The British Ambassador to Norway has addressed the audience at Oslo Innovation Week about how both countries understand and help tech companies and start-ups to grow.
Richard Wood spoke to delegates about a wide range of topics including the fact both Britain and Norway support new companies; both are known for ease of doing business; and how the existing partnership between Britain and Norway is a fine example of how organisations flourish.
The tech sector in the UK grew more than 2.5 times faster than the economy as a whole, the equivalent of a new business starting up every 75 seconds.
Despite that, the Ambassador said “a bigger proportion of these than you might imagine go on to thrive, so that the UK plays host to half of Europe’s top 10 fastest-growing companies.”
He told Oslo Innovation Week that the “UK’s supportive tax regime” makes it a perfect place for businesses to thrive; by doing this, it also highlighted just how Norway’s business climate helps companies to grow.
According to the World Bank’s Ease of Doing Business index, the UK ranks as number seven, with only two other countries in Europe ranking higher.
Significantly, one of those is Norway.
Once again, the Ambassador spoke about the important relationship between Britain and Norway with regards to trade which, he describes as “extremely solid.”
Mr Wood, echoing what he has previously said about the economic partnership between the two countries, explained at Oslo Innovation Week the reasons why trading is strong between the two companies.
He said: “The market indicates a robust underlying demand for the goods and services that British and Norwegian companies produce.
“Partly this is based on the long term relationships of close neighbours who share the natural resources of the North Sea.
“Perhaps another less tangible aspect could be described as the ‘ease of doing business’, which is based on culture and experience.
“From my vantage point as Ambassador, these solid fundamentals are strong indicators for commercial relationships that will grow far into the future, whatever the final shape of political arrangements.”