Minister of Trade and Industry, Mr Dag Terje Andersen

Information meeting hosted by Eksportfinans for Indian Investors, Banks and Industries.

Opening speech Mumbai 31 ^st> of October 2006

Dignitaries, Ladies and Gentlemen,

I am delighted to be here in Mumbai today.

This city, as the commercial and financial centre of India, forms a very natural setting for Eksportfinans’ gathering today.

I am also pleased to report that there is a record number of Norwegian businesses participating in the trade delegation of this official visit to India. This clearly illustrates that Norwegian companies see great potential in developing closer ties to the Indian market.

India plays an important role in the world economy. I have followed the economic development of India with great interest over the last decade. Your country has experienced the second largest development in economic growth worldwide. It seems to me that India stands to make immense gains from international trade.

Trade is also of crucial importance to Norway, which is a small country with a specialized industrial base. Bilateral trade and the sharing of knowledge and technology across borders, is of high importance for continued welfare and growth for our country.

The exceptional economic growth in India has already made headway for trade between our two countries. Bilateral trade between India and Norway grew by an impressive 44 per cent from 2003 to 2004. In 2005 our bilateral trade grew by an additional 30 per cent.

These figures hold great promise for the future. I believe that India and Norway both have much to gain from increased bilateral trade.

The interest for economic cooperation between our two countries is strong. In fact our leading industrial companies are already either established in India or are looking towards your country. Norwegian small and medium sized enterprises and research institutes are involved in a number of projects with local counterparts here. Furthermore, Innovation Norway, which is the Governmental entity for export promotion, opened a New Delhi-office only last year.

The maritime and oil & gas sectors are examples of fields with great potential for further cooperation between our countries. These are fields that are very familiar to Eksportfinans.

Eksportfinans, as the operator of the official Norwegian export credit scheme, plays an important role by providing the export sector with favourable and suitable financial solutions. The low credit risks associated with Eksportfinans also makes the institution an attractive investment for central banks, pension funds and other investors around the world.

Eksportfinans has, since its founding, operated the official Norwegian export credit scheme on behalf of the Government. Since 2001, the Government has also had a 15 per cent direct ownership stake in Eksportfinans.

Financing is a vital component for both Norwegian and Indian companies exploring the opportunities for increased cooperation and relation building. Eksportfinans has thirty years of experience as a lender to Indian companies. This relationship has been constructive and positive. I consider it important to secure access to such competitive financing also in the future.

The presentation that will be held by Eksportfinans today is important in order to promote their access to the Indian capital market. Competitive cost of funds is at the core of Eksportfinans’ lending activities, which, in turn, allows for the promotion of trade between Norwegian and Indian companies.

I believe there is great potential for further development of industrial and financial cooperation between our two nations. So let me take no more of your time. It is time to get down to business.

Thank you for your attention!