Size has always been important to competitive strength in the telecommunications and IT industry. In our endeavors to increase our volume and reduce our unit costs and prices, we envision a need for closer cooperation and alliances with other players. This applies to Norway as well as to our international markets.
Telenor started its internationalization program as early as 1995. Based on our competence and solid position in a demanding Norwegian market, Telenor has made considerable investments alone and together with its partners in the mobile and Internet areas, in countries with promising market prospects. A number of countries in Eastern Europe and Southeast Asia have a high growth potential within Telenor's defined core areas.
There are, of course, greater market and political risks associated with some of our investments abroad than in our home market. We therefore require a higher return on capital for these investments. At the same time, our broad project experience and state-of-the-art competence in our core areas will contribute to reducing these risk factors to the greatest possible extent.
In the years to come, our goal abroad will also be to develop profitable and attractive businesses, which can continue to contribute to the creation of greater added value for our owners. The gains we have realized in connection with the sale of our stake in the German company VIAG Interkom and that we assume to realize in connection with the sale of our stake in the Irish company Esat Digifone, illustrate very well Telenor's ability to select good projects and exercise efficient portfolio management at the same time.
