Business opportunities in India
This week, we hosted a collaborative breakfast meeting with Innovation Norway and NCE Blue Legasea. The meeting focused on discussing the market opportunities in India and the implications of the trade agreement for the Norwegian industry. The trade agreement aims to strengthen cooperation between the countries and offers Norway a new platform for engaging in discussions with India.
Norway, along with other EFTA countries, has reached a historic trade agreement with India, resulting in zero tariffs on almost all Norwegian exports to India. India's ambitions for modernization and decarbonization, particularly in industries where Norway leads globally, make it an increasingly relevant export market. This trade agreement is set to enhance the competitiveness of Norwegian businesses and provide more predictable operational frameworks.
During our breakfast meeting this week, we gathered experts on the Indian market, and businesses from the maritime and marine sector to present potential new business opportunities.
Key insights were shared by a panel of esteemed speakers:
- Innovation Norway highlighted the growing market opportunities in India and explained the implications of the trade agreement for our local industries.
- Cristian Valdes Carter, Innovation Norway, talked about India's ambitions for modernizing and decarbonizing industries, areas where Norway has a global lead. This includes the maritime sector, making it beneficial for Norwegian companies to enter the Indian market. The trade agreement aims to boost Norwegian competitiveness and establish more predictable conditions for doing business in India.
- Caspar Fabini, Innovation Norway, gave an introduction and valuable insight into the free trade agreements including both the opportunities and limitations. What companies should consider when using the agreement, and how to utilize and understand the rules of origin and requirements for documentation, the difference between origin and preferential origin that may allow for tariff reduction.
- Daniel Garden, CEO of Maritime Montering, and Gry Svalheim,Senior Vice President of Human Nutrition at Rimfrost, provided valuable perspectives from the maritime and marine sectors, sharing their successful experiences in the Indian market.
- The Indian Ambassador to Norway, Acquino Vimal, provided an in-depth look into navigating the cultural nuances between the two nations, emphasizing best practices for effective collaboration.
For companies like ours, it is also useful that the Blue Maritime Cluster and Innovation Norway focus on different markets so that companies can exchange experiences and get updated information.
Daniel Garden, CEO, Maritime Montering
India is undergoing a green and digital transition. Norwegian businesses can offer renewable energy, health technology, green mobility, and seafood, presenting trade and investment opportunities in a rapidly growing market. Investing in India allows Norwegian businesses to contribute to sustainable development.
As noted by Daniel Garden, CEO of Maritime Montering, “Maritime Montering has been investing in this market for 15 years already and is now seeing the results of long-term commitment. For companies like ours, it is also useful that the Blue Maritime Cluster and Innovation Norway focus on different markets so that companies can exchange experiences and get updated information.”
Innovation Norway encourages companies interested in exploring these new opportunities to connect and reach out. "We are ready to facilitate discussions and establish relations with our colleagues in India," Cristian Valdes Carter in Innovation Norway emphasizes.