India, Norway to hold discussions on $100 billion investment opportunity

Mumbai (The Uttam Hindu): Union Minister of Commerce and Industry, Piyush Goyal, is slated to hold a meeting with a Norwegian industry delegation, led by Norwegian Ambassador May-Elin Stener, here on Sunday, eyeing a $100 billion investment opportunity for both nations. According to a statement by the Ministry of Commerce and Industry, the key focus of the business roundtable will be on the recent Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) countries, which holds immense potential for both nations.

“India is particularly keen on attracting $100 billion in investments from the EFTA countries, as outlined in the agreement,” the ministry said.

The two sides will hold wide-ranging discussions on all aspects of the bilateral trade partnership, including opportunities, challenges and measures to further strengthen cross-border infrastructure, enhance connectivity and facilitate trade between the two countries.

They will also assess the opportunities in investment partnerships in logistics, supply chain, connectivity, maritime, energy, circular economy, food and agri, infrastructure, technology and more.

Union Minister Goyal is expected to hold discussions on key opportunities and trends for further Norwegian investments in India and potential areas of collaboration between India and Norway.

The discussions will also focus on the current business climate in India and key government reforms and policies conducive for the partnership.

According to the ministry, a high-level visit to Norway is expected in the next year during the India–Nordic Summit. The forum and the discussions will foster further strengthening the existing close ties of friendship and cooperation between the two countries.

According to the government, the Trade and Economic Partnership Agreement (TEPA) has the potential to boost 99.6 per cent of Indian exports with market access to EFTA countries and drive $100 billion investment.

India signed TEPA with four developed nations - Switzerland, Iceland, Norway and Liechtenstein — which is an important economic bloc in Europe. The agreement will give a boost to ‘Make in India’ and provide opportunities to the young and talented workforce, according to the government.

EFTA is offering 92.2 per cent of its tariff lines which covers 99.6 per cent of India’s exports.

The EFTA's market access offer covers 100 per cent of non-agri products and tariff concession on processed agricultural products (PAP).