India-Norway Forum Highlights TEPA, Bilateral Trade Growth

The India-Norway Business Forum was held in Mumbai today, 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, industry leaders, and stakeholders to discuss avenues for deepening India-Norway trade and investment ties across priority sectors.

An open interaction was chaired by Commerce and Industry Minister of India, Shri Piyush Goyal. During this session, various key issues were raised including regulatory challenges, public procurement concerns and quality standards compliance across sectors. Issues across key sectors such as maritime, shipping, energy, food processing, logistics, oil & gas, renewable energy and circular economy were presented to the Minister. Shri Piyush Goyal committed to addressing these concerns collectively with relevant ministries to enhance bilateral trade and investment relations further. He also proposed launching a startup bridge between Norway and India during the next Ministerial meeting. The Ambassador suggested that this initiative could be launched during the Indo-Nordic Summit next year. The interaction was followed by a video message from Ms. Cecilie Myrseth, Norwegian Minister of Trade and Industry, who appreciated the efforts behind the roundtable and highlighted the potential for Norwegian companies to grow in India under the TEPA agreement. The session concluded with remarks from Shri Piyush Goyal highlighted India's robust investment landscape, emphasizing the country's compelling value proposition for international partners. He underscored India's strategic advantages: a young, dynamic workforce, strong democratic institutions, growing consumer market, and decisive national leadership. Moreover, he positioned India as an attractive global investment hub, inviting Norwegian companies to leverage local talent not just for domestic opportunities, but as a launchpad for international market expansion.

Earlier, Ms. Gurneet Tej, Joint Secretary, DPIIT, opened the forum and highlighted the growing India-Norway partnership, emphasising bilateral trade between the two countries which reached USD 1.1 billion and Norway emerging as India’s 33rd largest investor. She emphasized the sectors of cooperation, including blue economy, green hydrogen, renewable energy, fisheries, and water management, while noting Norway’s increasing role in India’s infrastructure development. The recently signed Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) was lauded as a significant step toward strengthening economic collaboration.

H.E. Ms. May-Elin Stener, Ambassador of Norway to India, termed TEPA a landmark in bilateral relations and highlighted its potential to further enhance trade and investment between the two nations. She noted Norway’s plans to ratify TEPA by 2025 and emphasized areas of focus, such as renewable energy, maritime industries, climate, and sustainability. The Ambassador also announced that Norway will host the Indo-Nordic Summit in 2025.

The forum featured a presentation of the Business Climate Survey by Innovation Norway, which outlined the growing confidence of Norwegian companies in India. Many companies expressed satisfaction with India’s improving business environment and reaffirmed their commitment to expanding operations in the country. The forum also provided a platform for constructive dialogue between Indian and Norwegian industries, offering opportunities to explore synergies and shared challenges across sectors such as energy, maritime, and sustainability. Participants discussed ways to strengthen cooperation, enhance investments, and drive innovation.

The India-Norway Business Forum reaffirms the commitment of both nations to strengthen the partnership and work collaboratively toward achieving sustainable growth and development.