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11 Jan, 2019 09:35 PM

EU-India FI-MEDIA invited to the India-Norway Business Summit 2019

Abstract

Her Excellency Erna Solberg, Hon’ble Prime Minister of Norway, along with a high-level Norwegian business delegation, visited India during January 7-8, 2019. To coincide with the visit, a business seminar was organised. The Plenary session of the seminar was held on 7th January, 2019, at The Oberoi New Delhi. The audience was addressed by Hon’ble Prime Minister Solberg  and also by Mr. Suresh Prabhu, Minister of Commerce & Industry, Govt. of India. This was followed by India-Norway Business Summit organised during 7-9th January, 2019 with parallel sessions on Energy, Defence, Maritime, Marine and ICT sectors with representation from industry and government from Norway and India.

Background of the Event

The Business Summit/seminar was co-organised by CII (Confederation of Indian Industries). CII is also the support partner to FI-Media Project. Mr. Abhishek Sharma of Beyond Evolution Tech Solutions (BETS) Ltd, a partner of FI-Media Project and member of CII, was invited for the summit where he interacted with many business leaders from Norway and discussed the C2C prospects between EU and India in line with the objectives of EU-India FI-Media Project.

India and Norway have a program for Indo-Norwegian joint research projects in mutually agreed fields to achieve bilateral world-class scientific results. The main purpose of this call is to increase Indo-Norwegian research and development cooperation in areas of industrial interest. Industrial partners are invited to join in achieving bilateral world-class scientific results. 

Takeaways from the Event

The Research Council of Norway (RCN) and Department of Science and Technology (DST) in India have announced a new joint call for research proposals within the field of Solar Energy and Energy Systems - Smart Grid. 10 million NOK (approx. 7.8 crore INR) is available from the research council for a total of four projects.

Around 100 Norwegian companies are engaged in India either through joint ventures with Indian partners or through wholly owned subsidiaries in areas such as, shipbuilding, petroleum related services, marine, hydropower, clean energy, and IT services. There has also been a trend of Norwegian IT companies to either offshore their business to India or acquire shares in Indian companies. Telenor has invested USD1200 million through its wholly owned subsidiary Telewings Communications in joint venture with M/s Lakshdeep Investments. Indian IT majors like TCS, Infosys, HCL, L&T Infotech, Cognizant and Tech Mahindra have increased their presence in Norway over the last few years due to the existing potential of IT outsourcing contracts in the country.

Mr Abhishek Sharma of the EU-India FI-MEDIA project participated in the session dedicated for “Digital Solutions for Better Future”, which focussed on IoT based technology solutions and related cooperation. Smart Grid and Energy Management were the two of the key areas pitched and proposed for further C2C cooperation. In this connection, the response of the CEO of Smart Metering solution company “Tinymesh” was very positive.

It was discussed and agreed that in order to develop solutions and products of world class quality and also making them globally competitive, it was it was critical to setup the research as well as development and production centres in India by the Norwegian companies and research centres. It would provide competitive cost benefits while ensuring the quality of the solutions. “Tinymesh” has shown positive interest in this direction.