Norway is a country with a low population but an very high standard of living – the population of less than 5 million share an average GDP of $79,00 per person – making Norway the third highest in the world (after Luxembourg and Bermuda).
Norway also tops the Economist Human Development Index.
Norway’s prosperity is due, in no small part, to its large oil deposits (discovered in the 1960’s) which have helped the country develop a very large Sovereign Wealth Fund and maintain a high quality social system and infrastructure.
Although traditional industries such as timber and fisheries are still important, Norway has developed thriving industrial and service sectors which are able to draw on the services of a highly educated workforce and now has major companies operating in many niche hi-tech fields.
Staunchly independent, Norway has stayed out of, not only the Euro but also the European Union and there seems little appetite in the country to move towards a greater degree of unity with their European neighbours – they seem to be doing very well on their own.
Written and Produced by Keith Warburton
This country profile has been produced to give a short overview of some of the key concepts to bear in mind when doing business with contacts in Norway. It is intended to be an aid to business people who have commercial dealings with counterparties in the country but should not be seen as an exhaustive guide to this topic or as a substitute for more substantial research should there be a need.
With this in mind, we have covered the areas which are key to a better understanding of the cultural mindset underpinning business dealings in Norway and which are, quite often, extremely different from the approach and thought processes associated with business in other parts of the world.
Therefore this briefing note is broken into short, bite-sized sections on the following topics: