With a GDP of US$504 billion in 2024, Norway’s economy is characterised as both robust and prosperous, underpinned by a mixed economic model combining a vibrant private sector with significant government involvement.

Norway’s wealth is principally derived from its abundant natural resources, particularly oil and gas, which accounts for a substantial share of its exports and government revenue. Norway is one of the world’s largest exporters of petroleum and natural gas, a status that has helped the nation establish a sovereign wealth fund – the Government Pension Fund Global. The fund, valued over US$1 trillion, is designed to manage the country’s oil wealth sustainability, ensuring financial stability for future generations.

Diversification beyond oil and gas, however, is a priority for Norway.  The country has developed thriving sectors in maritime shipping, fisheries, aquaculture and renewable energy, particularly hydropower. Hydropower provides nearly all of Norway’s electricity, making it a global leader in green energy.  Additionally, Norway is a hub for technology and innovation, particularly in areas such as carbon capture and storage, where it aims to maintain its reputation as a leader in environmental sustainability.

With a population of 5.52 million (2023), Norway enjoys one of the highest standards of living globally, supported by a comprehensive welfare state that provides citizens with universal healthcare, education, and social security. With typically low levels of unemployment and a stable currency (the Norwegian krone), the nation consistently ranks high on global indices measuring happiness, human development and quality of life.

Norway is a Scandinavian country with the population of the metropolitan area surrounding its capital city, Oslo, totalling approximately 1.5 million inhabitants.  Other significant cities include Bergen on the North Sea coast and Trondheim, further to the north.

Norway is a parliamentary, representative democratic constitutional monarchy.  Whilst deeply integrated into both the global and European economies, Norway is not a member of the European Union. As part of the European Economic Area (EEA), Norway participates in the EU’s single market, facilitating trade and economic collaboration. Australia and the Kingdom of Norway established diplomatic ties in 1947.

There is scope to grow Victoria’s economic relationship with Norway.

Victoria values its long standing, multifaceted relationship with Norway.

Victoria’s trade and investment relationship with Norway is growing and there are increasing opportunities to further grow our bilateral economic relationship in the future.

With two-way merchandise trade valued at A$129 million in FY2023-24, Victoria’s exports to Norway were worth A$29 million.

With Victoria’s diversified economy, strategic location and world-class universities and research institutions, the State is an attractive destination for Norwegian investment, particularly in renewable energy. As a global leader, Norway’s strengths in renewable energy align with Victoria’s clean energy transition goals and rapidly developing offshore wind sector.

Over the five-year period between FY2018 and 2023, inflow from Norway to Victoria was valued at A$26 million, creating approximately 100 jobs.

Major Norwegian businesses operating in Victoria and playing a key role to support Victoria to achieve its renewable energy targets and clean energy transition goals include:

• AKER Solutions, based in Fornebu, Norway, AKER Solutions is an engineering firm focused on energy infrastructure.
• Kongsberg Maritime, founded in 1814 and part of the Kongsberg Gruppen, Kongsberg Martime delivers systems for positioning, surveying, navigation and automation to merchant vessels and offshore installations.
• Det Norske Veritas (DNV), founded in 1864, DNV is an international accredited registrar and classification society providing services for several industries including maritime, oil and gas, renewable energy, electrification and healthcare.
• TOMRA, based in Asker, Norway, TOMRA is a Norwegian multinational corporation manufacturing collection and sorting products, such as reverse vending machines for the food, recycling and mining industries.

Victoria and Norway: A collaborative partnership

The Victorian Government maintains close working relationships with the Embassy of Norway in Canberra , the Honorary Consulate of Norway in Melbourne,  the Norwegian Australian Chamber of Commerce (NACC) along with other Norwegian and Scandinavian associations and clubs.

Victoria’s engagement with Norway is supported in-market by the Victorian Government Trade and Investment office in London under the leadership of Mr. Tim Dillon, Agent General to the United Kingdom and Commissioner for Europe and Israel with responsibility for Ireland, the Nordics (including Norway) and Eastern Europe.

Recent activities

France opens Consulate-General in Melbourne

2024 marks 170 years since the establishment of the first French diplomatic representation in Melbourne. In a significant milestone for Victoria’s relationship with France, the new Consulate-General of France in Melbourne was officially opened on 22 October, attended by representatives of the Victorian Government, H.E. Pierre André Imbert, Ambassador of France to Australia, and Ms Paule Ignatio, the newly appointed Consul General of France in Melbourne.

The opening of the Consulate-General will foster even greater collaboration, maximise trade and investment opportunities and enhance bilateral ties between our two nations.  The Victorian Government looks forward to working with Consul General Ignatio and her team to reach these objectives.

The establishment of a Consulate-General in Melbourne complements the recent opening of a Victorian Government Trade and Investment (VGTI) office in Paris, which focuses on fostering trade and investment opportunities in the French and European markets.

Victoria signs strategic partnership with the Paris Region

Victoria recently strengthened its trade and investment ties with Europe through a Cooperation Agreement signed with the Île-de-France Region. The agreement fosters collaboration between Victoria and the Paris Region in areas such as trade, investment, sport, creative industries and culture, universities and research, innovation, and diversity and inclusion.

Île-de-France is the most populous of the eighteen regions of France and contains Paris and its surrounding areas. The region’s sectoral strengths align well with those of Melbourne and Victoria, particularly in agritech & foodtech, circular economy, infrastructure and smart building, cosmetics, fashion, health, cybersecurity and technology (AI, Fintech, Edtech), amongst others.

Home to the most Fortune 500 company headquarters in Europe, the Paris region boasts a vibrant startup scene and thriving research community.  Paris is home to some of Europe’s top business schools and scientific and engineering focussed universities.  The region contains 1,200 research labs and champions innovation across the economy with strong R&D expenditure and government funding.

Furthermore, the region is committed to promoting sustainability and like Melbourne, offers a high quality of life underpinned by world class culture, creative industries, sport and gastronomy.

Paris is located at the heart of Europe with outstanding transportation links and offers access for Victorian companies to the wider EU market of 500 million consumers. The signing is the first and only agreement Île-de-France has entered with an Australian state.

Looking ahead

Cosmoprof Worldwide Bologna 2025

Building on the momentum of our previous successful trade mission programs to Cosmoprof Worldwide Bologna in 2023 and 2024, the Melbourne, Australia Pavilion is back at Cosmoprof Bologna in 2025 from 20 - 22 March.