Mumbai: 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), convened in Mumbai today, fostering dialogue between policymakers, industry leaders, and stakeholders to bolster trade and investment ties between the two nations.
Commerce and Industry Minister Piyush Goyal chaired an interactive session addressing regulatory challenges, public procurement concerns, and compliance with quality standards across key sectors such as maritime, shipping, renewable energy, food processing, logistics, and circular economy. Goyal assured participants of the government’s commitment to resolving these issues in collaboration with relevant ministries to enhance bilateral relations. He also proposed the creation of a “startup bridge” between India and Norway, a move that could be formalized during the Indo-Nordic Summit next year, as suggested by Norway’s Ambassador to India, H.E. May-Elin Stener.
In her video message, Norwegian Minister of Trade and Industry Cecilie Myrseth lauded the forum’s efforts and emphasized the opportunities for Norwegian companies to expand in India under the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA).
Opening the forum, Gurneet Tej, Joint Secretary, DPIIT, highlighted the growing trade relationship, with bilateral trade reaching USD 1.1 billion and Norway emerging as India’s 33rd largest investor. She pointed to sectors of cooperation including the blue economy, green hydrogen, renewable energy, fisheries, and water management. She also underscored Norway’s increasing involvement in India’s infrastructure development.
Ambassador Stener termed TEPA as a landmark in bilateral relations, noting its potential to elevate trade and investment. She announced Norway’s plans to ratify TEPA by 2025 and its intention to host the Indo-Nordic Summit the same year. Renewable energy, maritime industries, and climate sustainability were highlighted as key focus areas.
A presentation of the Business Climate Survey by Innovation Norway revealed growing confidence among Norwegian companies operating in India, with many expressing satisfaction with the improving business environment and committing to expansion plans. The forum also served as a platform for dialogue, exploring synergies and addressing shared challenges in energy, maritime, and sustainability sectors.
Piyush Goyal underscored India’s compelling value proposition as a global investment hub, emphasizing its young and dynamic workforce, robust democratic institutions, burgeoning consumer market, and decisive leadership. He invited Norwegian companies to tap into India’s local talent and leverage it as a gateway to global market opportunities.
The India-Norway Business Forum concluded with a reaffirmation of both nations’ commitment to strengthening their partnership. The discussions underscored shared objectives of achieving sustainable growth, fostering innovation, and addressing global challenges through collaborative efforts in trade and investment.
With TEPA as a foundation and growing synergies across key sectors, the forum marked a significant step in advancing the India-Norway partnership towards mutual economic prosperity and sustainability.
