Norway Business
• Main exports: Crude oil, natural gas, refined petroleum products, machinery and forestry products.
• Main imports: Machinery and transport equipment, manufactured goods and chemical or related products.
• Main trade partners: UK, Germany, The Netherlands, France and Sweden.
Economy
Offshore fishing has been in decline for some time, although a large number of fish farms have been established, making Norway the world's largest supplier of salmon. Heavy engineering industries, principally shipbuilding and machinery, have also declined (although Norway retains a large merchant fleet).
Although growth has been sluggish in recent years, Norway maintains a very high standard of living.
Norway has been a major oil and gas exporter since the mid 1970s, after discovering large deposits of both in the North Sea. Proven oil reserves are around 11 billion barrels (one-tenth of Saudi reserves and 1% of the world total). Much of the income is invested in a fund, now worth over US$40 billion, for such time as the oil and gas run out (perhaps in 15-20 years).
Norway is a member of the European Free Trade Association (EFTA) and as such trades freely with the EU.
Business Etiquette
Office hours: Mon-Fri 0800-1600.
Conferences & Conventions
Business Contacts
PO Box 448 Sentrum, 0104 Oslo, Norway
Tel: 2200 2500.
Website: www.innovasjonnorge.no
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