Prime Minister Nastase,

Ladies and gentlemen,

Good morning / Bună dimineaţă

It is a great honour and honour for me to open this Romanian-Norwegian business forum together with my good friend and colleague, Adrian Nastase, Prime Minister of Romania. I am very pleased to see such a diverse group of Norwegian and Romanian business representatives gathered here today. You are here to explore business and investment opportunities between Norwegian and Romanian companies. Hopefully, this will lead to increased trade and closer economic contacts between our two countries. This is a main priority for both our governments.

Norway and Romania are at opposite ends of Europe, and each country has its own distinct history and culture. Our two peoples are, however, part of the common European heritage and values. We have developed and deepened the political and economic links between our countries during recent years. Since Prime Minister Nastase visited Norway in 2002, our bilateral dialogue has intensified considerably.

Trade between our two countries has been increasing steadily for several years and reached USD 190 million in 2003. The trade balance is in favour of Romania, partly due to the large export of ship hulls to Norway from Norwegian-owned shipyards in Romania. Norwegian exports to Romania mainly consist of machinery, fish and IT equipment. Norwegian investments in Romania have also shown a gradual increase and now amount to approximately USD 100 million.

A good foundation for increased economic co-operation was put in place when we signed the EFTA free trade agreement with Romania in 1992. The agreement from 1980 to avoid double taxation between our two countries has also played an important part.

Our relations will become even closer the day Romania joins the European Union, which I trust will happen according to the timetable. As a member of the European Economic Area and the EU internal market, Norway supports Romania’s efforts to join the EU, because it is in our own and in Europe’s interest. Enlargement of the EU also entails enlargement of the European Economic Area.

Norway and Romania are now partners in NATO. This partnership offers new opportunities for economic co-operation and trade. It should give a boost to our cooperation in the area of defence procurement. You know already our strong presence here in the shipping field. I will visit one of the investors later today. The maritime field, IT and communications, environment, agriculture and several other fields offer interesting opportunities for Norwegian traders and investors.

Norway and Romania are both members of the WTO. I know that both our governments are united in the belief that increased trade and the elimination of trade barriers are necessary conditions for economic growth and prosperity. Hopefully, the current negotiations will lead to a new agreement, which could form the basis for an even further increase in international trade and competition on more equal terms worldwide.

Like other countries in Central Europe that are emerging from decades of one-party rule and state-planned economies, Romania has implemented deep and widespread reforms in its economy. I know that the financial adjustments have been painful for many Romanians. Today, however, Romania can pride itself on a very respectable rate of economic growth, which should allow for improvements in the daily lives of citizens.

As governments we must make sure that the proper conditions exist for our traders and investors. Both our governments are actively pursuing policies to this effect. We encourage Romania to continue to give full attention to market economic reform and institutional reform, including the fight against corruption and red tape. I am convinced that Romania will qualify for functional market economy status this fall.

I believe it is important to both our countries to build further on national reforms, more open international trade and a knowledge-based economy. Innovation is perhaps the most important element in this context. It is definitely the key to developing a competitive economy. I am therefore glad to see that many of you here today represent companies that have been successful in the field of innovation. I am also confident that this business forum will facilitate new and broader contacts between Norwegian and Romanian companies.

Today the Norwegian economy is dominated by extractive industries, such as the oil and gas industry. Shipbuilding, and the maritime sector in general, are also very important to our economy. I am however pleased to see that Norwegian trade and industry is becoming increasingly diversified, and that Norwegian companies are among the world leaders in advanced technology in certain sectors. My Government is also making every effort to promote the further development of our technology-intensive industries.

Export of new technology is important both to the country of origin and to the recipient country. I believe the field of energy offers many opportunities for Norwegian and Romanian companies. Like Romania, Norway is a mountainous country with numerous rivers and waterfalls, some of which have been developed to provide hydroelectric power. Norway therefore has vast expertise and experience in the field of hydroelectric power production. In exploiting these resources, we have made environmental concerns a top priority.

I am pleased to hear that Norwegian companies are now participating in projects aimed at upgrading Romania’s electricity network and in creating the basis for a power exchange system in Romania and the region. I look forward to hearing more about these and other projects.

I believe our co-operation in this area will be further enhanced by the agreement on co-operation in the field of energy which will be signed by the two competent ministries later this morning.

Ladies and gentlemen,

Today you will explore concrete opportunities for trade and investment. You, the business leaders of Norway and Romania, know better than anyone where the opportunities lie. And you have the skill and the vision to turn them into tangible results. I wish you all the best in your efforts.

Thank you for your attention.