THE ECONOMIES/BUSINESS OF NORWAY

Norway tops the rank in the world’s most inclusive advanced economies. Inclusiveness means here not

only going underneath the employment and also facing key issues such as carbon intensity of the

country’s economy, education and also effort to close up the gender gap.

The population of the Norway is about 5.1 million which is actually smaller when compared to other

countries but still it has the highest purchasing power because of the high standard in living and

distributed wealth. Norway’s economic growth with a GDP per capita of $89,741. The petrol sector

provides about 9 percent of jobs, 12% of GDP and 13% of state’s revenue and 37% of exports.

The Norway’s major wealth to the government is by the taxes. These taxes rates flat 25% on sum of profit

and the capital gains. The Business culture in Norway is based on the work values which majorly focuses

on the equality and hence we find some hierarchy and flat structures.

Major Industries in Norway are Petroleum which very less countries in the whole world has. Natural gas,

aquaculture, timber, textiles, food processing and few others are the major industries which are in

Norway. Main export partner to Norway in UK, about 22% of the goods are exported from Norway

resulting in very good relationship between UK and Norway.

To achieve the standard of living and for the growth in economy Norway mainly focuses on its Education

system. Norway mainly focuses on science, mathematics, technology and engineering which are the STEM

subjects along with the entrepreurial skills.

Building relationship with Norway is easy and it doesn’t require any long standing personal relationship

to conduct business in Norway. Norway prefers to do business with those countries which they trust.

Norwegians respects confident and self-assured business people. They expect basic business style in the
presentations given to the Norwegians. Norwegians are the excellent time managers and are direct

communicators. They are straight forward and relies on the facts than the reasons or the mistakes done

by their clients. Norway has the strong tradition with metals and materials and has strong industry

clusters. Business are easy to establish in Norway as the costs are low and this appeals the foreign

investors.

RELATIONSHIP BETWEEN NORWAY AND INDIA

India has a strong relationship with Norway since independence. India has its embassy in Oslo and Norway

has its embassy in New Delhi. The bilateral trades has increased from 974.22 million to 1202.06 million in

2017-18 period. The bilateral trade mainly focuses on trading of oils, gases, nonferrous metals, plastic,

chemical materials and other major products.

India and Norway has inked a MOU to boost the blue economy between them. Which includes the area

in security, counter terrorism, higher education, maritime sector, fisheries and aquaculture. Norway

lauded India for respecting the maritime boundaries and the law of sea. MOU signed basically to increase

the cooperation in ocean based industries. Norway is supporting India for the India’s membership for the

missile technology control regime. Both the countries work closely in key issues such as UNSC reforms,

multilateral export control regime and terrorism.