Ambassador of Norway Tore Nedrebo has said that there is a great potential for Pakistan and Norway to increased trade as many Norwegian companies are interested in making investments in Pakistan.
“Norwegian companies are exploring investment opportunities around the world and if they see such opportunities in Pakistan, they will surely come to invest in this country as well,” Nedrebo said while addressing a meeting at the Karachi Chamber of Commerce and Industry (KCCI).
Prominent among those at the meeting included First Secretary, Embassy of Norway Tom Jorgen Martinussen, Honorary Consul General of Norway Muhammad Moonis, KCCI President Younus Muhammad Bashir, Senior Vice-President Zia Ahmed Khan, Vice-President KCCI Muhammad Naeem Sharif and KCCI managing committee members.
The Norwegian envoy said, that “the existing trade volume of $70 to $80 million which fortunately was in favour of Pakistan was not a lot. We need to do a lot more for improving it further.”
Highlighting some glaring examples of Norwegian investments in Pakistan, Nedrebo said that Norwegian companies planned to establish a solar power plant in Sindh for which ground work would begin this year with an initial investment of $250 million which might grow further keeping in view Pakistan’s need for energy”. He further said that a hydropower project would also by established in northern areas of Pakistan.
Earlier in his, President KCCI Younus Muhammad Bashir welcomed the Norwegian ambassador and said that Karachi offered profitable investment opportunities. He was of the view that with improved law and order situation, Karachi had become an attractive place for foreign investors, who could surely earn maximum profits by setting up their businesses or undertaking joint ventures.
He said the KCCI was keen to strengthen trade ties and explore new bilateral trade prospects with Norway as they believed that Pakistan’s improved relations and enhanced trade with countries like Norway would surely help in dealing with the economic crisis and ensure prosperity for the country.
Commenting on trade ties between Pakistan and Norway, Bashir said the two countries shared healthy diplomatic relations and it was heartening to note that Norway had been providing development assistance to Pakistan, particularly in the areas of governance and education.
“On a smaller scale, Norway has also contributed toward documentation and preservation of Pakistan’s cultural heritage,” he said, adding that Pakistanis formed one of the largest immigrant communities in Norway.
Bashir pointed out that during the fiscal year 2015, Pakistan exported goods worth $54 million to Norway while the imports from Norway stood at $9.20 million. He was of the view that there was much potential for enhancing bilateral trade relations between Norway and Pakistan, as Norway imported $3 to $4 billion of textiles related items from around the globe. He said Pakistan had a good chance to enhance its exports share of textiles in the Norwegian market.
“We also want to promote Norwegian investment in Pakistan and do everything for the development of Pakistan-Norwegian business cooperation,” concluded the KCCI chief.
