Times News NetworkNew Delhi: Norway’s trade and industry minister Jan Christian Vestre Sunday said investments by the country’s sovereign and climate funds will be over and above the $100 billion foreign direct investment commitment, as part of India’s trade deal with the four EFTA nations.These funds have invested around $25 billion so far, with $17 billion or so coming from the sovereign wealth fund, the world’s largest. Vestre, however, made it clear that the funds will decide the investment as govt did not interfere in their operations.He said govts of the four countries will act as facilitators for investment promotion, although investment will be by private companies. The overall investment is expected to exceed the committed level in 15 years, given the strong growth seen in India as well as the massive investment opportunity, he added.“I am sure Norwegian companies will see an opportunity for a great return on investment. It will also bring economic growth for them and indirectly for Norway,” he said.The proposed investment promotion commitment is meant to balance the reduction in customs duty by India, covering more than 90% of its imports. “We have created a new way of doing business… I am very proud that we have reached a good agreement and also created a new framework together. It required a lot of creativity, hard work, passion and hands on approach with several visits. I don’t know how many phone calls and virtual meetings it took,” the minister said.Vestre also said that India’s commitments on sustainability, which covers human rights, labour and environment related issues, were in line with its international obligations under UN and ILO conventions. “We are not adding new tools or understanding,” he said.He said the agreement will also help India’s green energy goals. “We do share India’s very ambitious goals on energy transition… For India, it will require $13.5 trillion to reach climate targets by 2050, meaning bringing in not only investments, technology is also crucial. Norway will offer the technology. This is not just about customs duty and tariff lines. This is a broader platform.”Asked about the services chapter, the minister said, there are over 20,000 Indians working in Norway and there is no cap on the number of Indian visas. The arrangement will allow more professionals and spouse and dependents to come in with no economic needs or labour market tests to be taken by these categories of workers.
