India and Norway deepen ties in maritime, logistics, and green energy under TEPA, aiming for sustainable growth.
The India-Norway Business Forum, held in Mumbai, marked a significant step in deepening bilateral ties between the two nations, with a strong focus on maritime, shipping, logistics, and sustainable development. Organised by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), the event witnessed robust discussions aimed at enhancing trade and investment partnerships.
Commerce and Industry Minister Piyush Goyal chaired the session, addressing critical challenges faced by businesses across key sectors, including maritime, shipping, logistics, energy, and the circular economy. Highlighting India’s commitment to overcoming regulatory barriers, public procurement hurdles, and quality standards compliance, Goyal proposed launching a Startup Bridge to foster innovation and collaboration between Indian and Norwegian enterprises. This initiative is expected to be formalised at the next Indo-Nordic Summit in 2025.
Norwegian Trade and Industry Minister Cecilie Myrseth, in a video message, emphasised the potential for Norwegian companies to expand in India under the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA). She lauded India’s efforts to create a conducive environment for global investors.
Expanding maritime and logistics cooperation
India and Norway’s shared focus on the maritime sector was a central theme. The recently signed TEPA agreement aims to enhance cooperation in shipbuilding, green shipping technologies, and port infrastructure development. With Norway recognized as a leader in maritime innovation, both nations are exploring joint ventures and technological exchanges to advance sustainable shipping practices.
Ambassador H.E. May-Elin Stener emphasised Norway’s plans to ratify TEPA by 2025 and highlighted its alignment with maritime industries, renewable energy, and climate sustainability goals. She also announced that Norway will host the Indo-Nordic Summit in 2025, furthering dialogue on blue economy initiatives and logistics integration.
Strengthening trade and investment
India’s Joint Secretary of DPIIT, Gurneet Tej, showcased bilateral trade growth, which reached USD 1.1 billion, with Norway ranking as India’s 33rd largest investor. She noted Norway’s increasing role in India’s infrastructure development, particularly in renewable energy and water management.
The Business Climate Survey by Innovation Norway revealed a positive outlook among Norwegian companies operating in India, emphasising confidence in India’s evolving business ecosystem. Discussions explored synergies in port operations, logistics digitisation, and sustainable supply chain solutions.
Path forward
The India-Norway Business Forum reaffirmed the commitment of both nations to leveraging their strengths in maritime and logistics to achieve mutual economic growth. With strategic initiatives like the Startup Bridge and the TEPA agreement, India and Norway are set to unlock new opportunities in innovation, sustainability, and global trade connectivity.
