Norway is a free market economy with a long-standing record of political stability and generally low trade barriers. Independently, thorough insight into factors such as economy, procedures, technology and regulations are essential drivers of success for market entry. Market Assistance gives you an overview of various organizations and service providers that may simplify the process of entering a new market.
The Norwegian market
As a free-market economy backed by sound institutions and a long-standing record of political stability, Norway offers a business-friendly environment. Policies aim at promoting efficiency, reflected in Norway being ranked among the top ten countries on the World Bank’s Ease of Doing Business Index.
The strength of the institutions and the health of the economy were tested during the recent global recession. Thanks to prompt policy actions based upon a strong fiscal position and a favorable sector composition, the economy weathered the recent global recession better than many affected nations and is now well onto a dynamic recovery.
Norway is among the world market leaders in a number of industries, including offshore technology, renewable energy, hydropower, shipping, maritime industry, chemicals, fertilizers and solar technology. High levels of education and innovative minds have allowed this knowledge-based economy to develop.
An outward-oriented approach is crucial if the economy is to achieve its potential. Trade and cross-country investments are of the utmost importance and Norway is member of the WTO and the European Economic Area (EEA). The EEA agreement makes Norway a participant in the European Internal Market, centered on four fundamental market pillars: the freedom of movement of goods, persons, services and capital.
Substantial petroleum revenues are in recent years channeled into the Government Pension Fund (Oil Fund). The fund, amounting to about NOK 3,080 billion by the end of 2010, has made Norway home to one of the largest sovereign wealth funds in the world.