Building up to our event Deal Making in Asia 12 February, we spoke with DNB Markets, a leading actor in developing robust economic relations between Norway and the APAC region.
DNB Markets’ role in enhancing Norway-APAC economic relations gains further significance in light of recent statistics. According to Statistics Norway (SSB), trade between Norway and APAC countries reached a record NOK 125 billion (approximately USD 14.3 billion) in 2022, underscoring the growing economic interconnectivity.
Since establishing its base in Singapore in 1970, DNB Markets has been at the forefront of leveraging Norway’s industrial strengths, particularly in energy, maritime, and seafood sectors, to cultivate strategic investments and transactions across APAC.
Dominant energy sector
Joachim Skorge, Regional Head of Asia-Pacific, Investment reflects on the firm’s strategic positioning, emphasizes the importance of Singapore as a critical link for their target industries. “Our business model is predicated on our profound industry knowledge and our strategic presence in Singapore, enabling us to effectively bridge investment opportunities between the Nordic countries and APAC,” Skorge states, underlining the synergistic approach that has fostered numerous cross-regional collaborations.
The significance of Norway’s economic involvement in APAC is highlighted by data from the OECD, which ranks Norway as the 11th largest investor in the region, with an estimated direct investment stock of NOK 260 billion (approximately USD 29.3 billion) in 2021. This investment is strategically distributed across sectors where Norway holds a competitive edge.
In terms of exports, Norway’s engagement with APAC is predominantly within the energy sector, accounting for 43% of its exports, followed by the maritime sector at 23%, and the seafood sector at 17%, according to SSB. This distribution not only reflects Norway’s industrial competencies but also aligns with APAC’s evolving market demands.
Focus on renewables
The renewable energy sector, in particular, is an growing area of cooperation, with APAC countries increasingly turning to Norwegian expertise in this field. In 2022, Norway’s exports of wind turbines and systems to APAC countries were NOK 4.3 billion, while exports of solar energy equipment were NOK 2.3 billion.
DNB Markets is not only focused on facilitating transactions but is also keen on leveraging advanced technology and AI to enhance its advisory services, ensuring a competitive edge in the complex financial landscape. “Integrating sophisticated technology into our operations goes beyond efficiency; it’s about redefining the scope of financial advisory and deal-making,” Skorge explains, emphasizing the transformative potential of digital tools in investment banking.
Looking ahead, Skorge is optimistic about the continued expansion of Norway-Singapore economic ties, particularly in sustainable investments and the renewable energy sector. “The trajectory is clear; as we move towards a greener future, the interplay between Norwegian innovation and APAC’s market potential is set to deepen,” he states, envisioning a future of shared sustainable progress.
Meet Joachim Skorge and other experts at our event with Oslo Børs:
Deal-making in Asia: Update on the Financial Markets in Singapore and the Asia Pacific Region
Date: Monday, 12th of February
Time: 09:00 – 10:30 AM, with registration and a networking breakfast from 08:15
Venue: Oslo
Contact us at secretariat@sncc.no to request an invitation