Norway-Sri Lanka trade:

Vast opportunities for local companies - Ambassador

Sri Lanka should explore Norway’s vastly rich marine and aquatic resources to boost trade and investment which is awfully inadequate, Norwegian Ambassador to Sri Lanka Thorbjourn Gaustadsaether told a seminar on promoting bilateral trade between Sri Lanka and Norway last week. It was organised by the National Chamber of Commerce of Sri Lanka.

Trade between Sri Lanka and Norway currently stands at around US $ 32 million, a 26 percent growth since 2008. Sri Lanka exports garments, tea, rubber based products and spices to Norway while it imports cut granite, electrical and electronic products, fertilizer, inorganic chemicals, and audio and video equipment.

With a population of around 5.1 million and a US$ 67,000 per capita GDP, Norway is the 27th richest country in the world and is ranked as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.

The standard of living in Norway is among the highest in the world. It has an extensive coastline, facing the North Atlantic Ocean and the Barents Sea.

“Norway is open for trade and prepared to share its expertise in the fisheries, energy and Information Communication Technology sectors with Sri Lanka which has immense potential for economic growth,” the Ambassador said.

Norway has achieved many milestones in economic development due to its strategic planning and commitment to develop its natural resources such as oil and natural gas. Norway is rich in energy and an exporter of oil and natural gas. It maintains a US$ 1 trillion reserve fund through oil exports.“We faced the downturn in global oil prices to a great extent due to the strong reserve fund which has helped us to off-set losses. Sri Lankan companies are welcome to visit Norway and explore trade and investment opportunities in the fisheries, energy and ICT sectors,” Gaustadsaether said.

Norway has invested in the voting and non-voting shares of Sri Lanka’s Tokyo Cement and Textured Jersey through its Petroleum Fund.

The Ambassador said the sharp drop in the Norwegian currency could be a reason for Sri Lanka’s tea exports to Norway being stagnant for a long period. “There is great potential for tourism development in both countries. There will be more travellers to Sri Lanka which is now a safe place due to the security concerns in many countries across the globe” Gaustadsaether said.Norway believes the time is opportune for Sri Lanka with the changes in the administration and enthusiasm among policy makers to expedite economic growth.

Sri Lankan entrepreneurs should grab this opportunity to expand trade with Norway, Counsellor to the Norwegian Embassy, Hans Jensrud said.“There is no time for complacency. The world is rapidly shifting towards an innovation based economy and, therefore, the challenges are immense,” Jensrud said.

Norway will hold a conference on the fisheries industry in August this year and send a business delegation to Sri Lanka. National Chamber officials and corporate sector representatives underscored the importance of reviving the business match-making program with Norway and building links with Norwegian corporates to explore trade and investment opportunities.