The potential of economic cooperation between Ukraine and Norway needs to be enhanced, and both the political dialogue between the countries and the expansion of spheres of economic interaction having been observed lately facilitate that. This was stated by Prime Minister of Ukraine Volodymyr Groysman during a meeting with representatives of Norwegian business working in Ukraine. The meeting took place on the eve of the visit of the Head of Government to Oslo. This visit will become Volodymyr Groysman's first international trip this year.

More than 50 Norwegian companies are currently operating in Ukraine. Moreover, the spectrum of investment include apart from trade in traditional goods for both countries, primarily metals and food, also advanced technologies, in particular, in a green energy sector - solar and wind energy. The planned volumes of Norwegian investments in this area will reach hundreds of millions dollars. Relevant energy projects will be implemented in southern Ukraine. Such agreements were reached in the fall of 2018 during a visit of Minister of Foreign Affairs of Norway, Ms Ine Eriksen Søreide to Kyiv and her meeting with the Prime Minister of Ukraine.

Speaking today, January 15, with Norwegian businessmen, the Prime Minister, inter alia, noted that Norway is a reliable and consistent partner of Ukraine, both in the political and economic spheres. Norwegian companies are among the most desirable investors for Ukraine, considering their cutting edge technologies and high standards of doing business.

"This year's visit to Norway will be my first international visit. We will have important talks with the authorities, as well as we will hold a large business forum that will become a landmark event", said Volodymyr Groysman.

The PM accentuated that Ukraine is now among the most beneficial countries for investment, as it demonstrates economic growth and the Government's capacity to implement fundamental reforms in all spheres of life despite all the external challenges.

"It is vital that our Government team is committed to helping the business: you grow and Ukraine is also improving", the Head of Government added.

The participants of the meeting discussed the current state of the Norwegian business in Ukraine, as well as plans for the implementation of important investment projects here. Volodymyr Groysman called on businessmen to invest more actively in the Ukrainian economy and to familiarize with privatization opportunities.

Background 

In 2017 trade turnover between Ukraine and Norway amounted to almost USD 290 million. And over the 10 months of 2018, this figure increased by more than 7%. Among the most promising sectors for bilateral cooperation are renewable energy, software and IT, energy saving and environmental protection, oil and gas extraction in the Black Sea shelf, shipbuilding and education. Ukraine and Norway have a common Chamber of Commerce.