Norwegian diplomat plans to pave way for enhancing bilateral trade

While talking at the Lahore Chamber of Commerce & Industry (LCCI), the Ambassador said that Norway is one of the largest foreign investors in Pakistan.

He said that Pakistan needs to take measures for ease of doing business for foreign investors. He said that all procedures should be simplified which would attract more companies of Norway to start their businesses in Pakistan. The Ambassador said that Norway is establishing a solar power plant of 150 MW in Sindh.

LCCI Vice President Tahir Manzoor Chaudhry said that Norway is the second home to many Pakistanis and both countries have excellent relations ranging from diplomatic, cultural and economic relations. “We wish to further strengthen the economic and trade relations with Norway”, he added.  

He said that the volume of bilateral trade has not even touched $100 million as it stood at around $83 million in 2020.

Exports from Pakistan to Norway are around $57 million while our imports from Norway are around $26 million.

It is worth mentioning that Pakistan’s exports to Norway are heavily concentrated in Textiles.

The LCCI Vice President said that although Pakistan enjoys a positive trade balance with Norway the volume can be increased by many times and in this connection, the support and guidance of the Embassy of Norway hold great importance.

He said that Norway holds a special place in the world’s economy due to its Energy sector. He said that there are tremendous opportunities for Norwegian companies to enter into joint ventures with Pakistani companies, particularly in Oil, Gas, Renewable Energy and Maritime sectors.

Tahir Manzoor Chaudhry said that the other potential areas where Pakistan and Norway can enhance trade and economic cooperation are Mobile Phone Manufacturing, Electric Vehicle Manufacturing, Automotive Parts, Pharmaceuticals, Processed Food, and Surgical Instruments.

He said that Special Economic Zones are being established all across the country under China Pakistan Economic Corridor with all the essential infrastructure facilities.

The government is also giving lucrative tax incentives to both the local and foreign investors in these SEZs. We would request you to play a role in apprising the Norwegian companies about these latest developments.

He said that there is a vast scope for joint ventures between the two countries in the fields of biotech and cosmetics.