Current business situation
Norway owes its success to its massive petroleum wealth, combined with prudent fiscal management and strong policy response to curb the effects of the global financial crisis. Major companies include Statoil, DNB, Norsk Hydro, Yara International and Telenor.
Norway has a very open economy and the Norwegian prosperity and high level of employment are dependent on trade with other countries. Today Norway export goods and services such as fish and fish products, oil, metals and maritime services, to all corners of the world.
Generally speaking Norwegian business culture is similar to that of Australia. There are some differences and the following will assist in developing good relationships:
- Appointments should be set up well in advance.
- Be punctual and even if you are only a few minutes late for a business meeting, call and explain the delay.
- Shake hands with everyone in the room when you arrive and before you leave.
- Exchange of business cards follows after an initial small talk.
- Norwegians generally address each other rather informally.
Setting up in Market
Nortrade, Norway’s trade and investment body has information for those considering setting up a business.
Banking and finance
At the end of 2013, 106 savings banks, 18 commercial banks and 54 finance companies were licensed to operate in Norway. In addition Norwegian banks and other credit institutions had 17 branches abroad and foreign banks and credit institutions operated 42 branches in Norway.
Links and resources
Government, business and trade
Tollvesenet (Customs and Excise Service)
Ministry of Foreign Affairs
Ministry of Industry and Trade
News and media
Aftenposten (Norwegian only)
Dagbaldet (Norwegian only)
Please note: This list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only. The content is for information and carries no warranty; as such, the addressee must exercise their own discretion in its use. Australia’s anti-bribery laws apply overseas and Austrade will not provide business related services to any party who breaches the law and will report credible evidence of any breach. For further information, please see foreign bribery information and awareness pack.