. Through these initiatives, India and Norway aim to not only boost economic exchanges but also position themselves as key players in sustainable development, innovation, and technological advancement. The proposed startup bridge and collaborative partnerships in emerging sectors like renewable energy are expected to drive mutual growth, enhancing the bilateral relationship for years to come.
