1st Session of India-Norway Dialogue on Trade & Investment

News:The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020.

Facts:

About the Dialogue:

• India and Norway signed Dialogue of Trade and Investment when Norway Prime Minister visited India in 2019.
• Based on the agreement,the countries held their first meeting to discuss trade and investment.
• The discussions included on various areas such as renewable energy, ICT, fisheries, MSME, maritime, shipping among others.

India-Norway Relations:

• India and Norway have been enjoying a cordial and friendly relationship since the establishment of relations in 1947.
• The total bilateral trade between India and Norway stands around $1.1 billion in 2015-16.
• Further,the cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million.
• Apart from trade, diplomatic ties with Norway is important for India for its Arctic research.India has two important research stations in Norway, namely the Himadri and IndARC.

About Himadri:

• Himadri is India’s first permanent Arctic research station located at Spitsbergen, Svalbard, Norway.It was inaugurated in 2008 by the Minister of Earth Sciences.
• The primary aim of research includes research on aerosol radiation, space weather, food-web dynamics, microbial communities, glaciers, sedimentology and carbon recycling.

About IndARC:

• IndARC is India’s first underwater moored observatory in the Arctic region. 
• It was deployed in 2014 at Kongsfjorden fjord, Svalbard, Norway which is midway between Norway and the North Pole.
• Its research goal is to study the Arctic climate and its influence on the monsoon.