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Trade and Economic Cooperation

Trade and economic relations are the most active direction of bilateral cooperation. Norway is the largest trade partner of Belarus among the Scandinavian countries.

  Bilateral trade between Belarus and Norway in 2016–2020

mln USD

 

2016

2017

2018

2019

2020

Turnover

268,4

294,6

305,3

330,0

311,9

Export

106,6

125,3

147,2

152,0

132,3

Import

161,8

169,3

158,0

178,0

179,6

In 2020 the trade turnover between Belarus and Norway amounted to 311,9 mln US dollars. Belarusian exports amounted to 132,3 mln dollars, imports from Norway – 179,6 mln dollars.

The key export items were potash fertilizers, rapeseed oil, non-alloy steel rods. The nomenclature also includes high-tech products: special-purpose machines and mechanical devices, x-ray equipment, liquid crystal devices, lasers,binoculars.

The main position of import from Norway is fish. Belarus firmly takes one of the leading places of the Norwegian trout import in the world. In 2020 Belarus started importing oil from Norway.

In 2020 the turnover of trade in services between Belarus and Norway was 32,5 mln USD. Export of services from Belarus: 6,0 mln USD, import: 26,5 mln USD. Export of IT services is the main position of the Belarusian export to Norway.

Foreign investments from Norway to Belarus in 2020 amounted to 161,8 ths USD. As of January 2021, the total amount of cumulative foreign investments from Norway in Belarus amounted to 3,5 mln USD. There are 5 companies in Belarus with the participation of Norwegian investors, including 4 joint ventures and 1 with 100% Norwegian capital.

In January 2020 the Belarusian-Norwegian Business Breakfast was organized in Oslo. The Deputy Minister of Foreign Affairs of Belarus, Oleg Kravchenko, delivered an openning speech. The meeting was attended by about 50 representatives of business community of Norway, including the head of the Norwegian Investment Fund for North-West Russia and Eastern Europe.

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