Piyush Goyal's Landmark Norway Visit Opens New Chapter in Indo-Norwegian Trade Relations

Piyush Goyal's visit to Norway, the first by an Indian Commerce Minister in over 25 years, aims to bolster bilateral trade ties. Key discussions with Norway's political and business leaders focused on enhancing economic cooperation, exploring new opportunities under the India-EFTA Trade Agreement, and promoting mutual investment and innovation.

Union Minister of Commerce and Industry Piyush Goyal concluded a landmark visit to Norway, the first by an Indian Commerce Minister in over two decades. The visit was primarily aimed at fortifying trade and economic relations between India and Norway, with significant dialogues held with the country's political and business leadership.

During his visit, Goyal had pivotal discussions with Norway's Minister of Trade and Industry, Cecilie Myrseth. The two leaders focused on enhancing trade partnerships in line with the recently signed India-EFTA Trade and Economic Partnership Agreement (TEPA), while also exploring fresh avenues for collaboration across various sectors.

Highlighting the importance of the visit, Goyal co-chaired the Norway-India Business Executive Roundtable alongside Minister Myrseth. The meeting revolved around expanding economic cooperation, promoting innovation-led growth, and strengthening business interactions between the two nations.

A significant aspect of the visit was Goyal's interaction with the Indian-Norwegian business community at the 'Innovation Norway' center, where he emphasized India's improved Ease of Doing Business and favorable investment climate. Discussions also covered potential investment avenues under TEPA and the appeal of India's capital markets, particularly the promising prospects of GIFT City.

Goyal's engagement with Norwegian investors underscored the potential of India as a gateway for global investment, spotlighting GIFT City as an emerging global financial hub amid shifting economic dynamics. The visit is anticipated to pave the way for strengthened commercial ties, fostering trade, investment, and innovation between the two nations.

(With inputs from agencies.)