More than 75 pct of Norwegian companies find India a favourable destination

New Delhi [India], Dec.2 : The Norwegian Business Association India (NBAI) and Norwegian Consulate General, Mumbai in collaboration with the Commercial section of Norwegian Embassy, Delhi on Thursday undertook a Business Climate survey to assess the current and near future business climate for Norwegian companies with specific focus on the maritime sector.

The survey was launched in Delhi by Norwegian envoy to India Nils Ragnar Kamsvag. India has been described as the "only bright spot" on the global economic scenario and has emerged as one of the fastest growing economies in the world today.

Norwegian companies have been present in India for long, covering areas like maritime, oil and gas, fisheries and aquaculture, ICT, health and renewable, among many others.

The recent policy initiatives by the government have generated a lot of interest on Norwegian side and there is an urge to know more about the developments in India.

As India continues to be one of the countries attracting the largest foreign direct investments, Team Norway in India initiated the first Business Climate Survey for Norwegian business community operating in India.

"Norway is a substantial investor in India. Investments from the Norwegian Global Pension Fund and Norwegian companies amount to USD 13-14 billion.

As the survey has revealed, 62 percent Norwegian companies consider the present business climate in India favourable and 75 percent consider that it will be even more favourable in the coming three years," Ambassador Kamsvag said.

"We appreciate the efforts being made by the Indian government to make the investment environment more open and easy to work in.

There is clear willingness in both Norway and India to do more business together," he added. The idea of the survey was to understand the profile of Norwegian companies present in India, areas in which they operate and their experience of working here.

It was also important to know how the policies and projects have affected the sentiment of Norwegian business community about India.

The maritime sector being the most important for Norway in India, the survey has a dedicated report about different aspects of this sector, including inland waterways, coastal shipping, ship design and building, sustainable shipping etc.

It also looks into the opportunities that Norwegian companies see for themselves in India and the timeframe for the same.

Chairman of NBAI Richard Chapman also said that the purpose of the survey was to gather opinions on the state of the economy and optimism for business today and in the future.

"This snapshot will allow us to understand where the stresses or hope lies within operations in India and use this critical information to discuss business needs with the India and Norwegian government," he said.

"We are glad to announce that the survey captures inputs from 90 Norwegian companies established in India with specific insight from the Maritime sector receiving an impressive response rate of 83 percent," he added.

The majority of the Norwegian companies are established in Maharashtra, Delhi NCR, U.P. and Karnataka out of which 10% percent are stationed with their headquarters in the national capital. Biggest Norwegian companies which are present in India are Telenor, Statkraft, DNB, Aker Solutions, Jotun, MTR FOODS, Evry India, Kongsberg, DNV GL and many more.

And the largest Indian companies which are operating in Norway are HLC Technologies, Infosys, Tata Consultancy Services, and Tech Mahindra's IT branch.

Source: ANI