HE Minister of Trade and Industry in the Kingdom of Norway Torbjorn Roe Isaksen, visited Doha on Nov.13, 2019, with accompanying delegates from professional Norwegian energy firms to attend the golden jubilee celebration of Qatar Fertiliser Company (QAFCO) and the 50th anniversary of its cooperation with Norwegian Yara International company. Torbjorn Roe Isaksen said the investments of the Norwegian firms in the State of Qatar reached up to $10 billion, hoping that trade ties between the two sides would significantly evolve to elevate these investments. He noted the cooperation prospects between the two sides in an array of sectors, such as maritime technology and defense industries, specially that the Norwegian firms were as successful as QAFCO and Qatar Aluminum Manufacturing Company, predicting a meteoric rise in the Qatari-Norway partnerships in the future, particularly in maritime industries and energy sectors. The visit featured the celebration of four grand Norwegian companies, alongside QAFCO of t he 50th anniversary of the burgeoning industrial relationship among them and Qatar. Approximately 250 Qatari and international dignitaries attended the event, particularly HRH Crown Prince of the Kingdom of Norway Haakon Magnus, HE Minister of State for Energy Affairs, President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi, HE Minister of Trade and Industry in the Kingdom of Norway, Torbjorn Roe Isaksen and QAFCO Chief Executive Officer Abdulrahman M. Al Suwaidi. QAFCO represents the most important investments between the two countries with 25% from the Norwegian Yara International and 75% from Industries Qatar, with QAFCO running six integrated factories that produce Ammonia and Urea. In addition, it plays a pivotal role in the global fertilizer market and is one of the largest exporters of Urea, with an annual production capacity of 3.8 million metric tons of Ammonia and 5.6 million metric tons of Urea. President and Chief Executive Officer of Yara International company, Svein Tore Holsether, af firmed that half of the world population depends on food production fertilizers, with QAFCO significantly contributes to enhancing global food security and exporting its products to all parts of the world. He underscored the companys commitment to working with QAFCO to ensure a sustainable production of mineral fertilizers, highlighting that his company works to develop digital agriculture tools for precision agriculture, thus lending impetus to food production by Qatar. For her part, CEO of Hydro, Hilde Merete Aasheim, said in the past 50 years Hydro had succeeded in engaging in the activities of numerous world-class industrial projects in Qatar and is the first industrial partner for the State of Qatar. She added that Hydro primarily focuses on making aluminum as part of the solution for the most overwhelming challenge in this age, chiefly reducing energy consumption and greenhouse gas emission when used in vehicle, transport, construction, packaging and other applications, since Aluminum can be repurpos ed without being recycled. Within the framework of the same visit, HE Minister of Commerce and Industry (MOCI), Ali bin Ahmed Al Kuwari, held separate meetings in Doha, with HRH Crown Prince of the Kingdom of Norway Haakon Magnus, and Norways Minister of Trade and Industry, HE Torbjorn Roe Isaksen. On the sidelines of the visit, MOCI pointed out that the size of trade exchange between the State of Qatar and the Kingdom of Norway reached roughly QR160.1 million during 2018, equivalent to $43.86 million. The two countries so far signed an agreement on avoiding double taxation and preventing fiscal evasion with respect to income taxes. And the State of Qatar ratified this agreement with the government of the Kingdom of Norway in Oslo on January 10, 2010. The Kingdom of Norway is located in the northern part of Europe and occupies the western part of the Scandinavian Peninsula. Its total area is 385,252 sq km, and its population is approximately 5 million people. The country is one of the least densely popula ted territories in Europe and shares borders with Sweden, Finland, Denmark, and Russia with extensive coastlines facing the Atlantic Ocean and the Barents Sea. These coastlines are home to the famous fjords. Oslo positions itself as the major cultural, industrial, and economic hub for Norway. And it is one of the most consequential seaports in country. Norway remains one of the largest financial contributors to the United Nations and contributes to the international UN peacekeeping missions in many countries. Norway is a founding member of the United Nations, NATO, the Council of Europe, and the Nordic Council, and a member of the European Economic Area, the World Trade Organization, and the Organisation for Economic Co-operation and Development. In the 1990s, the Norwegian Parliament enacted a law to establish GPFG. The plan aimed to regularly transfer capital from government oil revenues into GPFG and is the largest fund in the world. Additionally, Norway is one of the wealthiest countries globally and a bounds with one of the most extensive social welfare systems. GPFG is the largest individual investor in stocks globally, with the top five holdings in its portfolio focused on the technology sector, with Apple being the leading investment. The fund invests in over 8,800 companies across 72 countries worldwide. In 2023, GPFG achieved record profits of NOK 2.22 trillion ($213 billion), supported by strong results from technology investments. This followed a loss of NOK 1.64 trillion in 2022, attributed to extraordinary market conditions at that time, according to the professional Global SWF data platform. Source: Qatar News Agency
Friday, September 20, 2024