Norway Targets Maritime, Energy Investments in India Under TEPA

• Norwegian firms are increasingly investing in India’s maritime and energy sectors post-TEPA, with some shipbuilding contracts underway
• Bilateral trade has doubled in a decade, and collaboration is growing in renewable energy and clean technologies
• India and Norway work closely on climate initiatives, including marine pollution, plastic waste management, and sustainability projects with TERI

Norwegian companies are showing increasing interest in India following the implementation of the Trade and Economic Partnership Agreement (TEPA) with the EFTA countries, Norway’s Ambassador to India, May-Elin Stener, stated.

Following the Norway India TEPA, Norwegian companies are exploring Norway investments India, particularly in the maritime sector investment India and Norway energy investment India, strengthening the TEPA agreement India and deepening the India Norway trade partnership through renewable energy collaboration Norway India and blue economy cooperation under the EFTA India agreement.

The two countries work together mainly through maritime and energy projects because Norway has skills that match India's industrial needs.

Ambassador Stener explained that Norwegian companies need more time before they can measure their business results in India because they are currently investigating ways to grow their operations there. Several shipowners are evaluating shipbuilding projects locally, and some contracts have already been secured under the framework of TEPA, which came into effect in October last year.

She stated, “The Trade and Economic Partnership Agreement between the EFTA countries and India--which Norway is part of--recently entered into force last year. And we see a lot of interest from Norwegian companies after this agreement was signed almost two years ago. These companies are mainly in two sectors: the maritime sector and the energy sector”.

The Ambassador presented evidence of the long-term growth pattern, which has resulted in a doubling of trade volume during the past ten years, to demonstrate that 160 Norwegian companies are currently active in India, while additional companies plan to enter the market.

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“We see a lot of interest from Norwegian companies. I mentioned the energy sector; we also see a lot of interest in the maritime sector. Many Norwegian shipowners are now looking to India to build their ships here. We've had some contracts already as a result of the Trade and Economic Partnership Agreement. And I really have great hope for more trade and more investments between India and Norway in the years to come”, Stener added.

Norway has used its oil and gas expertise to create technologies which now serve renewable energy needs in the energy sector. Norwegian businesses want to work together with Indian companies to expand their solar power projects and other sustainable energy programs.

Norway maintains strong climate partnerships with The Energy and Resources Institute (TERI) through its joint working group, which operates with the Indian Union Ministry of Environment, Forest and Climate Change to study climate mitigation techniques, nature-based solutions, marine pollution control methods and plastic waste management programs.

Stener noted, “There are a lot of Norwegian companies interested in working with India. We have solutions because we've been an energy country and we've been producing oil and gas, and these technologies are now also being transferred into renewable energy solutions. Companies are looking to India because this is where they can scale up, and this is where they can work with Indian stakeholders and companies to create very good solutions in the renewable energy sector here in India”.

Ambassador Stener praised TERI for its 25th summit, which he said served as an essential venue for creating partnerships between people to achieve sustainable development goals while demonstrating how India-Norway economic ties and environmental partnerships have become more substantial.