Scanning the International Business Environment of Norway: What MNCs Need to Know before Entering into the Market of Norway

Abstract

The paper explores the socio-economic and political environment of Norway. It became an independent country in 1905 and was one of the world leaders in shipbuilding and an important global transporter of goods. Over the last hundred years, offshore oil and natural gas have become Norway’s prominent industry and it is currently one of the world’s leading exporters of petroleum. The research design employed is the qualitative research methodology. Review of existing publications such as journals, newspaper books etc. was carried out. Norway’s population has elevated levels of education and of productivity, and it is among the world’s top innovative countries. It is also very highly rated for ease of doing business. Norway has one of the strongest democracies in the world and is one of the world’s least corrupt countries. Overall, it may prove to be one of the least risky countries to deal with in terms of political soundness, as well as in the strength of its economy. Qualitative methodology requires more time to review a good number of publications. One of the limitations of this research is time. This paper provides comprehensive analysis of Norway’s socio-economic and political environments. Thus, the paper should be useful to MNCs who plan to invest in existing companies in Norway or start up a new business in Norway. It highlights the opportunities and the risks of doing business in Norway. Foreign Direct Investment (FDI) environment and regulations, financial and fiscal policies, and most other important aspects of the country that should be considered before doing business in the country are critically reviewed in this paper.