The Royal Norwegian Embassy in Delhi selected our Chairman Rina Sunder as “Writer of the Month” for September 2014. Read her article here.
Norway-India business relations
The business world is an increasingly complex one. The growing importance of being able to manage this complexity in a collaborative manner can not be emphasized strongly enough. The Norway India Chamber of Commerce and Industry is dedicated to creating stronger business relationships between Norwegian and Indian businesses.
Our worldview is all about to change: China and India are again now prominent economies. The economic and social growth of both China and India has brought a requirement for cooperation and interaction across cultures and borders. This is a new reality for all who drive international business cooperation, trade and investment, whether on a large or small scale.
During the twenty first century the West has been challenged by the economic tigers of Asia. Only a few decades ago the emerging markets of today had little impact on the world economy and were without global influence. Today, global strategies must be viewed in the context of these emerging markets. Traditional markets and business models must adapt to this new reality. If international businesses want to be where the growth is, they must gain insight into the new mass markets like India.
About NICCI and its activities
Similarly the Norway India Chamber of Commerce and Industry must change its strategy to meet these requirements: repositioning, modernizing and reinventing the Chamber is an ongoing process. A chamber of commerce is an association whose membership is comprised of companies, civic leaders, and individual business people. Its members seek to promote the interests of business, typically in a broad-based way. At the local level, NICCI strives to develop and publicize business opportunities in India, as well as to improve the ability of Norwegian companies to conduct business in India. We offer a range of services to our members, including information and opportunities for networking. NICCI also hosts numerous events —in which our members express their specific views and concerns, whether pertaining to the challenges facing small businesses or to the issues surrounding international commerce. The board recently held a strategy seminar focused on collaboration beyond borders. We want to utilize and augment the wisdom of our entire network.
Today, the Chamber’s primary aim remains to boost lndo-Norwegian business. NICCI will continue to be a source of positive change and influence in the business community in Norway. We aim to be the premier resource for both Indian and Norwegian businesses by creating networking opportunities such as seminars where businesses can share experiences in doing business in our countries; and by providing vital information services.
This is an exciting time for the Norway India Chamber of Commerce and Industry. There is no blueprint for creating this visionary chamber of the future – the challenge is exciting and leaves the door open for creativity. India’s strength lies in democracy, demand and demographics so we are planning to establish a Forum for Indian Professionals, among other initiatives. With India being a country with 700 million people below the age of 30 we have a desire to involve the younger generation of Indians and Norwegians in mainstream activities, be it social, political or economic spheres. The Indian Professionals Forum hopes to channel the strengths of the younger generation.
Potential that lies therein
NICCI is pleased that the Confederation of Indian Industries (CII) has planned and coordinated various activities to promote greater economic engagement between India & Norway. We strongly believe in strengthening and working closely with both CII and The Federation of Indian Chambers of Commerce and Industry as the current economic engagement between our countries is a tiny proportion of our economies. This gives us huge scope for growth of commerce and trade between our countries. We must exploit this.
Potential Indian investors in Norway need to appreciate specific challenges in doing business in the region. There are higher costs of operation, cultural differences, issues of work permit delays to name a few. Investors from Nordic countries in India, while increasing in numbers, have faced challenges in doing business in India especially in terms of support for market entry, quality of infrastructure, labour etc. Despite these challenges the benefits are worth it – members like Kongsberggruppen, DVNGL and Jotun are thriving in the Indian market and Indian companies like Larsen and Toubro are expanding in Norway.
A few companies from India are growing so quickly overseas that they are reshaping industries and surpassing many traditional multinational companies and are having a profound impact on the global economy. Several companies in the west have lost their positions and their places are being taken by new, Indian, players. However, the result of these changes should not be seen solely in terms of winners and losers. Change brings challenges and opportunities for everyone; opportunities for our business, our economies and countries to work together and share knowledge and resources more effectively.
The requirement for a strong Chamber of Commerce and Industry has never been greater than it is today. With a new Indian Prime Minister, Narendra Modi, there is no better time to empower the next wave of economic development in India and Norway. NICCI is, together with TEAM NORWAY, dedicated to serving our businesses better and leading our communities into the future working together.
Rina Sunder is an Indian Norwegian lecturer and speaker dedicated to the topic of doing business in India. She is a regular commentator on the new India in leading Norwegian newspapers as well as on various television channels. Rina follows the trends and analyses the causes of Indias’s rapid economic ascent, showing how technology, and political changes have created unique opportunities in international trade.
Sunder has more than 15 years of international experience. In 2011 she established EnteringINDIA. EnteringINDIA prepares, facilitates and helps sustain the entering of Norwegian companies into Indian markets. She is currently working on a textbook “The New India – Indian trade, culture and politics” for Oslo University Press.
Rina is the newly elected Chairman of the Norwegian Indian Chamber of Commerce and Industry