Brief Overview
India’s economic and commercial ties with Norway are on the upswing. There has been a spurt in trade, investments, transfer-of-technology and other contacts. The current growth in Indo-Norwegian eco-commercial ties have been fuelled by common interest, in sectors such as deep off-shore, shipping, hydro-electricity, Information Technology, Bio-Technology and light consumer goods. Norwegian IT companies are also looking at offshoring their business to India or investing in Indian start-ups.
Knowledge and technology sharing is another important facet of the Indo-Norwegian relationship. Through a joint Indo-Norwegian research initiative established in 2016, five new joint projects were selected to receive funding for polar research. With its highly-skilled researchers combined with experience in the Antarctica, India has become a significant contributor to Arctic scientific advancements.
Another booming industry in Norway, the maritime and shipping industry has also grown through its many business partnerships in India. The Joint Working Group Maritime has identified specific areas for further collaboration, such as Coastal Shipping and Inland Waterways, LNG based Shipping, Cooperation in Ports and Sustainable Shipping. Norwegian companies also play a prominent role in the Indian Naval Sector.
Embassy of India in Oslo, together with its Honorary Consuls General in Bergen and Trondheim gives high priority to promotion of bilateral economic and commercial contacts. All possible help is rendered in facilitating these possibilities.
Bilateral Trade
There has been growth in economic and commercial relations between India and Norway in recent years especially in areas such as oil and gas, shipping and maritime industries, renewable energy, offshore projects and service sectors. However, the current level of our bilateral trade is not a true reflection of the size of our economies and the potential that exists between our two countries. Total bilateral trade increased from US$ 974.22 million in 2013-2014 to US$ 1,202.06 million in 2017-2018. Bilateral trade figures are as follows:
| Sr. No. |
|
2013-2014 |
2014-2015 |
2015-2016 |
2016-2017 |
2017-2018 |
| 1. |
Export |
229.08 |
263.41 |
541.63 |
244.89 |
359.99 |
| 2. |
Import |
745.14 |
1,001.11 |
585.37 |
566.79 |
842.07 |
| 3. |
Total Trade |
974.22 |
1,264.52 |
1,127.00 |
811.68 |
1,202.06 |
(Source: Ministry of Commerce, GOI as on 1st June 2018)
Exports from Norway to India include Nonferrous metals, gas natural manufactured, plastic in primary form, crude minerals, chemical material and products, while the main items of export from India to Norway include articles of apparels and accessories, textile yarns, manufactures of metals, rice and miscellaneous manufactured articles in 2015-16. 2016-17 and 2017-18.
Trade Figures
India Norway Bilateral Trade Figures
(all values in US$ million)
Indo-Norway trade (in NOK millions):
Indo-Norway trade (in US$ millions):
