Oslo, 10 June 2022 (TDI): The Pakistan Embassy in Norway and the Oslo Chamber of Commerce organized a virtual meeting on Trade and Investment Opportunities between Pakistan and Norway on the 8th of June.
Ambassador of Pakistan to Norway, Babar Amin stated that over 50 Norwegian businesses, professionals, investors, and IT companies participated in the virtual meeting.
Moreover, Speakers, as well as notable Participants, belonged to FPCCI, BOI, TDAP, STZA, PSEB, Sarhad Chamber of C&I & Islamabad CCI.
Amin highlighted that the productive discussion was focused on enhancing bilateral trade, investment, and entrepreneurial linkages.
Also, invitations were extended for the exchange of business and IT delegations, and participation in Trade Exhibitions and Professional Fairs.
Over 50 Norwegian businesses, professionals, investors, IT companies participated in 🇵🇰🇳🇴 virtual meeting organized by @PakinNorway & @OsloChamber. Speakers & notable participants including from FPCCI, BOI, TDAP, STZA, PSEB, Sarhad Chamber of C&I & Islamabad CCI @ForeignOfficePk pic.twitter.com/fe4NbJWAhO
— Babar Amin (@BabarAm92855221) June 9, 2022
Trade and investments in the past
In 2021, former Norwegian Ambassador Kjell Gunnar Eriksen said that the two countries have great potential to boost mutual trade.
Thus, numerous Norwegian companies including Telenor operate in Pakistan as more seek to invest.
The trend during the years has been that Norway has imported more from Pakistan and exported less to the country.
Pakistani exports to Norway include mostly traditional goods, for example, textiles, leather goods, and sugar.
On the other hand, the biggest Norwegian exports to Pakistan include fertilizers, machines, aluminum, and iron/steel.
The value of Norwegian imports from Pakistan increased from NOK 623 million in 2016 to NOK 777 million (USD 105 million) in 2017. Similarly, Norwegian exports to Pakistan in 2016 were worth NOK 92 million and increased in 2017 to NOK 164 million.
Therefore, in 2017 the value of total bilateral trade was NOK 941 million (USD 128 million), up from NOK 715 million (USD 97 million) in 2016.
As a result of its Pakistani diaspora, Norway is the fourth most important source of remittances for Pakistan within Europe. Thus, these remittances from Norway were valued at about USD 40 million in 2017.
Norway accorded Pakistan GSP status (Generalised System of Preferences of the European Union, Norway, and Switzerland). This means that Pakistani goods benefit from a 10-100 percent tariff reduction when imported into Norway.
In addition, there has been extensive activities of the Norwegian mobile phone operator Telenor in Pakistan. In June 2016, Telenor won an auction of the 850 MHz band and at the time it was using it to introduce 4G services.
From June 2015 to June 2016, Norway was the source of the largest foreign direct investment in Pakistan. That is, with a total of USD 173 million.
In 2015, Norwegian solar power company Scatec Solar signed a Memorandum of Understanding with Nizam Energy.
Also, the Norwegian company Höegh LNG entered into a contract to deliver a Floating Storage and Regasification Unit (FSRU) in 2016. Specifically, to a private Liquefied Natural Gas (LNG) terminal in Port Qasim, to the west of Karachi.
All in all, there have been other various main Norwegian companies active in Pakistan. Likewise, they continue to be operational in the country.