Norway anticipates stronger economic ties with the Philippines, fueled by existing free trade agreements and a burgeoning market attracting Norwegian businesses.
Ambassador Christian Halaas Lyster highlighted the growth potential, citing a 23.4% increase in Philippine exports and a 48.8% rise in imports from Norway in 2022.
The EFTA FTA simplifies trade between the two nations, covering various sectors. Lyster expressed optimism about attracting more Norwegian companies to the Philippines, emphasizing the need for a stable and transparent business environment.
Streamlining permit processes and ensuring tax transparency are crucial for this endeavor.
The embassy aims to facilitate robust investments and expansion beyond maritime and energy sectors, including seafood imports.
The visit of Norway’s State Secretary underscores the commitment to deepen bilateral relations.
Source: PhilNews24 | April 29, 2024
