The analysis shows that Norwegian FDI is largely concentrated in South America and Asia, with Brazil being the primary recipient. Investments are particularly directed towards the petroleum and manufacturing sectors. Over time, there has been a shift in Norwegian FDI towards upper-middle-income countries, while investments in lower-middle-income countries have declined. Nevertheless, this trend reversed in 2021-2022 with increased direct investments in India.

According to companies interviewed for the report—both those already investing in developing countries and those considering future investments—Norwegian businesses primarily invest in developing countries to access new markets, secure resources, and improve efficiency. However, they face significant challenges, including a lack of market knowledge, political and economic risks, and structural barriers such as weak infrastructure and regulatory uncertainty. These factors limit the scope and scale of investments.

The report also highlights potential policy measures to address these challenges, including better information-sharing, risk-mitigation mechanisms, and improved regulatory frameworks. Strengthening these areas could enhance Norwegian investment in developing markets and contribute to economic growth.

As global FDI in developing countries grows, the report emphasizes the importance of targeted strategies to ensure Norwegian businesses can take advantage of emerging opportunities.