OSLO: Ambassador of Norway, Tore Nedrebo, said that his country was more interested in investment rather than trade in Pakistan as it was an important market of South Asian region.
He said that Norway was the second largest investor in telecommunication field in Pakistan after China and more Norwegian companies were taking interest in its market. However, current business climate and security situation in Pakistan were not encouraging for them.
While addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI), he said that Pakistan would have to make itself a predictable, secure and profitable destination to attract more Norwegian investment
The Norwegian ambassador said that Telenor was the second largest cellular service provider in Pakistan with an investment of $3.5 billion and created of 5,000 direct jobs. Moreover, Norway was cooperating with Pakistan in two LNG terminals at Karachi and one Norwegian company was involved in a hydropower project in Swat, he added.
The balance of trade was in favour of Pakistan as during 2015, Pakistan’s exports to Norway were $78 million with imports from Norway $ 11 million. He said that the Pakistani Embassy in Norway has to play a proactive role for convincing Norwegian investors to explore Pakistan. However, if any Norwegian company showed interest in Pakistan, his embassy would fully cooperate, he added.
The ambassador said that CPEC would be beneficial for Pakistan and added that better growth of Pakistan’s economy would make it more interesting to Norwegian investors. In his welcome address, ICCI President Khalid Iqbal Malik said that Pakistan and Norway have maintained good political relations and these should be translated into growing trade and economic relations. He said that the bilateral trade between both countries has not touched $100 million mark yet, despite the fact that both have good potential to enhance cooperation in many areas.
The ICCI president further said that Norway was endowed with rich natural resources including petroleum, hydropower, forests and minerals and it should cooperate with Pakistan in hydropower generation, exploration of oil and gas and minerals. Agriculture was another area where both countries could enhance cooperation, he added.
Iqbal Malik said that 10 Norwegian companies including Telenor were doing business in Pakistan, which showed that Pakistan was a promising country for foreign investors. The CPEC offered plenty of new business and investment opportunities to foreign investors and time was right for the Norwegian investors to explore Pakistan for joint ventures and investment, he added.
