Pakistan can benefit from Norwegian expertise in automobile, other sectors: envoy

LAHORE:Norwegian Ambassador to Pakistan 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.

Speaking at the Lahore Chamber of Commerce and Industry, he said that Pakistan and Norway had excellent bilateral relations and both countries had great potential to expand mutual trade and economic ties.

“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 offered.

Further, emphasising the need for expanding cooperation in the fields of information technology and telecommunication, he assured the LCCI president of 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.

It is good to see that bilateral trade volume between the two countries is increasing. According to the State Bank of Pakistan, Pakistan’s exports to Norway are around 58.6 million dollars while imports are around 41.5 million dollars.

Kabir said that although Pakistan enjoyed a positive trade balance with Norway and would certainly like to increase the volume of bilateral trade by many times and in this connection the support and guidance of Norway holds great importance.

He said that Norway holds a special place in the world economy due to its energy sector. There are tremendous opportunities for Norwegian companies to enter into joint ventures with Pakistani companies, particularly in Oil, Gas, Renewable Energy and Maritime sectors. Great potential for Norwegian investors is also available to invest in the agriculture sector of Pakistan while the government of Pakistan 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 Special Economic Zones (SEZs) were 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.