03/11/2007 ::
2006 saw a sharp increase in the trade between Norway and Saudi Arabia. The Norwegian Embassy in co-operation with Saudi authorities aims to build on this to further increase trade and investments between the two Kingdoms. Norway and Saudi Arabia have also increased its political dialogue on regional issues together with the on-going dialogue on oil and energy issues.
Norwegian exports to Saudi Arabia more than doubled in 2006 compared to the previous year, increasing from USD 52 million in 2005 to USD 113 million in 2006. A slight increase also occurred in the same interval regarding Saudi exports, from USD 48 million to USD 54 million.
Approximately 1/3 of 2005 Norwegian export figures consisted of telecommunication instruments and electrical appliances, whereas more than 80 per cent of total Saudi export was composed by organic chemical products. A petrochemical plant worth USD 400 million is being completed near Yanbu as a joint venture project between Norway’s Aker Kvaerner and Chinese SINOPEC.
Regarding political contacts the Saudi Minister of Oil and Mineral Resources, H.E. Mr. Ali al-Naimi, visited Norway in June 2003 and June 2005. The former Norwegian Minister of Oil and Energy, H.E. Ms. Thorhild Widvey visited Saudi Arabia in February 2005. The present Minister of Oil and Energy, H.E. Mr. Odd Roger Enoksen, attended the inauguration of IEF’s secretariat November the same year. By invitation from the Majlis al-Shura, the Standing committee for Foreign Affairs of the Norwegian Parliament, the Storting, visited Saudi Arabia in January 2007.
The European Free Trade Association EFTA, of which Norway is member together with Iceland, Liechtenstein and Switzerland, and the Gulf Co-operation Council have initiated free trade negotiations.