India and Norway Strengthen Economic Relationship with Plans for Startup Bridge
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Mumbai, Dec 8 (NationPress) Union Commerce and Industry Minister Piyush Goyal announced on Sunday a proposal to establish a startup bridge connecting Norway and India, as discussions continue on enhancing trade relations between the two nations.
The Norwegian Ambassador to India, May-Elin Stener, indicated that the launch of this startup initiative could take place during the upcoming Indo-Nordic summit next year.
During the gathering of the India-Norway Business Forum, organized by the Confederation of Indian Industry (CII) in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT), Goyal pledged to collaboratively address various concerns with relevant ministries to further enhance bilateral trade and investment relations between the two countries.
This forum convened policymakers, industry leaders, and stakeholders to explore opportunities for deepening trade and investment ties between India and Norway across priority sectors.
Key issues discussed included regulatory challenges, public procurement concerns, and quality standards compliance across various sectors.
Additionally, topics concerning essential sectors such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and the circular economy were presented to the minister.
In a video message, Cecilie Myrseth, Norwegian Minister of Trade and Industry, emphasized the opportunities for Norwegian companies to expand within India under the Trade and Economic Partnership Agreement (TEPA).
Goyal pointed out India’s strong investment landscape, highlighting the nation’s compelling value proposition for global partners.
He noted India’s strategic advantages, including a young and dynamic workforce, robust democratic institutions, a growing consumer market, and decisive national leadership.
Furthermore, the Commerce Minister presented India as an appealing global investment hub, encouraging Norwegian companies to utilize local talent not only for domestic ventures but also as a platform for international market entry.
Gurneet Tej, Joint Secretary of DPIIT, underscored the flourishing India-Norway partnership, noting that bilateral trade between the two nations has reached $1.1 billion, with Norway recognized as India’s 33rd largest investor.
She highlighted cooperative sectors, including blue economy, green hydrogen, renewable energy, fisheries, and water management, while acknowledging Norway’s increasing involvement in India’s infrastructure development.
The recently ratified TEPA between India and the European Free Trade Association (EFTA) was celebrated as a critical advancement toward reinforcing economic collaboration.
India has signed the TEPA with four developed nations - Switzerland, Iceland, Norway, and Liechtenstein — forming a significant economic bloc in Europe.
