Norway is widely accepted as a global leader in peacemaking, due to its lengthy track record of involvement in complex peace processes. Its predilection for peacemaking is usually interpreted as a form of 'status-seeking' by a smaller state, aimed at enhancing Norway's influence and reputation in the international system. However, this perception offers a limited view and obscures other motivations that drive Norway to peacemaking. Aimed at addressing this gap, this paper dissects Norwegian peacemaking efforts in Myanmar between 2011 and 2019. The paper utilises a critical political economy lens to uncover the deeper motivations underpinning Norwegian peacemaking, drawing on new interview fieldwork with diverse stakeholders in Myanmar's peace process. The paper finds that material interests, including the desire to access new markets in the Global South, have played a significant role in influencing Norwegian peacemaking, highlighting the instrumental potential of 'status-seeking' in foreign policy. Concerningly, this strategy has served the interests of dominant power groups in Myanmar, contributing to the subordination of minority actors, thus compromising their engagement and revealing an image of Norway that belies constructivist perceptions of its status as a moral or humanitarian 'great power' .