India a very interesting market, no prospects of any trade war, says Norwegian envoy Stener

The presence of Norwegian companies in India has doubled over the last decade to more than 100 and continues to rise, she added

Expressing optimism about India-Norway relations, Norwegian ambassador to India May-Elin Stener described India as a vital market for Norwegian investments. She affirmed that there is no evidence of capital withdrawal from any investment areas.

“Norway has both foreign direct investment (FDI) and foreign portfolio investment (FPI) in India. India is a very interesting market for Norway for both types of investments. There is no sign of capital retreat from any of these,” she said.

The Norwegian ambassador to India and Sri Lanka was speaking during a panel discussion on ‘The Foreign Investor’s India View’ at Moneycontrol Global Wealth Summit.

Norwegian investments in India have seen significant growth -- with fund investments tripling since 2020 and direct investments expanding, especially after last year’s trade and economic partnership agreement, said May-Elin Stener.

The presence of Norwegian companies in India has also doubled over the last decade to more than 100 and continues to rise, she added. “Trade between India and Norway has also doubled since 2018,” she stated.

Highlighting that Norway has the biggest sovereign wealth fund in the world, the Norwegian ambassador said the country decided to spend it to safeguard wealth for the future generations.

Considering the current growth trajectory, investments in India are likely to see sustained expansion, Stener added.

“Norway has good relations with India and there are no prospects on any trade war. The investment will only grow,” she said adding that the country is looking at India as a “very interesting market”.