More Norwegian firms willing to invest in Pakistan
Norwegian Ambassador Kjell Gunnar Eriksen has said that Norway and Pakistan have great potential to boost mutual trade as various Norwegian companies including Telenor are operating here and more are ready to invest.
Talking to Lahore Chamber of Commerce and Industry (LCCI) Vice President Tahir Manzoor Chaudhry, the ambassador said that Norway was one of the largest foreign investors in Pakistan.
He said that Pakistan needed to take measures for ease of doing business for foreign investors, adding that all procedures should be simplified, which would encourage more companies to start their business in Pakistan.
The ambassador said that Norway was establishing a solar power plant of 150 megawatts in Sindh.
Also speaking on the occasion, the LCCI vice president said, "We wish to further strengthen economic and trade relations with Norway."
He said that the volume of bilateral trade had not even touched $100 million as it stood at around $83 million in 2020. Exports from Pakistan to Norway were around $57 million while its imports from Norway were around $26 million.
It is worth mentioning that Pakistan's exports to Norway are heavily concentrated in textiles.
Chaudhry said that although Pakistan enjoyed a positive trade balance with Norway, the volume could be increased many times and in this connection the support and guidance of the Embassy of Norway had great importance.
He said that Norway held a special place in the world economy due to its energy sector and suggested that there were tremendous opportunities for Norwegian companies to enter into joint ventures with Pakistani firms, particularly in oil, gas, renewable energy and maritime sectors.
He said that Special Economic Zones (SEZs) were being established under the China-Pakistan Economic Corridor with all the essential infrastructure facilities. The government is also offering lucrative tax incentives to both local and foreign investors in these SEZs.
"We would request you to play a role in informing Norwegian companies about these latest developments," he said, adding that there was a vast scope for joint ventures between the two countries in the fields of biotech and cosmetics.