Noruega: Invertir a Noruega
FDI in Norway dropped sharply in recent years: according to UNCTAD’s World Investment Report 2023, FDI inflows were negative by USD 3.43 billion in 2022, compared to a positive flow of USD 1.74 billion one year earlier and USD 16.7 billion recorded before the pandemic. In 2022, FDI stock reached USD 145.5 billion, around 25.1% of the country's GDP. Despite the uncertain economic situation, Norway continues to be a major investor abroad, with a total stock of outward FDI of USD 188 billion. The latest data from Statistics Norway show that the main sectors in terms of inward FDI are financial and insurance services (17.5%), wholesale and retail trade (116%), manufacturing (11.4%), information and communication (10.1%), and real estate (9.3%). In terms of ultimate investing country, the U.S. leads the way with 16.7% of the total stock, followed by Sweden (13.3%), Finland (8.2%), the UK (7.8%), and Italy (5.7% - Statistics Norway). The decline in the price of hydrocarbons led to a drop in investment in Norwegian oil companies in recent years. However, the trend reversed due to the ongoing conflict between Russia and Ukraine and the consequences it caused in the energy market. The Norwegian Oil and Gas Association, representing Offshore Norway, has projected investments of NOK 240 billion (around USD 22.3 billion) on the continental shelf in 2024, marking a 9% rise compared to the figures for 2023, while the investments are estimated to fall gradually by 2027. Lately, the Norwegian government pension fund has enhanced its efforts to move towards sustainable investments, for example by announcing the divestment of carbon-related assets from its portfolios. According to the latest figures by the OECD, in the first six months of 2023 FDI to Norway totalled USD 2.4 billion, compared to a flow of USD 4 billion recorded in the same period one year earlier.
The Norwegian government introduced a new investment screening regime, allowing Norwegian authorities to investigate and block FDI on grounds of national security, financial stability and autonomy. The decision applies to EU and non-EU investments alike. There are about 8,363 foreign-owned companies in Norway (U.S. State Department). While the country has a small domestic market, it possesses several assets, such as its geographic location in a fertile region, its favoured ties with the United States, its skilled and multilingual population, a modern economy and rich energy resources. Norway has a particularly favourable business climate, and the country ranks 14th out of 82 nations in the Economist Business Environment ranking. It is also ranked at 8th place out of 133 in the 2023 Corruption Perception Index. Furthermore, Norway ranks 19th among the 132 economies on the Global Innovation Index 2023 and 10th out of 184 countries on the 2023 Index of Economic Freedom.
Foreign Direct Investment | 2020 | 2021 | 2022 |
FDI Inward Flow (million USD) | -8,229 | 1,749 | -3,436 |
FDI Stock (million USD) | 167,096 | 211,593 | 145,513 |
Number of Greenfield Investments* | 52 | 46 | 49 |
Value of Greenfield Investments (million USD) | 1,210 | 1,663 | 2,214 |
Source: UNCTAD, Latest available data
Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.
Country Comparison For the Protection of Investors | Norway | OECD | United States | Germany |
Index of Transaction Transparency* | 7.0 | 6.5 | 7.0 | 5.0 |
Index of Manager’s Responsibility** | 5.0 | 5.3 | 9.0 | 5.0 |
Index of Shareholders’ Power*** | 8.0 | 7.3 | 9.0 | 5.0 |
Source: Doing Business, Latest available data
Note: *The Greater the Index, the More Transparent the Conditions of Transactions. **The Greater the Index, the More the Manager is Personally Responsible. *** The Greater the Index, the Easier it Will Be For Shareholders to Take Legal Action.
Advantages for FDI in Norway:
Disadvantages for FDI in Norway:
On January 1, 2019, a new law on national security came into force that provides the legal basis for a better evaluation of foreign investment by the government. ‘Target’ businesses are obliged to notify the relevant ministry under which they are regulated.
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Actualitzacions: July 2024