Nor­we­gian busi­ness­men in­vited to tap huge po­ten­tial of Pak­istan

The Pak Banker - - NATIONAL -

Pak­istan is well po­si­tioned to take off as eco­nomic in­di­ca­tors are por­tray­ing an en­cour­ag­ing pic­ture. Growth rate is ex­pected to reach 6 to 8 per cent in 2018 there­fore busi­ness­men of Nor­way should come for­ward and avail the op­por­tu­ni­ties through joint ven­tures with their Pak­istani coun­ter­parts.

Th­ese views were ex­pressed by the LCCI Se­nior Vice Pres­i­dent Al­mas Hy­der while talk­ing to the Am­bas­sador of Nor­way Tore Ne­drebo here at the La­hore Cham­ber of Com­merce & In­dus­try on Mon­day. Ex­ec­u­tive Com­mit­tee Mem­bers Mian Zahid Javed and Shahzad Ahmed were also present on the oc­ca­sion.

The LCCI Se­nior Vice Pres­i­dent said that Pak­istan is a huge mar­ket and this is high time for the for­eign in­vestors to tape huge po­ten­tial and take full ad­van­tage of the in­vest­ment­friendly poli­cies of the present regime. He said that the La­hore Cham­ber of Com­merce & In­dus­try is ready to ex­tend max­i­mum co­op­er­a­tion to the busi­ness­men of Nor­way in this re­gard.

Al­mas Hy­der said that Nor­way and Pak­istan are well known to each other and their mu­tual ties range from good diplo­matic, cul­tural and eco­nomic re­la­tions but th­ese are not be­ing re­flected in bi­lat­eral trade. The vol­ume of to­tal bi­lat­eral trade and im­ports of Pak­istan from Nor­way are con­stantly dip­ping since 2012. He said that to­tal mu­tual trade vol­ume has come down to $ 69 mil­lion in 2014 from $ 78 mil­lion in 2012. He said that trade fig­ures of last three years sug­gest that both coun­tries must jointly make ef­forts to re­verse the de­clin­ing trend.

The LCCI Se­nior Vice Pres­i­dent said that di­rect in­ter­ac­tion be­tween the busi­ness com­mu­ni­ties of two coun­tries can make it pos­si­ble to cause quan­tum jump in trade fig­ures.

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

He said that Pak­istan is not only in­ter­ested to im­prove trade re­la­tions with Nor­way but also want to wel­come Nor­we­gian in­vestors to Pak­istan. He said that Chi­naPak­istan 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.

Al­mas Hy­der said that LCCI will take a del­e­ga­tion to Nor­way soon to ex­plore trade and in­vest­ment op­por­tu­ni­ties. On the oc­ca­sion, is­sue of es­tab­lish­ment of Pak-Nor­way Busi­ness Coun­cil also came un­der dis­cus­sion. The Am­bas­sador of Nor­way Tore Ne­drebo said that a num­ber of Nor­we­gian com­pa­nies are plan­ning to in­vest here es­pe­cially in power sec­tor of Pak­istan. He asked the LCCI to help iden­tify ar­eas of com­mon in­ter­est. He in­formed the LCCI Se­nior Vice Pres­i­dent that Nor­way-based com­pany Te­lenor is pro­vid­ing em­ploy­ment to 4000/5000 peo­ple in Pak­istan.

He said that there is a need to make more con­certed and sec­tor-spe­cific ef­forts to en­hance eco­nomic co­op­er­a­tion be­tween the two coun­tries and Nor­way is 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 the two Nor­way and Pak­istan. He also eu­lo­gized the LCCI say­ing that the ex­change of trade del­e­ga­tions and trade fairs are the most ef­fec­tive mar­ket­ing tool in this fast chang­ing global sce­nario.

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