India & Norway To Strengthen Bilateral Trade
The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI.
The first session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest like blue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments. Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India. Representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII), fisheries, ICT, renewable energy, electrical equipment, IT and solar energy sectors participated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country.
The main session on 16th January, 2020 was co-chaired by Joint Secretary, Department of Commerce, Nidhi Mani Tripathi, and Director General, Ministry of Trade, Industry and Fisheries, Mr. ErlingRimestad.The Indian side was represented by officers from Departments of Commerce, DPIIT, Fisheries, Chemicals & Petrochemicals, Economic Affairs, Ministries of External Affairs, Food Processing, Micro, Small and Medium Enterprises, New and Renewable Energy, Power, Science and Technology, Shipping, Tourism and Skill Development & Entrepreneurship.
Cumulative FDI equity inflows to India from Norway from April 2000 to September 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities.
Both sides noted that the dynamic nature of the commercial exchange between the two countries will result in an increasing number of companies interested in establishing and gaining access to the markets in India and Norway.