Ambassador May-Elin Stener emphasized that the India-Norway partnership, focusing on trade, renewable energy, and maritime technologies, is key to advancing both nations’ sustainability goals.

As India and Norway prepare for the India-Nordic Summit, the bilateral relationship between the two nations is poised to enter a new phase of cooperation. With a shared focus on trade, renewable energy, and maritime technologies, the partnership between India and Norway is set to strengthen, particularly in the context of sustainability.

Ambassador May-Elin Stener of Norway, in an exclusive interaction with FinancialExpress.com, highlighted the strategic importance of this partnership and how it benefits both nations in their quest for a greener future.

Historic Roots and Economic Potential

Norway’s discovery of oil and gas in the North Sea around 50 years ago transformed its economy into one of the most advanced in the world. Today, the combined economies of the Nordic countries, including Norway, rank among the top 15 globally. Ambassador Stener pointed out that Norway’s strong economic position and vast coastline naturally align with India’s growing maritime needs. A prime example of this synergy is the electric ferries in Norway, built by Kochi Shipyard, which are now operational in the country.

She remarked, “There’s a big interest in India across all Nordic countries. We see tremendous potential in strengthening our trade and investment ties, particularly through the Trade and Economic Partnership Agreement (TEPA) signed between India and the European Free Trade Association (EFTA), of which Norway is a key member.”

Trade between the two countries has already seen an impressive increase of over 200% from 2013 to 2023, with more potential for growth under the newly signed TEPA. In 2023, India exported goods worth 8.7 billion NOK to Norway, while Norway exported goods worth 4.5 billion NOK to India.

The Arctic Connection: A Strategic Frontier

Norway’s leadership role in Arctic affairs adds another dimension to the India-Norway relationship. With 9% of Norway’s population and 35% of its landmass located north of the Arctic Circle, the Arctic region is of significant importance to the country’s future. India, an observer in the Arctic Council since 2013, has also been involved in Arctic research at Norway’s Svalbard research station, where 11 countries participate, including India.