Bilateral trade with India doubled to $2 billion in the past two years, says Ambassador of Norway

Source: The post is based on the article “Bilateral trade with India doubled to $2 billion in the past two years, says Ambassador of Norway” published in The Hindu on 15th November 2022

What is the News?

In the last two years, bilateral trade between India and Norway has doubled to $2 billion.

What is the present status of bilateral trade between India and Norway?

Energy investment: India is one of the countries with a large potential for solar energy. Most of the investment from Norway has been in solar energy infrastructure.

Norway is working with the National Institute of Wind Energy for both onshore and offshore wind energy. But according to Norway, only Tamil Nadu and Gujarat had the stable wind to make wind energy projects viable.

Ship recycling: Norway has the fifth-largest commercial fleet in the world, and ship recycling was crucial to keep up a modern fleet, both for environmental as also for competitive reasons.

India has a large ship-breaking industry, especially in Alang in Gujarat. Norway was cooperating closely with India for ship recycling.

Further, India also joined Hong Kong Convention as per the request of Norway.

Creation of digital archives in India: A Norwegian company was involved in creating a digital archive for Indian monuments such as the Taj Mahal. The company was also involved in digitalising historical monuments — Dholavira in Gujarat and the Bhimbhetka Caves in Madhya Pradesh.

What will be the future of Norway’s investment in India?

Norway would invest $1 billion from its climate investment fund in five years worldwide, this includes India as well. But the quantum of funds invested in India would depend on the projects.

What is Hong Kong Convention?

The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (the Hong Kong Convention) was adopted at a diplomatic conference held in Hong Kong, China.

Aim: Ensuring ships when being recycled after reaching the end of their operational lives, do not pose any unnecessary risks to human health, safety and the environment.

Nature: It is a legally binding international instrument.

So far the convention has not entered into force. But, with more nations such as Bangladesh signing up the Hong Kong Convention would come into force.