Norway

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City Hall, at the heart of Oslo

There is a strong trade relationship between Norway and the United States. In 2006, Norway imported about $2.4 billion in American products. These products included consumer goods, data processing, aircraft, and machinery and equipment including defense-related products. The US purchased nearly $7.1 billion from Norway (this trade surplus was due largely to Norwegian Petroleum exports to the United States valued at over $4 billion) – making it second only to Sweden in exported goods in Northern Europe. Among these products were crude oil and refined products, chemicals, metals and fish.

Strong Economy

There are excellent opportunities to sell products in Norway. Norwegians are among the world’s wealthiest consumers, with a per capita GDP estimate of $47,000. This GDP, based on purchasing power parities in 2006, exceeds that of the United States and is the highest in Northern Europe. Incomes are evenly distributed among the population making all Norwegians potential customers. Furthermore, Norway’s GDP growth rate at an estimated 3% in 2006, coupled with a historically low unemployment rate of about 3.5% and inflation rate at an estimated 2.3% in 2006, confirms that the economy is strong and thriving. In addition, interest rates rose in 2006 from 2% to just over 3% further strengthening the Norwegian currency, the kroner (NOK).

The Petroleum Sector

The petroleum sector is Norway’s largest single industry and is perhaps the most attractive US investment target. In 2005, a year with relatively high oil prices and activity, the petroleum sector accounted for about 25% of GDP; nearly three times the value generation of other Norwegian industries. About 33% of the revenue of the Norwegian state came from the petroleum sector. About 75,000 people are directly employed in the sector, representing 3% of the Norwegian workforce. Indirectly, it is estimated that the petroleum sector contributes about 220,000 jobs throughout the country. Norway is the world’s thirdlargest exporter of crude oil and the seventh-largest oil producer, exporting 90% of this production. Including energy, Norway’s industrial sectors are a great deal larger than comparably sized countries.

Industries such as oil and gas equipment and service, information technology, telecommunications equipment and services, medical equipment and services, and travel and tourism present great market opportunies for US companies. A continued potential sub-sector for US suppliers is drilling and well completion technology. Proven technology is continuously being sought after to overcome the deeper, more extreme northern waters that prove to be a challenge for Norwegian drilling in these areas. New and advanced environmental technologies are also an increasing area of interest in Norway.

Business Culture

Norway has an excellent internal and international infrastructure

The high quality of life in Norway should also be an investment consideration. In addition to the high amounts of disposable income, the population consists largely of educated people with excellent foreign language skills. English is the most utilized second language in Norway. English can be found in many companies as the primary language and the corporate culture is often open and informal. Business ethics are an emphasis in society, leading it to be safe and well-functioning with little corruption and a high level of public services.

AMCHAM Norway

The American Chamber of Commerce in Norway is a business networking, information and assistance organization promoting the interests of its members. AmCham Norway is comprised of over 130 corporate leadership teams and has become increasingly influential within American–Norwegian business relations since its inception. The Chamber aims to develop Norwegian–American business relations and support trans-Atlantic business interests within Norway.

In addition to assisting members with questions and issues related to US–Norway trade and commerce, Amcham Norway runs a series of monthly events. In addition to the superior business information conveyed, these activities provide exceptional networking opportunities for members.

Contact Information

American Chamber of Commerce in Norway
Henrik Ibsens gate 100, 15th floor
PO Box 2604 Solli
Drammensveien 20C
0203 Oslo
Norway
Tel: +47 2254 6040
E-mail: amcham@amcham.no
Website: www.amcham.no

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