Promoting bilateral ties: Norwegian firms search for investment avenues

Already a company is setting up power plant with initial injection of $250m

KARACHI: Norwegian Ambassador Tore Nedrebo has said that many companies from his country are interested in making investment in Pakistan and are looking for such avenues.

“Norwegian companies are exploring investment opportunities around the world and if they see such opportunities in Pakistan, they will surely come to invest in this country as well,” a press release quoted the envoy as saying during a visit to the Karachi Chamber of Commerce and Industry (KCCI) on Friday.



“The existing trade volume of $70 to $80 million, which is in favour of Pakistan, is not enough. It should increase,” he suggested.

Outlining some examples of Norwegian investments in Pakistan, Nedrebo pointed out that a company had planned to establish a solar power plant in Sindh and groundwork would begin this year with an initial investment of $250 million.

“This may be increased further keeping in view Pakistan’s energy needs while a hydroelectric power project will also be established in the northern areas of the country,” he said.

KCCI President Younus Muhammad Bashir stressed that Karachi was offering profitable investment opportunities and added facilities for investment and joint ventures to the Norwegian investors.

With improvement in the law and order situation, he called Karachi an attractive place for foreign investors. The KCCI wanted to strengthen trade ties and explore new trade prospects with Norway, he said.

Bashir noted that both countries had shared healthy diplomatic ties and Norway had been providing development assistance to Pakistan, particularly in the areas of governance and education.

On a smaller scale, Norway has contributed to the documentation and preservation of Pakistan’s cultural heritage as Pakistanis constitute one of the largest immigrant communities in Norway.

Speaking about the potential for enhancing bilateral trade, Bashir said Norway annually imported $3 to $4 billion worth of textile goods from different countries and Pakistan had a good chance to enhance its share of textile exports in the Norwegian market.

In fiscal year 2014-15, Pakistan exported goods worth $54 million to Norway while its imports stood at $9.2 million.

“We also want to promote Norwegian investment in Pakistan and are ready to do everything for the development of business cooperation between the two countries,” he added.

Published in The Express Tribune, January 30^th,  2016.

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