Lahore - Ambassador of Norway Per Albert Ilsaas has said that Norway has advanced expertise in automobile, IT and renewable energy sectors. Private sector of Pakistan can step into joint ventures in these specific sectors with their Norwegian counterparts.

He was speaking at the Lahore Chamber of Commerce & Industry (LCCI). LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Honorary Consul of Norway Naveen Fareed also spoke on the occasion. The ambassador said that Norway is small country and its population is less than the population of Lahore. He said that Pakistan and Norway have excellent bilateral relations and both countries have great potential to expand mutual trade and economic ties. He said that Norway is one of the major manufacturers of electric vehicles in the world. Its automobile and renewable energy sectors are also advanced. Pakistan can benefit from the expertise of Norway in these sectors. He also emphasised the need for expanding cooperation in the fields of information technology and telecommunication. He assured his full cooperation for the promotion of trade between the two countries.

LCCI President Mian Nauman Kabir said that Norway is a home to many Pakistanis and both countries have excellent relations ranging from diplomatic, cultural and economic relations. We wish to deliberate to further strengthen the economic and trade relations with Norway. He said that it is good to see that bilateral trade volume between the two countries is increasing. According to the State Bank of Pakistan (SBP), our exports to Norway are around 58.6 million dollars while our imports from Norway are around 41.5 million dollars. Mian Nauman Kabir said that although we enjoy a positive trade balance with Norway, we would certainly like to increase the volume of bilateral trade by many times and in this connection the support and guidance of your good office holds great importance

Pak exports to Norway are around $58.6 million while imports from Norway are around $41.5 million

He said that Norway holds a special place in the world economy due to its energy sector. In this connection I would like to add that there are tremendous opportunities for Norwegian companies to enter into joint ventures with Pakistan companies, particularly in Oil, Gas, Renewable Energy and Maritime sectors. He said that there is also a great scope for Norwegian investors to invest in the agriculture sector of Pakistan as our government is looking to transform the agriculture sector on modern lines through the use of technology.

LCCI Senior Vice President Mian Rehman Aziz Chan 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 etc. Vice President Haris Ateeq said that that Special Economic Zones are being established all across the country under China Pakistan Economic Corridor (CPEC) 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.