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The following basic facts are important:


(i) Most Norwegian businesses can understand English
(ii) Indian visitors need valid Schengen Visa to enter Norway
(iii) Norway has its resident Embassy in New Delhi.

Norway has the potential for being an excellent partner for Indian businessmen in a number of ways. The country has an economy that defies stereotyping. While it is not a member the European Union, it is within the European Economic Area. It is a highly industrialized economy, but relies on commodity exports: Norway is one of the world's largest exporters of oil as well as natural gas. Norway's 5 million citizens enjoy per capita income of approx. $ 98,000 (nominal); $ 55,300 (PPP) per annum. On average, each citizen of this country imports $ 11,000 worth of goods annually and goes abroad twice for tourism. Under Norwegian law, the entire oil & gas export revenue is invested abroad under Government Pension Fund-Global, which has a total corpus of over US$ 700 billion at present. It also invests in India There are also other large Norwegian investors.

Trade with Norway

As shown by the latest Norwegian official figures the bilateral trade has witnessed rapid growth:


India - Norway Bilateral Trade Figures
(all values in NOK million)


Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Norway's imports from
India
870.8 833.9 949.0 1188.7 1372.3 1496.7 1696.5 1965.9 2117.0 2224.4 2984.2 3356.7 2802.0
Norway's exports
to India
434.3 528.8 491.2 867.1 1291.0 2147.2 3394.3 3089.1 3466.8 2548.7 2475.7 2075.9 1556.3
Total Trade 1305.1 1362.7 1440.2 2055.7 2663.2 3643.9 5090.8 5055.0 5583.8 4773.1 5459.9 5432.6 4358.3


Source: Statistice Norway
January 2014

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