Ambassador of Norway to Pakistan, Tore Nedrebo, has said many companies of his country were interested in making investment in Pakistan. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said Norwegian companies are exploring investment opportunities around the world and if they see such opportunities exist in Pakistan, they will surely invest in this country, as well.
He said that there was a great potential for Pakistan and Norway to increase two-way trade. The envoy said: "The existing trade volume of $70 to $80 million, which fortunately is in favour of Pakistan, is not a lot and we need to do a lot more for improving it further."
Citing some examples of Norwegian investments in Pakistan, Tore Nedrebo informed that a Norwegian company plans to set up a solar power plant in Sindh and the groundwork of which will begin this year with an initial investment of $250m, while a hydropower project will also by established in Northern areas of Pakistan. KCCI president Younus Muhammad Bashir said that Karachi offers profitable investment opportunities and facilities for joint ventures to Norwegian Investors.
He said that with the improved law and order situation, Karachi has become an attractive place for foreign investors, who can earn maximum profits by setting up their businesses or undertaking joint ventures. He said that KCCI was keen to strengthen trade ties and exploring new bilateral trade prospects with Norway as they believe that Pakistan's improved relations and enhanced trade with countries like Norway would help in dealing with the economic crisis and ensuring prosperity for our country.
Commenting on trade ties between Pakistan and Norway, Bashir said that both countries share healthy diplomatic relations and it was heartening to note that Norway has been providing development assistance to Pakistan, particularly in the areas of governance and education. Norway has also contributed toward documentation and preservation of Pakistan's cultural heritage, he said, adding that Pakistanis form one of the largest immigrant communities in Norway.
He pointed out that during fiscal year 2015, Pakistan exported goods worth $54m to Norway, while the imports from Norway stood at $9.20m. He said that there was much potential for enhancing bilateral trade relations between Norway and Pakistan as Norway imports textile-related items, worth $3 to $4 billion, from around the globe. Pakistan has a good chance to enhance its exports' share of textiles in Norwegian market, he opined. "We also want to promote Norwegian investment in Pakistan and do everything for the development of Pakistan-Norwegian business cooperation", the KCCI chief added.
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