During a courtesy meeting with a delegation from Partit Laburista, Malta Chamber...
Oslo is the capital and the largest city as well as county and municipality of Norway. It is also the economic, cultural, scientific and governmental center of Norway. It is considered as a global city and was also ranked as the Beta World city in the year 2008 by the world cities Study Group and network. It is the most expensive city in the entire world.
Its vibrant infrastructure keeps it connected to all the major centers in Northern Europe. It has an excellent air-rail and road transport facilities which really add wonders to the city. Apart from an outstanding infrastructure, Oslo has a winning workforce of more than one million people. This is mainly because of the high standards of education practiced in Norway.
It is the second most expensive city in the entire world, next to London. Oslo stands in the fifth position in terms of being home to the largest companies in the world. It alone hosts 2654 companies based in Norway. With the population rate growing at the rate of 2%, it has become the fastest growing capital in the entire Europe.
Norway has the second highest GDP per capita in the entire European Union and this has really left a positive trend in Oslo. Many businesses are coming to Oslo to do business in this current positive economic trend prevailing in Oslo.
Oslo has a population of more than one million but it is increasing at a rate of 2%. Its strategic location really makes it easy for businesses to access the other markets not only within Norway but also from the other parts of the European Union.
As per the latest figures released by Statistics Norway, Oslo climbed upwards in overall European GDP and registered a GDP per capita of 75, 210 Euros. This really reflects the strong economic growth of Oslo and the opportunities it provides to foreign investors. As far as Foreign Direct Investment (FDI) is concerned, Norway also registered a gradual increase in the inward FDI flow majority of which went to the Oslo region.
The Oslo region, because of its innovative, dynamic and knowledge-based economy, contributes heavily to the growth of Norway’s economy. It has lots of investment opportunities for foreign investors in some of its key sectors, which drives it to grow. Some of these include the maritime sector which is full of highly established and innovative clusters of shipping companies, coupled with comprehensive and specialized maritime services. Secondly, there is the Energy and Environmental technology, which is the biggest contributor to the growth of the Norwegian economy.
The other sector worth investing in Oslo is the Information and Communication Technology (ICT) sector which is in the midst of undergoing a mobile revolution. The Oslo region is also the largest Life sciences market with tremendous opportunities in valuable discoveries and biomedical research. This has mainly happened due to the positive attitude of the Norwegian government in encouraging the industry. Another sector worth investing in Oslo is the cultural industries sector.
Norway has a stable and prosperous economy, thanks to its strong democratic base and a good socio-political economic environment. Considering the importance of foreign investment and the way foreign companies contributes towards the growth of overall economy of the country, the Norwegian government follows a pro-investor policy to attract more investment in the country which ultimately benefits the city of Oslo. Just as its friendly political environment, Norway is also investor-friendly and this has really worked wonders for its capital city. There are several agencies in Norway that work to promote foreign investment in the country. This has really worked wonders for the capital city as it is able to attract maximum foreign investment.
The government of Norway provides tax incentives to foreign investors in the form of direct tax incentives, grants and subsidies. This has largely benefited Oslo as local taxes are almost non-existent. This really has worked in benefit of the region as more and more businesses are coming to Oslo to do business. The Norwegian government also provides start-up grants and funds to firms who want to set up business in Norway. The tax incentives offered to investors in Norway is under special condition and is restricted to 18% of the R&D expenses and a minimum of NOK 5 million is provided to foreign investors.
There are many agencies that provide assistance to foreign investors with respects to setting up a business in Norway. To promote foreign investment in Oslo, there is an agency named Oslo Teknopool. It is a non-profit agency which provides assistance and information about investment opportunities to investors free of cost. It helps the investors to tap the knowledge base of Oslo by linking them with the top innovative players in the region’s main knowledge based cluster.
An investor-friendly government, investment friendly policies of the Norwegian government and a positive growth trend really make Oslo one of the most preferred destinations to invest in the entire European Union. Investors who want to expand their business especially in Europe should not overlook the key benefits of Oslo. It vibrant infrastructure and the large workforce really makes it the best places to invest and make the most out of its growing economy.
© Copyright 2010-16 Invest in EU All rights reserved.