Norway is a country with strong economic stability and great opportunities for foreign businesses looking to expand and offer their services on a global scale. In this article, we provide you with 6 reasons why you should consider doing business in Norway.
Norway has a strong and stable economy that has proven to be robust over time. The GNP per capita is 765.836 NOK, and the county has one of the highest standards of living in the world.
The economic consequences of the Covid-19 pandemic were less dramatic in Norway compared to other EU-countries, and the Norwegian economy has a high activity coming out of the pandemic. This was also the case in the aftermath of the financial crisis in 2008.
In other words, Norway is considered to be an economically safe country to conduct business in, where the risk of complications from outside economic sources is mitigated.
Also read: Norwegian infrastructure, investment opportunities
Norway is ranked amongst the top countries in the world for competitiveness. The egalitarian culture and trust between employers and employees strengthen innovation processes and leads to efficiency.
In addition, the fundamental cooperation between the government, industry confederations and labor unions create stability and low conflict levels.
Also read: Norwegian business culture
Norway is not a member of the EU, but the country is integrated in the EEA-agreement. This means that Norway is an equal partner in the EU internal market on the same terms as other EU-countries, providing a familiar legal experience for companies used to operate within the EU.
The Norwegian government has proposed to develop the national infrastructure across the country, earmarking NOK 1 064 billion to spend on the improvement and building of new railways, roads, shipping and public transport.
In addition, estimations show that there will be a future increase in investments in Norway within manufacturing, mining, oil and gas, seafood, as well as within the utilization of renewable energy. As a smaller country, Norway is dependent on foreign companies with specialized knowledge in these areas, in order to meet the substantial demand for such services.
Government contracts are awarded through public procurements, something that at a first glance can seem to only be relevant for larger companies. However, utilizing subcontractors is highly common in dealing with public procurement contracts, providing a great opportunity for medium- and small-sized businesses as well.
The Norwegian government use the website “Doffin” to publish relevant public procurement contracts, which is available to the public. This makes it easy to find a relevant project, detailing the type of work that is needed, criteria’s, the total value of the project, the timeframe and in what area of Norway the project will be executed.
Also read: 5 tips for successful tendering in Norway
In order to provide an incentive for doing business in Norway, green and sustainable, different organizations in Norway offer subsidies for companies who meet their requirements. As such, Norway is a great country to expand one’s business in, especially for those businesses who have sustainability as one of their core values.
Taking the EUs’ Taxonomy into account for all companies who operate within the EU/EEA, doing business in an environmentally friendly manner is more attractive than ever.
Also read: Doing business in Norway – subsidies for businesses looking to go green
Needless to say, doing business in Norway demands meticulous planning and extensive research. In our guide , you're provided with an detailed overview of Norwegian compliance requirements, equipping you with the knowledge needed to navigate the intricacies of doing business in Norway.
However, it's essential to recognize that Norway's status as a non-EU member can add complexity to compliance matters. Therefore, it's crucial not to underestimate the potential challenges and intricacies associated with doing business in Norway. Therefore, do not hesitate to seek legal advice from someone with experience and know-how in navigating this regulatory landscape.