Piyush Goyal proposes to launch a startup bridge between India and Norway during India - Norway Business Roundtable in Mumbai.
The India-Norway Business Forum took place in Mumbai on Sunday 8th December, organized by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. The event brought together policymakers, industry leaders, and stakeholders to discuss opportunities for enhancing India-Norway trade and investment in key sectors.
The session was chaired by India's Commerce and Industry Minister, Piyush Goyal, who addressed several issues including regulatory challenges, public procurement concerns, and quality standards compliance. Topics covered included maritime, shipping, energy, food processing, logistics, oil & gas, renewable energy, and the circular economy. Piyush Goyal pledged to work with relevant ministries to address these concerns and further boost bilateral trade and investment. He also proposed launching a startup bridge between Norway and India during the next ministerial meeting, with the initiative potentially launched at the Indo-Nordic Summit next year.
The interaction was followed by a video message from Cecilie Myrseth, Norwegian Minister of Trade and Industry, who appreciated the efforts behind the roundtable and highlighted the potential for Norwegian companies to grow in India under the TEPA agreement. The session concluded with remarks from Piyush Goyal highlighted India's robust investment landscape, emphasizing the country's compelling value proposition for international partners. He underscored India's strategic advantages: a young, dynamic workforce, strong democratic institutions, growing consumer market, and decisive national leadership. Moreover, he positioned India as an attractive global investment hub, inviting Norwegian companies to leverage local talent not just for domestic opportunities, but as a launchpad for international market expansion.
Earlier, the forum was opened with remarks from Gurneet Tej, Joint Secretary, DPIIT, who noted the growing India-Norway partnership, with bilateral trade reaching USD 1.1 billion, and Norway becoming India’s 33rd largest investor. She highlighted cooperation in sectors like blue economy, green hydrogen, renewable energy, fisheries, and water management. The recently signed Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) was hailed as a key step in strengthening economic ties.
May-Elin Stener, Ambassador of Norway to India, praised TEPA as a milestone in bilateral relations and emphasized its potential to boost trade and investment. She mentioned Norway’s plans to ratify TEPA by 2025, with a focus on renewable energy, maritime industries, climate, and sustainability. The Ambassador also announced that Norway will host the Indo-Nordic Summit in 2025.
The forum also featured a presentation of the Business Climate Survey by Innovation Norway, which revealed growing confidence among Norwegian companies in India. Many companies expressed satisfaction with India’s improving business environment and reaffirmed their commitment to expanding operations. The event provided a platform for Indian and Norwegian industries to discuss synergies, challenges, and opportunities for greater cooperation in sectors such as energy, maritime, and sustainability.
"The discussions were truly engaging, focusing on the business and investment opportunities unlocked by the Trade & Economic Partnership Agreement and how to further enhance the business climate. It was a privilege to present the findings from this year’s Business Climate Survey, highlighting the competitiveness, profitability, and expanding presence of Norwegian companies in this vibrant and fast growing market." mentioned Cristian Valdes Carter
Country Director India, Innovation Norway & Commercial Counsellor, Royal Norwegian Embassy in New Delhi
The India-Norway Business Forum highlighted both nations' commitment to deepening their partnership and working together toward sustainable growth and development.
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