Mumbai, Dec 7 (NationPress) Union Minister of Commerce and Industry, Piyush Goyal, is set to convene a meeting with a delegation from Norway's industry, led by Ambassador May-Elin Stener, this Sunday, aiming for a significant $100 billion investment opportunity for both countries.

As per a statement from the Ministry of Commerce and Industry, the primary focus of this business roundtable will be the recent Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) nations, which presents vast potential for both nations.

“India is particularly eager to attract $100 billion in investments from the EFTA countries, as highlighted in the agreement,” the ministry mentioned.

The discussions will encompass a broad range of topics regarding the bilateral trade relationship, including opportunities, challenges, and strategies to enhance cross-border infrastructure, improve connectivity, and facilitate trade between the two countries.

They will also evaluate investment collaboration opportunities in sectors like logistics, supply chain, connectivity, maritime, energy, circular economy, food and agriculture, infrastructure, technology, and more.

Minister Goyal is anticipated to address key opportunities and trends for increased Norwegian investments in India, alongside potential collaborative areas between India and Norway.

The discussions will also consider the current business environment in India, as well as essential government reforms and policies that favor this partnership.

The ministry indicated that a high-profile visit to Norway is anticipated next year during the India–Nordic Summit. This forum and the subsequent talks aim to further solidify the existing close ties of friendship and cooperation between the two nations.

The government claims that the Trade and Economic Partnership Agreement (TEPA) has the potential to enhance 99.6 percent of Indian exports with market access to EFTA nations and stimulate $100 billion in investments.

India has entered into the TEPA with four developed nations - Switzerland, Iceland, Norway, and Liechtenstein — which forms a crucial economic bloc in Europe. This agreement is expected to support the 'Make in India' initiative and offer opportunities to the young and skilled workforce, according to the government.

The EFTA is providing access to 92.2 percent of its tariff lines, catering to 99.6 percent of India's exports.

The EFTA's market access proposition includes 100 percent coverage of non-agricultural products and tariff reductions on processed agricultural products (PAP).