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Business Profile
Economy: The Norwegian economy is dominated by its oil and gas industry, which accounts for nearly 20 per cent of GDP and 45 per cent of export earnings. There is little cultivable land in Norway, however, many farmers breed livestock, combining this with tree felling to supply Norway’s numerous sawmills. Consequently, wood products and paper are both thriving industries. Offshore fishing has been in decline for some time, although a large number of fish farms have been established, making Norway by far the world’s largest supplier of salmon. Heavy engineering industries, principally shipbuilding and machinery, have also declined (although Norway retains a large merchant fleet). However, the country has sustained its economic prosperity through development of an exceptionally strong energy sector. Norway has abundant resources for hydroelectric power, the development of which has allowed greatly reduced overheads for heavy industries, such as aluminium production. In addition, from the mid-1970s, Norway has been a major oil exporter, having discovered large deposits of both oil and natural gas in the North Sea. Much of the income is invested in a fund, now worth over US$40 billion, for such time (probably in about 20 years) as the oil and gas run out. The country also has deposits of various iron ores plus copper, lead and zinc, which feed the country’s metallurgical and chemical industries. Recent years have seen the emergence of advanced technological industries.
The UK, Germany and Sweden are Norway’s principal trading partners. Norway is a member of the European Free Trade Association (EFTA) and hence the so-called ‘European Economic Area’, which is an amalgam of EU and EFTA members united in a free-trade zone and created in 1991. Concern about the possible effects on the fishing and farming industries lay behind the Norwegians’ decision – registered in two referendums, in 1973 and 1994 – to refuse membership of the EU. Nonetheless, with the exception of these two industries, Norway enjoys a wholly liberalised trade regime with EU members. Recent economic performance has broadly matched that of the EU, with GDP growth of just 1.4 per cent in 2001 rising to 2.5 per cent in 2002.
Business: Businesspeople are expected to dress smartly. Prior appointments are necessary. Norwegian businesspeople tend to be reserved and formal. English is widely spoken. Punctuality is essential. Calling cards are common. The best months for business visits are February to May and October to December. Office hours: Mon-Fri 0800-1600.
Commercial Information: The following organisation can offer advice: Norwegian Trade Council, Drammensveien 40, 0243 Oslo (tel: (22) 926 300; fax: (22) 926 400; e-mail: oslo@ntc.no; website: www.exportnet.ntc.no); or Norwegian Trade Council, Fifth Floor, Charles House, 5 Lower Regent Street, London SW1Y 4LR, UK (tel: (020) 7389 8800; fax: (020) 7973 0189; e-mail: london@ntc.no; website: www.norway.org.uk).
Conferences/Conventions: Information is available from the Norwegian Tourist Board (see Contact Addresses section).
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