Norwegian Ambassador May-Elin Stener says India-Norway Trade could more than double in coming decade
NEW DELHI : The trade and economic partnership agreement (TEPA) between India and the four-nation European Free Trade Association (EFTA) will double not just the number of Norwegian companies present in India, but is also likely to more than double the trade between India and Norway, Norwegian Ambassador to India May-Elin Stener told Moneycontrol.
Currently, about 160 companies from Norway are doing business in India and are profitable. With the TEPA coming into force from October 1, this will double. More importantly, trade between the two countries could more than double in the coming decade due to this historic deal,” Stener said.
Through TEPA, she added, Norway is looking to invest in India apart from collaborating and sharing technology in sectors such as maritime and ship building; renewable and new energy including batteries, fuel cells, hydrogen and L&G; circular economy; fertilisers and ammonia; materials and biochemicals; food processing; and seafood.
“But, the bulk of it will be from the energy and maritime industries. A lot of companies are deeply interested in India since it is the fourth largest economy and the fastest growing one. India wants to be a developed nation by 2047 and Norway wants to be a part of this journey. We see that this will probably be the biggest consumer market in the world which will create opportunities for both the countries,” Stener said.
India and EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland, signed the TEPA on 10 March 2024. The trade agreement came into effect from 1 October 2025, marking India’s first FTA with four developed European nations.
According to a statement from the Indian government, TEPA commits $100 billion in investments from the EFTA bloc in India and 1 million direct jobs over 15 years, making it “the first binding pledge of its kind in any Indian free trade agreement (FTA)”.
When asked how much of the $100 billion does Norway plan to invest in India, Stener said, “There is no segregation within the EFTA countries on that. Let me also say that there is no ‘commitment’ to invest; rather the TEPA has a commitment for us to promote investments be. But we have a few big Norwegian companies who are looking to invest in India and will form a substantial part of the $100 billion investment.”
Norwegian companies like Equinor and Konsberg Maritime are set to substantially increase their investments and trade with India, she added.
Norway has played a notable role in Foreign Direct Investment (FDI) in India, ranking as the 33rd largest foreign investor in the country. Between April 2000 and December 2024, cumulative FDI from Norway reached approximately $880 million, contributing around 0.12% to India’s total FDI inflows, according to a CII report released in May, 2025.
Stener further said the India-EFTA trade deal has made frozen Norwegian salmon cheaper for Indians due to zero tariffs from October 1 and that her government expects exports from Norway to see a sharp rise in the coming months.
Bilateral trade between India and Norway grew from $1.05 billion in 2019-20 to $1.20 billion in 2023-24, clocking a compound annual growth rate (CAGR) of 2.61 percent during the five-year period between 2019-20 and 2023-24, according to the CII report mentioned above.
India exports agriculture and allied commodities to Norway, while marine products and dairy products are imported from Norway.
Under TEPA, EFTA covers 92.2 percent of tariff lines (99.6 percent of India’s exports), while India covers 82.7 percent (95.3 percent of EFTA’s exports), protecting key sectors like dairy, soya, coal, and agriculture.
Source : Moneycontrol