Pakistan can greatly profit from Norwegian expertise in automobile & other sectors: Envoy

Per Albert Ilsaas, the Norwegian Ambassador to Pakistan said Norway possesses outstanding knowledge in automobiles, information technology, and renewable energy. The private sector of Pakistan has the opportunity to enter into joint ventures with their Norwegian counterparts in the mentioned industries.

In his speech to the Lahore Chamber of Commerce and Industry, he stated that Pakistan and Norway had great connections with one another on a bilateral level and that both nations had a great deal of potential to grow their economic and commercial relationships with one another.

“Norway is one of the leading producers of electric automobiles in the whole world. The country’s car and renewable energy industries are seemingly advanced.” He said that Pakistan will greatly benefit from Norway’s competence in the fields.

In addition, he emphasized the necessity of extending cooperation in the domains of information technology and communications and told the president of the LCCI that he would provide full cooperation to promote commerce between the two nations.

The President of the Lahore Chamber of Commerce and Industry (LCCI), Mian Nauman Kabir, stated that Norway is home to many Pakistanis and that both nations have good diplomatic, cultural, and economic links. He wished to discuss ways in which the economic and commercial ties with Norway might be strengthened even further.

It is encouraging to see that the volume of trade that takes place between the two nations is on the rise. The State Bank of Pakistan estimates that Pakistan’s exports to Norway amount to around 58.6 million dollars, while the country’s imports amount to approximately 41.5 million dollars.

According to Kabir, even if Pakistan had a favourable trade balance with Norway, the country would want to increase bilateral commerce. In this context, the help and advice of Norway are extremely important since it carries a great deal of value.

He stated that the country has a unique position in the global economy because of Norway’s energy industry. “The potential is abundant for Norwegian businesses to form joint ventures with Pakistani businesses, notably in oil and gas, renewable energy, maritime transportation, and other related industries.”

While the government of Pakistan is seeking to modernize the agriculture industry along contemporary lines via the use of technology, there is also a great possibility for Norwegian investors to participate in the agriculture sector of Pakistan.

According to Mian Rehman Aziz Chan, Senior Vice-President of the LCCI, other potential areas where Pakistan and Norway can enhance their trade and economic cooperation include the manufacturing of mobile phones, electric vehicles, automotive parts, pharmaceuticals, processed foods, surgical instruments, etc.

Vice President Haris Ateeq stated that under the China-Pakistan Economic Corridor (CPEC), Special Economic Zones (SEZs) were being constructed all around the nation with all of the needed infrastructure amenities. Additionally, the government provides locally based investors in these SEZs and international investors with substantial tax benefits.