Abu Dhabi: Trade between the UAE and Norway reached $339 million (Dh1.2 billion) in 2009, up from a mere $87 million in 2005, according to a recent study by the UAE Ministry of Foreign Trade, or MoFT.

The 334 per cent growth of trade between the two countries is consistent with the missions and visions of MoFT which are based on the government's strategy.

This is in terms of openness to the world through economic and trade agreements, searching for new export markets, increasing the competitiveness of UAE's exports and providing the adequate environment to encourage the private sector to export, said the study.

According to the study, Norway ranks 54th among the UAE's trade partners, with a total value of $338 million in 2009 forming 0.19 per cent of the UAE's world trade, a a decrease of 5.6 per cent from 2008.

It ranked 114th in terms of the UAE's worldwide non-oil exports with a value of approximately $2 million, a decrease of 37.6 per cent from the previous year.

Exports

Norway also ranked 47th among the countries exporting to the UAE, dropping 5 ranks from the previous year with nearly $328 million, a 5.3 per cent decrease from the previous year.

It ranked 107th, up four ranks from 2008 in the UAE's re-exports to the country, worth $8.5 million.

On the other hand, the UAE is considered the 28th partner in terms of Norwegian non-oil exports to the world, and ranked 74th in terms of Norwegian imports from the world.

The economic relations between the United Arab Emirates and Norway witnessed steady development over the last past five years as reflected in the volume of trade and investment between the two countries.

The UAE government's adoption of clear plans and visions to promote economic and investment sectors at the regional and global levels contributed to attracting many companies from various countries, especially Norway to invest in the UAE.

Norwegian companies operate in sectors such as oil, gas and marine services, Information and Communication Technology, food and fish products, along with a number of small companies operating in the fields of furniture and interior design.