Piyush Goyal’s Visit to Norway Marks a New Chapter in India-Norway Economic Ties

New Delhi, May 02, 2025

Piyush Goyal Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, concluded a highly productive visit to Norway, the first by an Indian Commerce and Industry Minister in over 25 years. The visit underscored a renewed commitment to strengthening economic, political, and trade relations between the two countries.

Reflecting on his engagements, Minister Goyal remarked, “My engagements with the political and business leadership in the country give me immense confidence that our ties are set to enter a new phase of trust and growth.”

Minister Goyal engaged with members of the India-Norway business community.

High-Level Bilateral Talks

Kicking off his official engagements in Oslo, Minister Goyal held a bilateral meeting with Norway’s Minister of Foreign Affairs, Espen Barth Eide. The two leaders discussed the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), and identified avenues to deepen bilateral trade and investment. “We discussed the implementation of the India-EFTA TEPA, strengthening bilateral ties, and boosting trade and investment between our nations,” said Goyal.

Minister Goyal also held productive discussions with Cecilie T. Myrseth, Norway’s Minister of Trade and Industry.

“Our talks focused on deepening trade engagement in alignment with the India-EFTA Trade and Economic Partnership Agreement and on exploring new opportunities to further elevate India-Norway bilateral ties,” he noted.

Engagements with the Business Community

A central focus of the visit was enhancing investor confidence and promoting opportunities in India. During a panel discussion with leading Norwegian investors, the Minister highlighted investment prospects in India’s capital markets and the emerging significance of GIFT City as a global financial hub. FICCI played an active role in the interactive session, echoing the positive sentiment around India’s pro-investment climate and regulatory reforms.

At the ‘Innovation Norway’ centre, Minister Goyal engaged with members of the India-Norway business community. He spoke about India's ongoing efforts to improve the Ease of Doing Business, nurture global talent leadership, and expand tech capabilities. He also emphasized the potential created by TEPA for Norwegian investors looking to tap into India’s rapidly growing economy.

Norway-India Business Executive Roundtable

One of the key highlights of the visit was the co-chairing of the Norway-India Business Executive Roundtable alongside Minister Cecilie T. Myrseth. The discussions emphasized expanding economic cooperation, driving innovation-led growth, and forging strategic business collaborations. Prominent Indian business leaders including Harsh Pati Singhania and Rajan Bharti Mittal, both Past Presidents of FICCI, participated in the event. FICCI commended the Norway India Chamber of Commerce and Industry (NICCI) for its role in strengthening business-to-business ties.

Minister Goyal with members of the Norwegian Parliament

Visit to the Norwegian Parliament

Minister Goyal called on members of the Norwegian Parliament (Stortinget). post his visit he stated “Had an extensive discussion on enhancing India-Norway trade and economic ties. We also exchanged views on our strong democratic traditions and commitment to development, rooted in people-centric governance,”

Looking Ahead

Minister Goyal’s visit marks a turning point in India-Norway relations, setting the stage for a new era of strategic economic engagement, innovation, and trust. With the India-EFTA TEPA now serving as a pivotal framework, both nations appear poised to unlock new levels of partnership in trade and investment.