- India is a land of opportunity

India offers a vast market with significant potential. It is attracting a growing number of Norwegian companies, says Bjørn Iversen, Head of Office and Trade Commissioner at our office in New Delhi, India.

He leads a team of six: five business advisers and a dedicated technology and science counsellor. Several have been with us for 10–19 years and bring experience from Indian industry and international trade with India. They are all committed to helping Norwegian companies assess whether their business and business model are right for the Indian market, and to introducing them to the right customers, partners and decision-makers. It is a busy time for our team in India. Iversen and his colleagues are currently working on more than 40 assignments for Norwegian companies, with several more in the pipeline.

Our New Delhi office focuses particularly on value chains in green energy, the maritime sector, aquaculture and circular solutions. India has significant needs and ambitions in these areas, and Indian industry is very interested in Norwegian technology, says Iversen.

Norway has significant competitive advantages in energy, ocean industries and environmental solutions. According to Iversen, our strengths complement India's major, concrete initiatives in these areas. But entering the Indian market takes effort. To succeed, you need patience and a local presence.

There are several examples of Norwegian companies that have successfully established a presence in India. Jotun, Statkraft, Kongsberg Gruppen, Aker and Orkla all have local operations and employ several thousand people in India. Iversen says that between 12,000 and 15,000 people across India work for 130 Norwegian companies.

Norwegian company Beyonder, which is investing heavily in battery technology, is among those exploring the Indian market. The company is now in talks with one of India's largest energy companies.

'We have had productive meetings with the former head of the India office, Cristian Valdes Carter, and his colleagues there. They have certainly opened doors for us, and we have met some interesting decision-makers,' says Svein Kvernstuen, founder and former CEO of Beyonder.

In addition to companies in energy, ocean industries and circular solutions, our office manager says we now see greater opportunities for health technology companies. Our India office has therefore launched a dedicated initiative in this area and is working with several promising companies.

– Health technology, or medtech, has emerged as a strategically important export sector, driven by the opportunities in India and clear interest from Norwegian industry, says Iversen, who has some useful advice for companies looking to establish themselves in India:

- Things can take longer here. That is precisely why it is important to have sufficient capital and flexibility to enter the Indian market.

According to our office manager, companies succeed when they take a long-term view, invest enough effort in building networks, assess their business and business model, and identify the right local partners.

- India is vast, and there is essentially a market for ‘everything’ here. However, companies that take the time to assess whether customers in India are willing and able to pay for their product or service are far more likely to build a profitable, long-term business.

Trade with India will also become easier in the years ahead. Norway and the other EFTA countries signed a free trade agreement with India in March 2024. Following a phase-in period of up to ten years, more than 90 per cent of Norwegian exports to India will be tariff-free.

India has traditionally imposed high tariffs, reaching up to 40 per cent on some product categories. The free trade agreement gives Norwegian businesses greater predictability and a unique position in India.

'With the increased focus on sustainability goals and India's upcoming green transition, the agreement will be particularly relevant to companies in green energy and mobility, ocean industries, health technology, environmental solutions and seafood,' Iversen emphasises.