Total investments in Norway remain at a solid level relative to previous years. The public investments outlined in the National Transport Plan 2022 – 2033 count to a total of NOK 1 200 billion. A new National Transport Plan for the 2025 -2036 period is expected in 2024. Substantial investments in Norwegian infrastructure create opportunities for foreign business in the energy and construction sector.
Expected public investments in Norway 2024
In Norway, the latest investment estimates for 2024 indicate expected investments of NOK 272 939 billion within the oil and gas, manufacturing, mining, quarrying, and electrical supply sectors. Continued growth in infrastructure-related businesses is expected as the Norwegian government has proposed spending NOK 1 064 billion to develop roads, railways, shipping, aviation, and public transport for the 2018-2029 period. A shortage of qualified labor presents a great opportunity for foreign investors and companies to win contracts and establish operations in Norway.
Also read: Do the right thing when doing business in Norway
Maintenance and construction of new road infrastructure
A proposed NOK 43.1 billion is allocated to the maintenance and construction of new motorways and roads. 1 200 kilometers of new road is planned of which 290 kilometers will be four lane highways.
Also read: How to choose the right corporate structure in Norway
Maintenance and development of rail infrastructure
In the 2024 National Budget, a total of NOK 32.3 billion has been allocated for the maintenance and expansion of new railroad infrastructure. Substantial upgrades in the current railroad network are aimed at producing trains.
Given the challenges facing the current railroad network, substantial investments in upgrades aim to make trains– light rails and trams – the preferred mode of travel in densely populated urban areas. Long-distance railroads operated by fossil fuel trains are to be replaced by trains using clean energy.
Development and modernization of Norwegian shipping infrastructure
Norway has a long coastline and long and proud shipping traditions. According to the National Transport Plan, NOK 2.4 billion is set aside for further development and modernization of the navigation infrastructure at sea and the development of new quays and moles to make sea freight more efficient.
Also read: 6 tips for businesses: How to get a VAT refund in Norway
Development and construction of aviation infrastructure
NOK 5.2 billion are allocated to aviation. Among the largest projects is a new airport in Mo i Rana and the moving of the Bodø airport to accommodate the urban development of the city.
Also read: RF-1198 and RF-1199 reporting for foreign businesses
Investments in energy infrastructure
High energy prices in Europe ensure that Norwegian oil and gas investments remain high with expended investments for oil and gas at NOK 232 billion for 2024. Moreover, the need to transition to green energy has made the government commit NOK 60 billion in green energy investments in offshore wind power, battery factories, solar and hydrogen.
Planning on establishing your business in Norway.
Magnus Legal has a long and proud tradition of assisting foreign companies to succeed in Norway in big infrastructure and construction projects.
