Another country is making a major investment in American businesses under President Donald Trump.
Continue Reading Below
Norwegian Prime Minister Erna Solberg announced on Wednesday the country would purchase 52 F-35 fighter jets from Lockheed Martin (LMT), calling it the country’s “largest, single public investment ever,” as well as P-8 maritime aircraft from Boeing (BA).
“The American economy is doing well and our economic relations are flourishing, and that’s to the benefit of both countries,” Solberg said during a joint press conference with Trump. “Norway remains and ally and a friend that you can count on in the future.”
A spokesperson for Boeing told FOX Business the company is "looking forward to working with Norway to help meet their maritime patrol needs with the P-8."
A Lockheed Martin spokesperson told FOX Business: "Norway has been a valued partner on the F-35 program since the System Development and Demonstration phase and officially selected the 5th generation F-35 to replace its F-16 fleet in 2008. The Norwegian program of record is for 52 F-35A aircraft and the first three aircraft arrived in Norway in November 2017."
Solberg also announced Norway would purchase new submarines and investments in intelligence capability and army assets.
Continue Reading Below
Norway, along with most other members of the North Atlantic Treaty Organization (NATO), has failed to spend at least 2% of its GDP on defense, as outlined by the alliance. Trump has called on the fellow countries to increase defense spending, going so far as to say it’s “not fair” to the U.S., during a NATO summit in Brussels in May.
“I encourage Norway to follow through on its commitment to meet the 2% of GDP defense spending obligation so that together we can confront the full range of threats facing our nations,” Trump said on Wednesday, adding that he believes the country will reach the goal “quite soon.”
The deal with Norway isn’t the first time a foreign country has entered an agreement with the U.S., or has expressed interest in American companies, under the Trump administration. Singapore’s flag carrier, Singapore Airlines, announced in late October it would buy $13.8 billion worth of Boeing 777-9 and 787-10 aircraft.
During a meeting at the White House with Greek Prime Minister Alexis Tsipras earlier that month, Trump said the European country was interested in buying Boeing jets, as well as potentially upgrading its fleet of Lockheed Martin F-16 fighter aircraft.
Malaysia’s Prime Minister Najib Abdul Razak, while speaking with the president at the White House in September, said the country intended to have its flag-carrying airline purchase more Boeing aircraft, as part of its effort to help strengthen the U.S. economy.