First Session of India-Norway Dialogue held in New Delhi

Between January 15, 2020 and January 16, 2020, the first session of India-Norway trade and investment dialogue was held in New Delhi. It was the first meeting of the countries after they signed an agreement in 2019.

Highlights

India and Norway signed Dialogue of Trade and Investment when Norway Prime Minister visited India in 2018. Based on the agreement, the countries held their first meeting to discuss industrial trade. The discussions included on various areas such as renewable energy, ICT, fisheries, MSME, maritime, shipping. The countries exchanged their views on investment opportunities.

The Delhi Mumbai Industrial Corridor Development Corporation, FICCI (Federation of Indian Chambers of Commerce and Industry), CII (Confederation of Indian Industries) made presentations. The Department of Economic Affairs and Department of Promotion of Industry and Internal Trade (DPIIT) highlighted several policy initiatives of the government.

Significance

At every bilateral meeting, it is important to involve the industries and their clusters as this would help in understanding and exchanging the dynamics.

India-Norway

The trade between India and Norway was 1127 million USD in 2014. It is far less as compared to its potential. There are 100 Norwegian companies that have invested in India. It includes hydropower, clean energy, petroleum related services, drilling equipment, etc.

Apart from trade, diplomacy ties with Norway is important for India for its Arctic researches. India has 2 important research stations in Norway. They are Himadr and IndARC.

Himadri-Polar Research Station

India, in 2008, opened its first Arctic Research Station in Norway. It is called Himadri. The main research of the station is on food-web dynamics, space weather, aerosol radiation, glaciers, microbial communities, carbon recycling and sedimentology.

IndARC

IndARC is the first underwater observatory of India in the Arctic Region. It is midway between Norway and North Pole. The observatory aims to study Arctic climate and how it influences the monsoon.

Month: Current Affairs - January, 2020