The meeting was a follow up on the India-Norway Joint Commission framework, established in January 2019 during the visit of Norway’s Prime Minister Erna Solberg. The aim is to promote investment and bilateral trade in goods and services and to develop further the economic cooperation between India and Norway.
The parties were brought up to date on the current political, social and economic situation as well as development trends in their respective countries. They agreed that the current level of bilateral trade does not fully reflect the true potential of their economies. In the future, they will exert additional efforts to promote and diversify bilateral trade and encourage mutually beneficial business initiatives.
India is an important partner for Norway and the Norwegian enterprises express considerable interest for the Indian market. It has a vast pool of resources, competitive wage rates and an edge in different kinds of sectors, varying from gems and jewellery to auto components and textiles.
The Norwegian and Indian delegation on the Indo-Norwegian dialogue on trade and investment.
Norway is an important trading partner for India too, as Norway has strengths in maritime and shipping, manufacturing, hydropower, clean energy and IT services. In the future, the parties want to explore possible bilateral cooperation in sectors like cooperation in Ocean Space and Ocean Management, fisheries and renewable energy.
Companies and smaller commercial players in both markets experience challenges. The solution is to work systematically for predictable and transparent prerequisites for doing business, and to help businesses by removing hurdles and bottlenecks to overcome these challenges.
Both sides expressed its satisfaction with the meeting and agreed to work on the issues discussed. The next session of the DTI will be in Norway in 2021.