Norwegian companies to invest in Pakistan’s power sector: Envoy

LAHORE, Pakistan: Ambassador of Norway Tore Nedrebo said on Monday that a number of Norwegian companies were planning to invest in Pakistan especially in power sector.

He expressed these views in a meeting with LCCI Senior Vice President Almas Hyder here at Lahore Chamber of Commerce and Industry, where the Chamber’s Executive Committee members Mian Zahid Javed and Shahzad Ahmed were also present.

The Ambassador asked the LCCI to help identify areas of common interest, adding that Norway-based mobilephone company ‘Telenor’ was providing employment up to 5000 people in Pakistan. However, he added, there was a need to make more concerted and sector-specific efforts to enhance economic cooperation between the two countries and Norway was ready to take all steps to expand its ties with Pakistan for socio-economic development of the country.

The Ambassador assured his full cooperation to the Lahore Chamber of Commerce and Industry for strengthening the existing business relations between Norway and Pakistan. He also eulogized the LCCI, saying that the exchange of trade delegations and trade fairs were the most effective marketing tool in this fast changing global scenario.

While, Lahore Chamber’s SVP said that Pakistan was well positioned to take off as economic indicators were portraying an encouraging picture with its growth rate expected to reach 6 to 8 per cent in 2018, therefore businessmen of Norway should avail the opportunities through joint ventures with their Pakistani counterparts.

Almas Hyder said that Pakistan was a huge market and this was high time for foreign investors to tap huge potential and take full advantage of investment-friendly policies of the present regime. He assured that the LCCI was ready to extend maximum cooperation to Norwegian businessmen in this regard.

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He said, Norway and Pakistan were well known to each other and their mutual ties range from good diplomatic, cultural and economic relations but these were not being reflected in bilateral trade.

The volume of total bilateral trade and imports of Pakistan from Norway were dipping since 2012. He said that direct interaction between the business communities of two countries can make it possible to cause quantum jump in trade figures, he added.

Pakistan’s exports to Norway include bed-linens, articles of apparel and clothing, rice, sports goods and hosiery items etc. while, Pakistan’s imports from Norway are limited to polymers of ethylene and vinyl chloride and some natural polymers in primary forms, and other items include electrical equipment and scrap of iron and steel etc.

He said that Pakistan was not only interested in improving trade relations with Norway but also want to welcome Norwegian investors to Pakistan, mentioning that China-Pakistan Economic Corridor (CPEC) has opened up new opportunities of trade and investment in Pakistan.

He urged the Ambassador of Norway to play role in projecting Pakistan as a good market for international buyers and investors.

The Lahore Chamber’s SVP said that LCCI would take a delegation to Norway soon to explore trade and investment opportunities there.

On the occasion, issue of establishment of Pak-Norway Business Council also came under discussion.

Source: APP

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