The India-Norway Business Forum was held today in Mumbai, organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. The forum brought together policymakers, business leaders, and key stakeholders to explore opportunities for enhancing trade and investment between India and Norway across various sectors.
The open session was chaired by India’s Commerce and Industry Minister, Shri Piyush Goyal, who addressed several critical issues raised by participants, including regulatory hurdles, public procurement challenges, and quality standards compliance. The discussion focused on key sectors such as maritime, shipping, energy, food processing, logistics, oil & gas, renewable energy, and the circular economy. Shri Goyal committed to working with relevant ministries to address these concerns and further strengthen bilateral trade and investment ties. He also proposed the creation of a “startup bridge” between the two countries, which could be launched at the next Ministerial meeting or the upcoming Indo-Nordic Summit in 2025.
The forum featured a video message from Ms. Cecilie Myrseth, Norwegian Minister of Trade and Industry, who lauded the initiative and emphasized the growth potential for Norwegian businesses in India, particularly under the Trade and Economic Partnership Agreement (TEPA). Shri Goyal, in his closing remarks, highlighted India’s investment-friendly environment, emphasizing the nation’s young workforce, strong democratic institutions, expanding consumer market, and strategic leadership as key advantages for international investors. He encouraged Norwegian companies to use India not only as a base for domestic growth but also as a gateway to global markets.
The forum also included an opening address by Ms. Gurneet Tej, Joint Secretary of DPIIT, who spotlighted the robust growth of bilateral trade, now reaching USD 1.1 billion, with Norway becoming India’s 33rd largest investor. She outlined sectors of cooperation, including blue economy, renewable energy, green hydrogen, and water management, while noting Norway’s increasing role in India’s infrastructure development.
H.E. Ms. May-Elin Stener, the Ambassador of Norway to India, hailed the TEPA agreement as a milestone in bilateral relations, emphasizing its potential to drive further economic collaboration. She mentioned that Norway plans to ratify TEPA by 2025 and highlighted focus areas such as renewable energy, maritime industries, climate action, and sustainability. The Ambassador also shared that Norway would host the Indo-Nordic Summit in 2025.
The event featured a presentation of the Business Climate Survey by Innovation Norway, revealing growing confidence among Norwegian companies in India’s business environment. Many companies expressed satisfaction with India’s improving climate for investment and reiterated their commitment to expanding their presence in the country.
The forum provided a valuable platform for dialogue between Indian and Norwegian businesses, offering opportunities to explore synergies and address shared challenges in sectors such as energy, maritime, and sustainability. Both nations reaffirmed their commitment to deepening their partnership and collaborating toward sustainable economic growth and development.
