By Brazil Stock Guide – Investments from Norway in Brazil reached nearly $14 billion in 2024, lifting the Nordic country to the position of Brazil’s 12th-largest foreign investor. The figures, published today in the Norway in Brazil: Investment and Trade Report 2025, signal a shift toward long-duration capital, anchored in clean energy and offshore expansion.
Around 300 Norwegian companies now operate in Brazil. Roughly 160 firms account for 120,000 jobs, including 34,000 direct and 84,000 indirect positions. Together, they contribute about $5.1 billion to Brazil’s GDP. Operations cluster in energy, maritime, offshore and electro-intensive industries, with a strong footprint in Brazil’s Southeast and Northeast regions.
Since 2023, investments tied to the energy transition have totaled $1.8 billion. Capital has flowed into solar, wind, bioenergy, hydrogen and low-carbon industrial solutions. Flagship projects include the Ventos de Santa Eugênia wind complex in Bahia, developed by Statkraft; grid-connected renewable assets operated by Hydro Rein; and renewable ammonia production by Yara in Cubatão, which cuts emissions by up to 75% per metric ton.
The figures show Norwegian companies moving from early-stage investments to sustainable operations in Brazil, says Mette Tangen, Norway’s consul general in Rio de Janeiro.
Energy Transition Gains Scale
Trade flows reinforce the momentum. In 2024, Norwegian exports to Brazil reached $2.1 billion, while imports totaled $2.4 billion. Aluminum oxide accounted for 46% of Norway’s imports from Brazil. Fish feed and soy followed, both critical inputs for Norway’s aquaculture industry.
Seafood retained its historic relevance. Norwegian seafood sales to Brazil totaled $102 million in 2024. Dried and salted cod, known as clipfish, remained the leading product.
Offshore Anchors the Relationship
In offshore and maritime sectors, about 80 Norwegian oil and gas firms and 60 maritime companies operate in Brazil. Projects by Equinor, including the Bacalhau field, which began production in 2025, and the development of the Raia gas field, underscore Brazil’s role as a global growth platform. Kongsberg Maritime and Subsea7 are expanding with hybrid vessels and digital solutions capable of cutting emissions by up to 70%.
What is at stake is Brazil’s consolidation as Norway’s primary investment destination outside Europe. The EFTA–Mercosur free-trade agreement, signed in 2025, is expected to accelerate capital flows and trade. For Brazil, the influx supports decarbonization, industrial upgrading and skilled job creation. For Norway, it offers scale, returns and long-term predictability.
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