india-norway-dialogue-on-trade-investment

The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi recently. 

About the dialogue

  • 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 Dialogue on Trade & Investment (DTI).
  • The first Session was preceded by an industry interaction 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 noted that the dynamic nature of 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.

Norway's PM visit to India

Prime Minister Solberg delivered the inaugural address at the Raisina Dialogue and inaugurated the India-Norway Business Summit.

Outcome of visit

Raisina Dialogue

  • The Raisina Dialogue is a multilateral conference committed to addressing the most challenging issues facing the global community.
  • The conference is hosted by the Observer Research Foundation in collaboration with the Government of India, Ministry of External Affairs.

India-Norway Relations

  • India and Norway have been enjoying a cordial and friendly relationship since the establishment of relations in 1947, also each other share common values such as democracy, human rights and the rule of law. 
  • In recent years, both countries have increased their engagements in the field of trade and technology. 
  • Norway has supported India’s membership to export control regimes the Missile Technology Control Regime (MTCR), the Wassenaar Arrangement (WA) and the Australia Group (AG). Norway supported India's application for membership of the Nuclear Suppliers’ Group (NSG).
  • Norway agreed that India is a strong candidate for a permanent seat on a reformed Security Council.
  • Both countries agreed to work together in tackling the threat of climate change.
  • India has signed a Double Taxation Avoidance Agreement (DTAA) with Norway in 1986 which was revised in February 2011.
  • Norway is an expert on the subject of the Ocean Economy as 70% of Norway's export is from Norway's maritime industry. Starting of bilateral ocean dialogue have added a new dimension in India-Norway relations and will help India to understand the know-how of the maritime industry.
  • Total bilateral trade between India and Norway stands around $1.1 billion in 2015-16. Around 100 Norwegian companies are engaged in India in areas such as shipbuilding, petroleum-related services, marine/subsea drilling equipment, hydropower, clean energy, and IT services. 
  • Cumulative FDI equity inflows to India from Norway during 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.
  • Indian companies like Oil and Natural Gas Corporation (ONGC) and Reliance Industries have tie-ups with Norwegian companies in the petroleum and energy sector.

Three Arctic Missions from India have so far visited Norway, in 2007, 2008 and 2009. India’s Polar Research Station “Himadri” is located at Ny Alesund, Spitsbergen Island, Norway.

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