Talking Point: 90 Norwegian firms in India to increase staff

According to the first ever Business Climate Survey conducted by the Norwegian Business Association India (NBAI) and Norwegian Consulate in Mumbai, in collaboration with Innovation Norway, the commercial section of the Norwegian Embassy in Delhi, 62 per cent of the companies found the business climate in India favourable.

The survey, the results of which were released last month, was conducted to assess the current and near future business climate for Norwegian companies with specific focus on the maritime sector. 

There are around 90 Norwegian companies operating in India, the largest ones among them being Telenor, DNB, Aker Solutions, Kongsberg, Jotun, Statkraft Norfund Power, Det Norske Veritas and Elkem. 

According to the survey, 59 per cent of these companies are looking to increase their workforce by at least 20 percent next year. “Telecom, oil and gas, manufacturing, consulting, maritime and marine (fisheries) form the backbone of Norway’s economy,” Norwegian Ambassador to India Nils Ragnar Kamsvag said. 

He said over 35 per cent of the Norwegian companies are in the maritime sector. Richard Chapman, Chairman of NBAI, says Norway has the fifth-largest merchant fleet in the world. “They are here for two reasons – crewing and service,” he said. 

Kamsvag also said the Norwegian State Pension Fund is the biggest sovereign wealth fund “and is one of the biggest foreign investors in India with investments of around $13-14 billion”. 

According to the survey, the maximum opportunities in India for Norwegian companies lie in the areas of equipment supplies (83 per cent), ship design (75 per cent) and navigation systems (71 per cent). The Indian government giving infrastructure status to ship-building has also got Norwegian companies interested. “Most of our investments are technology-driven, like oil and gas out at sea in difficult waters and technology for deep-sea drilling,” Ambassador Kamsvag said. “We are the second-largest exporter of subsea technology.”