Minister Trond Giske and Secretary of State Vince Cable. 
Photo: Norwegian Embassy.Minister Trond Giske and Secretary of State Vince Cable. Photo: Norwegian Embassy

High-Level Meeting in London on Bilateral Trade

The Norwegian Minister of Trade and Industry Trond Giske visited London on 4th February. Giske met with the UK Secretary of State for Business, Innovation and Skills Vince Cable, and the purpose of the meeting was to discuss trade issues of common interest between Norway and the United Kingdom.

The UK is Norway’s most important export market with 26% of total export going to the UK.  The UK is reliant on major imports of Norwegian energy, whereas more than 90% of Norwegian export to the UK consists of oil and gas. The bilateral trade and cooperation in the energy sector is thus a cornerstone in the Norwegian-British relationship.

The two politicians also shared views on the economic situation in Europe and how the economic crisis is influencing the Norwegian and British economies. They discussed the importance of simplifying regulations for businesses. Cutting red tape is an important priority for both governments and of particular importance for small and medium sized enterprises (SMEs). In Norway 99,5% of the entities have less than 100 employees.

Moreover, Minister Giske outlined the Norwegian Government’s plans for a strategy for the mineral sector in 2013. There are substantial mineral resources in Norway, especially in the North, but Norway has limited expertise in mineral extraction. The new governmental strategy therefore aims at showing foreign mining investors that Norway would be a suitable country to engage in.

The Minister on guided tour of Tech City
 Visit to Tech City
The Minister also used his day in London to visit the thriving business cluster Tech City in Inner East London. Representatives from the Tech City Investment Organisation (TCIO) briefed the Minister on how the UK Government is supporting Tech City in becoming Europe’s centre for innovative tech and digital companies and investors. The area now has at least 3200 tech firms – some also from Norway. The Minister visited The Trampery, the first shared workspace in Shoreditch, where the Norwegian company Mobitroll has set up its business in developing technology for use in education.

Lastly, the Minister visited the Campus, a hub for start-up businesses. The developing of the Campus is a result of collaboration between Google and the British Government and will offer work areas, events spaces and other types of support for up to 100 young businesses - over seven floors!

Bookmark and Share