Automobile, IT and renewable energy sectors: Norway offers expertise to businessmen

LAHORE: Ambassador of Norway Per Albert Ilsaas has offered Pakistan to take advantage of their expertise in automobile, information technology and renewable energy sectors through joint ventures.

The envoy offered this while speaking to a ceremony organised at the Lahore Chamber of Commerce and Industry (LCCI) on Sunday. He 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 and its automobile and renewable energy sectors are also advanced. Pakistan can benefit from the expertise of Norway in these sectors, he added. He also emphasized 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. He said it was good to see that bilateral trade volume between the two countries is increasing.

He said that according to the State Bank of Pakistan (SBP), Pakistan exports to Norway were at around $58.6 million while our imports from Norway are around $41.5 million. Mian 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.

He said Norway holds a special place in the world economy due to its expertise in energy sector. “In this connection, I would like to add 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.

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.

LCCI Vice President Haris Ateeq said that special economic zones were being established across the country under the China Pakistan Economic Corridor (CPEC) with all the essential infrastructure facilities. He highlighted that the government was also offering lucrative tax incentives to both the local and foreign investors in these SEZs.

Copyright Business Recorder, 2022