Norway Seeking to Establish Startup Corridor with India

Union Commerce and Industry Minister Piyush Goyal has proposed the establishment of a startup bridge between India and Norway to foster innovation and deepen trade ties. Norwegian Ambassador to India, May-Elin Stener, suggested that this initiative could be launched during the Indo-Nordic Summit next year.

The announcement was made at the India-Norway Business Forum, jointly organized by the Confederation of Indian Industry (CII) and the Department for Promotion of Industry and Internal Trade (DPIIT). The forum served as a platform for policymakers, industry leaders, and stakeholders to discuss strategies for enhancing bilateral trade and investment, particularly in priority sectors.

Key challenges raised during the forum included regulatory barriers, public procurement processes, and quality standard compliance across sectors such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy, and the circular economy. Minister Goyal assured attendees of collective efforts with relevant ministries to address these issues and strengthen trade ties.

In a video message, Norwegian Minister of Trade and Industry Cecilie Myrseth highlighted the Trade and Economic Partnership Agreement (TEPA) as a pathway for Norwegian companies to expand in India. She expressed optimism about the growth opportunities the partnership presents.

Minister Goyal underscored India's attractiveness as a global investment hub, citing its young and dynamic workforce, robust democratic institutions, expanding consumer market, and proactive national leadership. He encouraged Norwegian companies to leverage India's talent pool not only for domestic markets but also as a springboard for international expansion.

Gurneet Tej, Joint Secretary at DPIIT, emphasized the growing India-Norway partnership, noting bilateral trade between the two nations has reached $1.1 billion. Norway has also emerged as India’s 33rd largest investor, demonstrating the potential for further collaboration.