India’s strategic advantages make it a global hub for innovation and growth, says Piyush Goyal
The India-Norway Business Forum, held in Mumbai on December 8, 2024, marked a significant step in deepening bilateral trade and investment ties between the two nations. Organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), the event witnessed participation from policymakers, industry leaders, and stakeholders. Key discussions revolved around strengthening partnerships across sectors like maritime, renewable energy, and sustainability.

Launch of a Startup Bridge
Union Minister for Commerce and Industry Piyush Goyal chaired the open interaction session, addressing critical concerns such as regulatory challenges, public procurement processes, and compliance with quality standards. He proposed the launch of a "startup bridge" between India and Norway to foster innovation and collaboration in entrepreneurial ventures. The initiative, aimed at promoting cross-border startups, is expected to be formally announced during the next Indo-Nordic Summit in 2025.

“This bridge will be a catalyst for startups in both nations to share ideas, technology, and resources,” said Goyal. He emphasised the need for a joint approach to tackle shared challenges and unlock growth opportunities across sectors like energy, food processing, logistics, and the circular economy.

The forum lauded the recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA), of which Norway is a key member. TEPA, described as a landmark agreement, is expected to bolster trade and investment ties significantly. Norwegian Minister of Trade and Industry Cecilie Myrseth, in her video address, highlighted the immense potential for Norwegian businesses to thrive in India’s dynamic economy under this agreement.

Ambassador of Norway to India May-Elin Stener underscored the agreement’s importance in boosting sectors like renewable energy, maritime industries, and climate solutions. She announced that Norway plans to ratify TEPA by 2025 and looks forward to hosting the Indo-Nordic Summit the same year to further deepen relations.

During the forum, Goyal positioned India as a robust investment destination, citing its young and skilled workforce, strong democratic framework, expanding consumer market, and proactive governance. “India’s strategic advantages make it a global hub for innovation and growth. Norwegian companies can use India not only as a destination for business but also as a launchpad for global market expansion,” he remarked.

The Business Climate Survey, presented by Innovation Norway, echoed these sentiments, showing a growing confidence among Norwegian companies in India’s improving business environment. Many companies expressed their intent to scale operations in the country, encouraged by government policies and infrastructure improvements.

Joint Secretary DPIIT Gurneet Tej highlighted the steady growth of India-Norway trade, which reached USD 1.1 billion, making Norway India’s 33rd largest investor. Key areas of collaboration, such as the blue economy, green hydrogen, fisheries, and water management, were spotlighted. She noted Norway’s increasing contributions to India’s infrastructure projects and the potential for further engagement in renewable energy and climate resilience.

The Ambassador of Norway also emphasised sustainability and climate-focused industries as critical areas of bilateral cooperation. “By working together, we can address global challenges, drive innovation, and achieve our shared goals of sustainable growth,” said Stener.

Constructive Industry Dialogue
The forum facilitated constructive dialogue between Indian and Norwegian industries, identifying synergies and discussing shared challenges. Sectors like energy, maritime, and logistics featured prominently in the discussions, with participants exploring ways to enhance investments and foster innovation.

The circular economy and renewable energy emerged as key themes, with both nations reaffirming their commitment to tackling climate change and promoting sustainable practices. Collaborative initiatives in these domains are expected to create significant economic and environmental benefits.

The India-Norway Business Forum concluded with a mutual commitment to strengthening economic ties and exploring cross-sector opportunities. Goyal’s emphasis on collaborative problem-solving and innovation sets the tone for a dynamic and forward-looking partnership between the two nations.

As the two countries gear up for the Indo-Nordic Summit in 2025, initiatives like the startup bridge and the implementation of TEPA are expected to play pivotal roles in transforming their economic relationship. The forum reaffirmed that India and Norway are well-poised to achieve sustainable growth through mutual collaboration, setting a benchmark for global partnerships.