Polish-Norwegian relations are entering a new phase of particular importance for the security and competitiveness of our economies. Cooperation in the fields of defence and security is developing dynamically, while Poland and Norway are also linked by cooperation in the energy sector and the supply of key energy resources. At the same time, economic cooperation is expanding – Norwegian investment in Poland is growing, and in 2025 bilateral trade reached a record €13.2 billion.

The latest edition of the Norwegian Companies in Poland report, prepared by SPCC in cooperation with the Embassy of Norway and SpotData, covers both the economic aspects of bilateral cooperation and the rapidly developing collaboration in the fields of security and defence, energy, the maritime economy, and the Norwegian and EEA Grants.

Norwegian foreign direct investment in Poland reached a record value of €2.8 billion in 2024, representing an impressive 40% increase over two years (2022–2024).

The portfolio investments of Norway’s Government Pension Fund reached NOK 35.6 billion (approximately €3 billion). The Fund’s holdings in Polish equities increased by more than 64% year-on-year in 2025 (to NOK 22.95 billion, approximately €2 billion), making it one of the largest foreign portfolio investors on the Warsaw Stock Exchange.

In 2024, there were 417 companies with Norwegian capital operating in Poland. Norwegian capital is concentrated in a relatively small number of large, specialised industrial and service companies with high added value. Its strength stems not only from investment, but also from a business model based on high productivity and specialisation.

It is important to note that, in addition to the activities of Norwegian companies in Poland, Norway’s economic presence is largely reflected in trade in energy resources of strategic importance to Poland, as well as in the aforementioned investments by Norway’s Government Pension Fund and allocations under the Norwegian Grants and EEA Grants, which are not classified as direct contributions to GDP. Taken together, these elements form the foundation of Polish-Norwegian economic relations and have a significant impact on the Polish economy.

In 2025, the value of bilateral trade increased to a record €13.2 billion.

Polish exports of goods to Norway amounted to €3.5 billion in 2025, representing a 20% increase compared with 2024. Poland primarily exports advanced, processed industrial products and components to Norway, while remaining the world’s largest export market for Norwegian seafood (the value of Norwegian seafood exports to Poland amounted to NOK 19 billion in 2025).

At the same time, the importance of services is growing, particularly business and knowledge-based services. Since 2021, Polish exports of services to Norway have increased steadily, reaching €1.3 billion in 2025.

Through their presence in Poland, Norwegian companies remain key employers and important partners in both local and global value chains. Demand from Norway, including both direct domestic exporters and their domestic suppliers, supports approximately 85,000 jobs in Poland. Norwegian companies operating in Poland themselves employ around 18,000 people.

Norway and Poland possess unique defence capabilities as key countries on NATO’s northern and eastern flanks. A shared perception of threats and converging interests in energy security, including gas supplies via the Baltic Pipe and the development of offshore wind energy in the Baltic Sea, underscore the strategic nature of the Polish-Norwegian partnership. This partnership is further strengthened by growing cooperation between the defence industries and rapidly deepening military relations.

In 2025, Poland was the second-largest recipient of Norwegian defence equipment in the world and the largest in Europe. Projects such as KONGSBERG’s development of counter-drone (C-UAS) and air defence systems in cooperation with the Polish defence industry under the SAN programme, as well as planned investments in Poland, demonstrate the deepening partnership. In 2023, KONGSBERG signed the largest single contract in its history with Poland, covering the delivery of a coastal defence system based on Naval Strike Missiles (NSM), worth NOK 16 billion.

Norway remains a pillar of Poland’s energy security. In 2025, the Baltic Pipe accounted for 41% of Poland’s gas supplies. Norway has become a structural supplier of energy resources to Poland. At the same time, the Bałtyk 1, 2 and 3 offshore wind farm projects, with a combined capacity of up to 3 GW, are being developed jointly by Equinor and Polenergia. The first electricity from the Bałtyk 2 and 3 wind farms is expected to be generated in 2027.

The partnership in the area of security, including the protection of critical infrastructure, is becoming an increasingly important area of cooperation, bringing benefits such as strengthening NATO’s entire eastern and northern flanks, improving resilience to hybrid threats, developing defence industry technologies, and enhancing the response to and deterrence of direct threats from Russia.