Nor­way to in­vest $250 mil­lion to set up so­lar power plants in Sindh

The Pak Banker - - FRONT PAGE -

Nor­we­gian com­pa­nies plans to es­tab­lish so­lar power plant in Sindh whose ground work will be­gin this year with an ini­tial in­vest­ment of US$250 mil­lion which may be raised fur­ther keep­ing in view Pak­istan's need for en­ergy while a hy­dropower pro­ject will also by es­tab­lished in north­ern ar­eas of Pak­istan. Am­bas­sador of Nor­way, Tore Ne­drebo said while talk­ing to busi­ness com­mu­nity at Karachi Cham­ber of Com­merce and In­dus­try (KCCI).

He said that there was a great po­ten­tial for Pak­istan and Nor­way to have in­creased trade and many Nor­we­gian com­pa­nies were in­ter­ested in mak­ing in­vest­ments in Pak­istan. "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", he added while ex­chang­ing views dur­ing his visit to the Karachi Cham­ber of Com­merce and In­dus­try (KCCI).

Nor­we­gian Am­bas­sador said, "The ex­ist­ing trade vol­ume of $70 to $80 mil­lion, which for­tu­nately is in fa­vor of Pak­istan, is not a lot and we need to do lot more for im­prov­ing it fur­ther." Ear­lier, while wel­com­ing the Nor­we­gian Am­bas­sador, Pres­i­dent KCCI Younus Muham­mad Bashir said that Karachi of­fers prof­itable in­vest­ment op­por­tu­ni­ties and added fa­cil­i­ties for in­vest­ment and joint ven­tures to Nor­we­gian In­vestors. He was of the view that with im­proved law and or­der sit­u­a­tion, Karachi has be­come an at­trac­tive place for for­eign in­vestors, who can surely 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 surely help in deal­ing with the eco­nomic cri­sis and en­sure pros­per­ity for our coun­try.

Com­ment­ing on trade ties be­tween Pak­istan and Nor­way, Younus 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. On a smaller scale, 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 $54 mil­lion to Nor­way while the im­ports from Nor­way stood at $9.20 mil­lion.

Younus Bashir was of the opin­ion that there was much po­ten­tial for en­hanc­ing bi­lat­eral trade re­la­tions be­tween Nor­way and Pak­istan as Nor­way im­ports $3 to $4 bil­lion of tex­tiles re­lated items from around the globe. Pak­istan has a good chance to en­hance its ex­ports share of tex­tiles in Nor­we­gian mar­ket, he added.

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