LAHORE, Sept 17: Norwegian Ambassador Jens Bjorn Kanavin has stressed the need for concerted and sector-specific efforts for increasing economic cooperation between the two countries. Talking to the Lahore Chamber of Commerce and Industry President Mian Misbahur Rehman during a visit to the chamber here on Saturday, he said trade between the two countries was almost stagnant for the past five years. His country was ready to take steps for expansion of cooperation with Pakistan and participate in its socio-economic development.

The LCCI president said Pakistani exports to Norway had remained static at $27 million during the past five years, but imports had declined from $10.7 million to $7.8 million. Total trade volume had decreased from $38.1 million to $35.1 million.

He said Norwegian entrepreneurs could benefit from policies by investing in oil and gas, pharmaceutical, food processing, pulp and paper, chemicals, telecommunications, petroleum and information technology sectors. He pointed out that there was no limit on equity held by foreigners or entering into joint ventures with Pakistanis. The Norwegians could also maximize their profits by relocating their industries in Pakistan.