The Minister of Trade, Trond Giske, believes there is an enormous export potential for the Norwegian oil industry, but is still concerned bout the nation's dependency on oil.
Although the Norwegian oil industry is entering a new record-year, both the Norwegian export and domestic markets show signs of falling growth rates.
The division of the Norwegian economy has become more prevalent the past years, and was one of the main topics at the Confederation of Norwegian Enterprise's annual conference Wednesday.
Norway's dependency on oil can first and foremost create big opportunities for Norwegian companies, says Minister of Trade Trond Giske.
"We have an enormous potential for exports. So even if the Norwegian oil resources decrease, you win market shares in Brasil, Africa, Southeast Asia and the rest of the world. Giske tells Dagens Næringsliv.
Still, the dependency on oil can also be a cause of worry, the minister adds. "If other businesses depend on the oil and gas sector to lead the cost level, then there's a problem."
As a long-term plan, the minister says it is crucial to educate enough people with the correct skills and competency. We have to develop technology, new solutions and make sure that innovation also takes place in other industries, not just the oil and gas sector, Giske says.