Minister of Trade and Industry, Mr Dag Terje Andersen
Information
meeting hosted by Eksportfinans for Indian Investors, Banks and Industries.
Opening speech Mumbai 31st of October 2006
Dignitaries,
Ladies and Gentlemen,
I am
delighted to be here in Mumbai today.
This
city, as the commercial and financial centre of India, forms a very natural
setting for Eksportfinans’ gathering today.
I am
also pleased to report that there is a record number of Norwegian businesses participating
in the trade delegation of this official visit to India. This clearly
illustrates that Norwegian companies see great potential in developing closer
ties to the Indian market.
India
plays an important role in the world economy. I have followed the economic
development of India with great interest over the last decade. Your country has
experienced the second largest development in economic growth worldwide. It
seems to me that India stands to make immense gains from international trade.
Trade
is also of crucial importance to Norway, which is a small country with a
specialized industrial base. Bilateral trade and the sharing of knowledge and
technology across borders, is of high importance for continued welfare and
growth for our country.
The exceptional
economic growth in India has already made headway for trade between our two
countries. Bilateral trade between India and Norway grew by an impressive 44
per cent from 2003 to 2004. In 2005 our bilateral trade grew by an additional
30 per cent.
These
figures hold great promise for the future. I believe that India and Norway both
have much to gain from increased bilateral trade.
The
interest for economic cooperation between our two countries is strong. In fact
our leading industrial companies are already either established in India or are
looking towards your country. Norwegian small and medium sized enterprises and
research institutes are involved in a number of projects with local
counterparts here. Furthermore, Innovation Norway, which is the Governmental
entity for export promotion, opened a New Delhi-office only last year.
The
maritime and oil & gas sectors are examples of fields with great potential
for further cooperation between our countries. These are fields that are very
familiar to Eksportfinans.
Eksportfinans,
as the operator of the official Norwegian export credit scheme, plays an
important role by providing the export sector with favourable and suitable
financial solutions. The low credit risks associated with Eksportfinans also
makes the institution an attractive investment for central banks, pension funds
and other investors around the world.
Eksportfinans
has, since its founding, operated the official Norwegian export credit scheme
on behalf of the Government. Since 2001, the Government has also had a 15 per
cent direct ownership stake in Eksportfinans.
Financing
is a vital component for both Norwegian and Indian companies exploring the
opportunities for increased cooperation and relation building. Eksportfinans
has thirty years of experience as a lender to Indian companies. This
relationship has been constructive and positive. I consider it important to
secure access to such competitive financing also in the future.
The
presentation that will be held by Eksportfinans today is important in order to
promote their access to the Indian capital market. Competitive cost of funds is
at the core of Eksportfinans’ lending activities, which, in turn, allows for
the promotion of trade between Norwegian and Indian companies.
I
believe there is great potential for further development of industrial and
financial cooperation between our two nations. So let me take no more of your
time. It is time to get down to business.
Thank
you for your attention!
