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Doing Business with Norway

Doing Business with Norway. Executive Conference – Mostar, 15 October 2010 Ambassador Jan Braathu. Quick facts about Norway • Area: 385 199 km2 • Population: 4.8 million • Languages: Norwegian and Sami • Capital city: Oslo • GDP: € 310,2 Billion • GDP per capita: € 64.632,7

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Doing Business with Norway

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  1. Doing Business with Norway Executive Conference – Mostar, 15 October 2010 Ambassador Jan Braathu

  2. Quick facts about Norway • • Area: 385 199 km2 • • Population: 4.8 million • • Languages: Norwegian and Sami • • Capital city: Oslo • • GDP: € 310,2 Billion • • GDP per capita: € 64.632,7 • • Currency: Norwegian Krone (NOK) • Exchange rate: € 1 = NOK 7,968 (29.06.2010)

  3. Economic overview With a GDP per capita of €64,600 in 2008 (2nd highest in the EEA after Luxembourg) and an estimated national budget surplus, the Norwegian economy is very sound. Norway's real incomes are among the highest in the world; employment is high and unemployment low. Public finances are boosted by significant revenues from the petroleum sector. The oil and gas sector constitutes around 25% of the Norwegian GDP and 52% of Norwegian exports (35 times higher than the export value of fish).

  4. Traditional economic activities are shipping (fourth largest fleetin the world), fisheries and fish farming. Norway is one of the top three seafood-exporting nations worldwide. Around 95% of production is exported. The construction and operation of the largest offshore installations on earth has led to the establishment of a substantial offshore technology industry.

  5. Norway has become after Russia the most important non-OPEC oil exporter. Norway is the third largest exporter of crude oil, after Saudi Arabia and Russia. Norway is Western Europe's most important source of natural gas. Norwegian gas exports account for approximately 15% of EU gas consumption, with nearly 100% of Norwegian exports going to EU. Main importers: Germany (almost 30%), France (almost 20%), UK (18%) and Belgium (8%).

  6. Norway in international trade • 0,1 % of world population • 1,2 % of world export (no. 28 in the world) • 1,1 % of world import (no. 38 in the world) • 75 % of GDP consists of trade (average OECD 45%) • Value of total import: € 60,1 billion (2008) • Less than 25 % of imports are consumption goods

  7. NORWAY & the EU Norway's trade flows have traditionally been dominated by trade with the EU and this trend is being enhanced after the latest EU enlargements. As member state of the European Economic Area (EEA) Norway fully applies the whole acquis communautaire except for agriculture and fisheries.

  8. Norway is the EU's 4th most important import partner for trade in goods with €91.85 billion in 2008, after China, USA, and Russia …. and the 6th export market with €43.58 billion, after the USA, Russia, Switzerland, China andTurkey. Norway's trade with the EU shows a surplus of €48.27 billion. Norway’s imports from the EU are mainly manufactured products with a share of 81.3% in 2008. Norway's exports to the EU are concentrated on primary products (share in 2008 was 71% thereof 61.1% on supply of energy.

  9. Despite intensive technological and industrial developments that have taken place in Norway, natural resources still account for the bulk of Norwegian exports. Norway is the main source for the EU of primary aluminium. 60% of EU total imports of alloys and 15% of unwrought metal originate in Norway. Services account for a growing share of Norway's world trade. During 2008, Norway exported services worth approximately €31.1 billion, imports totalled to 29.6 billion.

  10. OECD Forecasts

  11. Growth rising faster than expected but risks increasing too, says OECD Economic Outlook 26/05/2010 – Economic activity in OECD countries is picking up faster than expected but volatile sovereign debt markets and overheating in emerging-market economies are presenting increasing risks to the recovery, according to the OECD’s latest Economic Outlook.

  12. Economy: Recovery slowing amid increased uncertainty, says Interim Economic Assessment

  13. Possible peak in the OECD area October 2010

  14. NATIONAL INSTITUTE ECONOMIC REVIEW No. 213 JULY 2010 The world economy • The world economy will expand by 5.0 per cent in 2010 and 4.4 per cent in 2011. • World trade will increase by 14.2 per cent this year and 8.8 per cent in 2011. • The Chinese economy will grow by 11.6 per cent in 2010 and 8.3 per cent next year. • The US economy will grow by 3.1 per cent in 2010 and 3.0 per cent next year. • The Euro Area will expand by 1.3 per cent this year and 1.8 per cent in 2011.

  15. World Bank, October 8, 2010

  16. Norway’s Trade with Bosnia & Herzegovina

  17. Norway - Bosnia and Herzegovina Imports & Exports, 2000 - 2009 Norwegian Kroner (NOK) Thousands- 1000 Source: Statistics Norway

  18. Fruit and vegetables • Total value of imports: 1,4 bill. USD (2008) • 92 % of fresh fruits consumed in Norway are imported • 60 % of vegetables consumed in Norway are imported • South Africa is the 6th largest import country - 2,8 % share of imports - 3,9 % share of value of imports Main importers: - Bama - ICA Norgesfrukt - Coop

  19. The GSP-system is an offer of duty relief allowing the poorest countries in the world the opportunity to import their goods duty free into Norway, or with reduced duty rates. The scheme was changed with effect from 1 January 2008. www.Toll.no Generalized System of Preferences - GSP

  20. Nortrade Nortrade is Norway's official trade portal, and it was established in 1996 by the Norwegian Trade Council as one of the first official trade portals in the world. Nortrade contains updated information for over 4000 Norwegian companies that deal in export, import or other forms of international operations. The database's contents consisting of industry codes for products and services are divided into 35 business sectors. You can seek all companies, products and services in 7 languages.

  21. Doffin – Database for public procurement http://www.english.doffin.no/ Welcome to the Norwegian national database for public procurement – Doffin! This website enables Norwegian public authorities to comply with Norwegian public procurement regulations by allowing the creation and publication of tender notices. Since all notices are published on this site, it is also a great resource for suppliers interested in business opportunities in the public sector. This website is managed by The Agency for Public Management and eGovernment (DIFI), and funded by The Ministry of Government Administration and Reform (FAD).

  22. Factors for Competitiveness • • Quality • Price • • Reliability: Adherence to contracts and deadlines • • Traceability • • Health safety • • Ethical Trade / Corporate social responsibility

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