Vestland: Norway’s growth engine in a shifting economy

In the Norwegian bank DNB’s economic outlook for 2006, Norway enters the year with what is described as a balanced economy. As many countries, the national economy faces long‑term structural challenges with an ageing population, the need for productivity growth, and the decline of petroleum activity. Yet, Norway still has a low unemployment and strong capacity utilisation. You can download the report in Norwegian here.

For 100 years hydro power has been vital for Norway, like here in Tyssedal. Vestland is Norway’s largest producer of renewable hydropower and a net exporter of green electricity, an increasingly rare competitive advantage in Europe. Photo: Åge Avedal. 

Vestland’s ocean industries advantage

Long term, capital is pulled from the oil and gas sector, and investors are looking for the alternatives that hold the future. The report highlights Vestland as a region already positioned for the next phase of industrial development as a region whose export‑driven industries are deeply connected to global value chains in energy, ocean industries and technology.

Vestland hosts one of the strongest maritime clusters in the world. With Norway now managing the fifth most valuable merchant fleet globally, Vestland-based shipowners, yards and technology companies are at the forefront of green vessel design and hybrid propulsion, digital maritime solutions and automation and advanced logistics and low‑emission shipping corridors.

Currently suppliers are preparing to deliver on The Royal Norwegian Navy’s acquisition of 28 standardized vessels for the Navy. These will be built in two variants: a large, ocean-going version and a smaller, coastal version. Over time, they will replace eight existing vessel classes in the Navy’s current fleet. Read more here.

The Norwegian Naval’s acquisition for a new generation of vessels will open new opportunities for international companies to collaborate with Norway’s world-leading maritime industry. Bergen is the HQ for the Norwegian Navy, with Haakonsvern, the largest naval base in Scandinavia. Photo: Jacob Østheim/Forsvaret.

Also, in the civil market the pace is high. Demand for greener fleets is increasing rapidly worldwide. Vestland companies are already exporting technology and services for an industry undergoing historic transformation. Read more of this industry in Vestland here.

Aquaculture is technology driven

Salmon farming remains one of Norway’s top export sectors, with Vestland is its innovation hub. With global demand for protein rising and aquaculture expected to supply nearly all future growth in seafood, the region offers a complete and mature supplier industry. The industry challenges create opportunities in offshore aquaculture and closed‑containment systems.

The Norwegian government has adopted a new scheme to incentivize fish farmers to use closed production units. This could open for increased production and drive the need for new production technologies. The scheme will allow companies that have received a decision to reduce production capacity under the traffic light system to still utilize the reduced capacity, provided the production takes place in a closed facility.

Read more here and get in touch if you want to learn more about the aquaculture industry and want to learn more about the ecosystem in Vestland.

Sea lice is a headache for the aquaculture industry. Closed cages will prevent the sea lice from entering the production units, important to borthe the fish welfare for salmon in cages and for the wild species. Eide Fjordbruk’s Watermoon technology is an innovative example of how the industry is adapting. Photo: Charlotte Hartvigsen Lem.  

Poised for offshore wind

The report states that the global offshore wind market currently faces short‑term fluctuations. However the long‑term outlook toward 2035 shows significant growth outside China. Vestland’s offshore supplier industry is rooted in subsea engineering, ship design and floating structures from oil and gas. This legacy has positioned the industry to offer competitive capabilities in floating wind technology, a working base with experienced operators and service vessels and great locations for offshore wind service operations.

Get in touch if we can guide you to the right industrial location.

A HUB within carbon capture storage (CCS)

Norway has currently several advanced CCS operations, where Vestland is home to several leading industrial, engineering and maritime players involved in CO₂ capture, transport and storage. The region is set to become a central hub in Europe’s carbon management value chain.

With the EU targeting large‑scale CCS deployment by 2030. With proximity to North Sea storage sites, Vestland provides both technology suppliers and specialized shipping concepts for CO₂ transport.

Photo: Torstein Ek Lund/Equinor. Read more about the innovative Northern Lights project here.

Joining forces within health-tech

Vestland’s tech ecosystem is spanning AI, robotics, medtech and digital infrastructure and is expanding rapidly. Companies in the region benefit from strong research institutions with a close collaboration between industry and academia. Norway is also a digitally mature population and advanced public services. This creates ideal conditions for piloting and scaling health technologies, industrial software and data-driven solutions.

Bergen region recently also launches a brand for health ecosystem, HeathFjords. The joint effort is a unique initiative where the public sector, academia, business and charitable organisations have pulled together.

The platform will raise the region's profile nationally and internationally and strengthen its position as a forward-looking and competitive health ecosystem. Learn more about HealthFjords here and about the health technology incubator in Vestland, Eitri.

Invest in Vestland is ready to help global investors explore opportunities, build partnerships and establish operations in one of Northern Europe’s most dynamic regions. Don’t hesitate to reach out!

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