2014-02-04 03:32:03 - Future of the Norwegian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 - a new market research report on companiesandmarkets.com
Norwegian defense expenditure increased at a CAGR of 8.93% during the review period and valued US$7.53 billion in 2013. The focus of the Norwegian government will be on the modernization of its armed forces and participation in peacekeeping operations. Norwegian defense expenditure is mainly driven by the participation of the Norwegian Forces in international peacekeeping operations and the modernization of the armed forces.
The Norwegian defense industry favors Scandinavian and European countries for defense trade, as Norway is a member of the European Defense Agency, which limits the scope for foreign companies to enter the Norwegian defense industry. Furthermore, the country follows a strict offset policy, according to which, offsets are mandatory for all transactions exceeding US$82.2 million, and investors
are required to reinvest 100% of the value of the contract into the Norwegian economy.
The Norwegian Government adopted a new set of rules for defense exports after the Iraq war massacre in 2012; these rules further tighten the export policy of Norway, thereby affecting country´s budget deficit. These new laws have forbidden Norwegian exports to nations engaged in warfare and also ban export to countries that are not part of the NATO agreement.
Norway supports FDI and encourages companies to invest in the country in order to balance the budget deficit. Owing to government´s FDI policy, many foreign defense firms, such as Thales and SAAB, have established wholly-owned subsidiaries in Norway; however, despite treating foreign and domestic investments equally under the law, regulations, standards, and practices within the industry often favor Norwegian, Scandinavian, and EEA investors, and the government frequently screens investments in order to ensure that they are in the public interest. Regulations and bureaucracy in Norway are generally transparent and efficient. Furthermore, as oil and gas trading is country´s key investment area, most of the FDI in the country is directed towards ancillary services such as oil and gas insurance, the hydrocarbons sector, and onshore infrastructure.
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