Why Norwegian companies have a unique head start in India

'We are seeing tremendous interest from Norwegian companies. It is an exciting time to be in India,' says Bjørn Iversen, head of our India office.

We help a growing number of Norwegian companies succeed in this populous country. Opportunities here have never been greater: with a population of more than 1.4 billion and a middle class with strong purchasing power, India's economy is growing rapidly.

The same is true of Norway’s trade with India: it has more than doubled over the past five years. Strong growth is expected in the years ahead, driven in particular by the new trade agreement between the EFTA countries and India.

The agreement, ratified on 1 October 2025, will gradually reduce tariffs to zero on almost all Norwegian exports to India.

'India has traditionally imposed high tariffs, reaching up to 40 per cent for some product categories. This trade agreement now puts Norwegian companies in a unique position to gain an important head start in the Indian market,' says Iversen.

- The new geopolitical situation that has emerged over the past year is also bringing greater attention to the agreement and the opportunities it offers both Norway and India.

For the first time, India has also agreed to include commitments on human rights and the environment in a trade agreement. This comes alongside a major green transition and increased efforts to achieve the Sustainable Development Goals.

'It is not only lower tariffs that make India attractive to Norwegian companies. The country is investing heavily in the maritime sector and green energy, and has expressed a clear desire for greater Norwegian involvement. Norwegian companies also have an excellent reputation in India, particularly for innovative solutions in these sectors. Taken together, this means there are now significant opportunities for Norwegian companies in India,' Iversen explains.

There is also strong demand for solutions in areas where Norway is at the forefront: renewable energy, ocean industries, health technology and seafood.

Iversen emphasises that a local presence is essential for gaining a foothold in India. From vibrant New Delhi, he and his colleagues work tirelessly to help Norwegian companies assess whether their business is right for the Indian market – and introduce them to the right customers, partners and decision-makers.

Read more: How your company can succeed in India

Ocean Sun is one of the Norwegian companies benefiting from India's investment in renewable energy. The Oslo-based company has developed floating solar technology inspired by fish-farming pens.

The units consist of rings fitted with a thin yet highly durable membrane that supports the solar panels – and they are quick to install. This solution enables cost-effective energy production, while using water surfaces helps overcome the challenge of limited space.

'India is investing in renewable energy and has a significant need for it, creating considerable potential in this market. We therefore want to establish a presence with our patented floating solar technology and work with major Indian companies to gain a strong foothold in the market,' says Kristian Tørvold, CEO of Ocean Sun.

He points out that India is a complex market to enter, with many players and a difficult landscape to navigate.

‘Working with Innovation Norway has given us a clear overview of the different players and helped us identify who to focus on in the market. They also have an impressive network and access to key contacts. This has given us a direct route to decision-makers at major companies.’

Working with us, they have now secured several memoranda of understanding (MOUs) with major market players. They are currently developing several promising projects, including one with NHPC, India's largest hydropower producer.

Tørvold emphasises how important it is for us to have our own office in India.

As a technology provider, the new tariffs have no direct impact, but Tørvold points out that the new trade agreement is nevertheless drawing greater attention to relations between Norway and India.

- Both sides are keen to make something happen, and that is clearly very positive for us.

Ocean Sun now hopes its solution can compete in the local market.

'The opportunities are significant, but the competition is also incredibly fierce. Expectations are high, and there is pressure on prices. But once you find your market, growth takes off like a hockey stick.'

SEID is another company that works closely with us in India.

The company designs and delivers advanced air pollution control systems for demanding industrial environments. The aim is to reduce harmful emissions, meet environmental standards and operate more sustainably — without compromising performance or reliability.

From animal feed, coal, steel, cement and waste-to-energy to maritime applications and food production, the technologies deliver reliable performance wherever emissions control is critical.

The company operates at the intersection of engineering, environmental science and industry, building systems that enable cleaner operations today and a healthier tomorrow. It is now making a major push into the Indian market.

Most recently, at the CII Environmental Best Practices Awards 2025, organised by the Confederation of Indian Industry (CII) and the GreenCo Rating System, ArcelorMittal Nippon Steel India received the award for Most Innovative Project for its work to reduce emissions and flue gas emissions by upgrading to SEID ModuPower HFPS technology.

This is strong international recognition of SEID's solutions and shows that Norwegian technology can not only tackle complex industrial emissions challenges, but also succeed with the world's largest steel company.

India is already one of Aker BioMarine's largest markets. The company exports krill-based feed ingredients to India's aquaculture industry and has achieved annual growth of 25 per cent over the past five years.

‘India exports shrimp to the US and Europe, where customers care about sustainability. Our products improve shrimp health, profitability and sustainability credentials. That is why Indian customers are willing to pay for our premium ingredients,’ says CEO Matts Johansen.

With large volumes to manage, Aker BioMarine has its own team in India. Even so, our presence in India is invaluable to the company. This became particularly clear when a new tariff on marine products was suddenly introduced, increasing from 5 to 15 per cent.

‘The tariff is intended to protect India’s domestic industry. However, India does not produce krill itself and depends on this ingredient to build a strong aquaculture industry. This gave us a strong case, but swift decisions cannot be taken for granted,’ Johansen points out.

We took on the case – and 18 months later, the problem had been resolved and the tariff reduced again. This was the result of dialogue and meetings with both India's Ministry of Fisheries and Ministry of Finance, with the Norwegian ambassador also involved.

In recognition of its sales success and unwavering efforts, Aker BioMarine received the 2024 Export Award, presented by Eksfin and us, for its export achievements and innovative products.

They expect growth in India to continue, not least because the new trade agreement will eventually make their products tariff-free. The company has already seen an increase in sales ahead of the agreement's ratification on 1 October.

– Cooperation between the public and private sectors in Norway and India is already much closer, with a range of networking activities both here and in India. This is raising our profile significantly.

Johansen also points out that the trade agreement makes cooperation between India and Norway much smoother. India has also asked us to flag any regulatory barriers on the Norwegian side so that they can be reviewed and simplified.

‘When we develop products that require approval for export and import, the Norwegian and Indian food safety authorities have had to agree on requirements and documentation, which is time-consuming. The new trade agreement will simplify these processes.’