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Sweden

AmCham Sweden is the voice of American business in Sweden. We are champions of US - Swedish trade and investment and US commercial interests in Sweden and give members a networking platform, critical business information, and an amplified voice.

News

What Really Happened Last Weekend in Sweden

Caroline Probst

U.S.-Swedish Relations in the Aftermath of the Swedish Elections

On Tuesday, September 11, AmCham hosted a fast-paced, post-election seminar featuring election experts and former politicians who provided the latest insight in English on what really happened over the election weekend in Sweden.  

The outcome of the Swedish elections and the subsequent coalition negotiations could potentially impact the issues that matter to the American business community in Sweden - from taxation and trade to immigration and international talent. How the Swedish "brand" will be seen from abroad could also be affected.  


If you missed our event, click here or on the video below to watch the program.

Expat Insider 2018: Continuity Versus Change

Randy Gosda

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In 2018, Expat Insider, one of the world’s largest and most comprehensive surveys on life abroad, achieved a major milestone for its fifth anniversary: the number of respondents reached a new record high. In total, 18,135 expats from across the globe took part in the survey. They represent 178 nationalities and are living in 187 countries or territories, from over 1,600 participants in Germany to one each in Greenland and Equatorial Guinea, providing a unique insight into life abroad in 2018. Read the full report here.

SEB Predicts GDP Growth in Sweden

Caroline Probst

SEB's Nordic Outlook Report has predicted that global GDP will increase by 4% per year in 2018 and 2019. This is also the case in 2020, although with a slightly slower acceleration.

 SEB wrapped Q2 with strong growth trends and is now revising their GDP growth forecast for the next couple of years. This increase in growth will be provided by exports and industrial investments as households wait to spend and the construction of new homes decreases.

Due to low underlying inflation, SEB believes that the Riksbank will hold off on increasing rates until April 2019. Although financial markets are keeping an eye on the upcoming election, SEB does anticipate that a Swedish political risk premium is a likelihood. However, these low interest rates impacts the krona, making it remain weak. 

More Than Four Trillion Dollars: FDI in the USA

Randy Gosda

Following the flurry of activity from the SelectUSA Investment Summit, it is always a welcome change of pace to take some time in the heat of Summer to reflect on the state of foreign direct investment (FDI) in the United States. As SelectUSA’s resident economist, taking stock of how things have changed isn’t just figurative; it is quite literal.

So, it was exciting to see that the United States had reached a record total of $4 trillion in FDI stock, according to 2017 FDI Inward Stock data released by the Bureau of Economic Analysis (BEA).

Foreign direct investment, as defined by BEA, generally captures a long-term relationship with the management of a foreign enterprise which is usually linked with the real output of the country in which it operates.

This updated data, measured by ultimate beneficial owner (meaning that there is a majority foreign-owned entity atop its U.S. affiliate’s ownership chain), provides a picture of which economies are the largest and fastest growing investors in the United States. The $4 trillion mark is an exciting and new record. But in 2017 alone, the flow of FDI into the United States was $277.3 billion.

It is important to note that these annual flows can be volatile, rising one year and falling the next depending on a wide array of global factors. Indeed, in 2017, the annual FDI flow dropped 41 percent from 2016. According to the United Nations Conference on Trade and Development, 2017 was a year of decreased FDI flows around the world, so a decrease in the United States fits the global business pattern. Despite the decrease, the United States still maintains the title of the world’s top FDI destination.

The latest available data also shows continued, strong investment relationships with markets like the United Kingdom ($614.9 billion total stock), Canada ($523.8 billion), Japan ($476.9 billion) and Germany ($405.6 billion). In fact, these top four sources combined account for more than half of all FDI in the United States. However, the top four fastest-growing sources—collectively accounting for less than three percent of the total stock—are Greece ($1 billion), Argentina ($4.6 billion), Thailand ($2.2 billion) and Singapore ($88.6 billion).

What’s Next?

BEA will release more FDI data November 8, including the number of jobs directly supported, state and industry specifics, research and development spending, and more. Stay tuned for details on a SelectUSA webinar on the data later this year! Sign up for email updates and visit SelectUSA.gov for FDI fact sheetsinteractive data tools, and more.

You can also follow our #FDIintheUSA campaign on Twitter!

By Elizabeth Schaefer, Director of Investment Research, SelectUSA

EU Commission: Updated Blocking Statute in support of Iran nuclear deal enters into force

Randy Gosda

As the first batch of re-imposed US sanctions on Iran takes effect, the EU's updated Blocking Statute entered into force on 7 August to mitigate their impact on the interests of EU companies doing legitimate business in Iran.

The updated Blocking Statute is part of the European Union's support for the continued full and effective implementation of the Joint Comprehensive Plan of Action (JCPOA) – the Iran nuclear deal, including by sustaining trade and economic relations between the EU and Iran, which were normalised when nuclear-related sanctions were lifted as a result of the JCPOA.

The process of updating the Blocking Statute was launched by the Commission on 6 June 2018, when it added to its scope the extraterritorial sanctions the US is re-imposing on Iran. A two-month scrutiny period for the European Parliament and the Council followed. Since neither objected, the update will be published in the Official Journal and enter into force on 7 August.

More on the Blocking Statute

The Blocking Statute allows EU operators to recover damages arising from US extraterritorial sanctions from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them. It also forbids EU persons from complying with those sanctions, unless exceptionally authorised to do so by the Commission in case non-compliance seriously damages their interests or the interests of the Union. The authorisations will be done on the basis of agreed criteria which will also be issued on 7 August.

To help EU companies with the implementation of the updated Blocking Statute the Commission will also publish a Guidance note to facilitate understanding of the relevant legal acts.

Next steps

The European Union is fully committed to the continued, full and effective implementation of the JCPOA, as long as Iran also respects its nuclear-related commitments. The lifting of nuclear-related sanctions allowing for the normalisation of trade and economic relations with Iran constitute essential parts of the JCPOA. At the same time, the European Union is also committed to maintaining cooperation with the United States, who remains a key partner and ally.

In addition to the above measure, the EU, in close coordination with Member States and other partners, is working on concrete measures aimed at sustaining the cooperation with Iran in key economic sectors, particularly on banking and finance, trade and investment, oil, and transport.

Background

On 8 May, President Trump decided to withdraw the US from the Joint Comprehensive Plan of Action (JCPOA) and to reinstate all previously lifted sanctions under this agreement. The re-imposed US sanctions will come into effect after a “wind-down” period of 90 days (ending 6 August 2018) for certain sanctions and 180 days (ending 4 November 2018) for others.

On 18 May, the Commission initiated several steps to preserve the interests of European companies investing in Iran and to enable the EIB to finance activities in Iran, demonstrating the EU's commitment to the JCPOA.

On 6 June, the European Commission adopted the updates of the Blocking Statute and of the EIB's External Lending Mandate, which enter into force on 7 August following the two-month non objection period.

On 6 July, a meeting of the Joint Commission of the JCPOA, convening the EU, E3 (France, Germany and the United Kingdom), Russia, China and Iran, took place in Vienna at ministerial level and was chaired by High Representative/Vice-President Federica Mogherini. All remaining parties to the deal reiterated their commitment to the full and continued implementation of the nuclear deal. They supported recent efforts to maintain the normalisation of trade and economic relations with Iran and also noted EU's efforts to update the Blocking Statute to protect EU companies.

Are minor errors in paperwork impacting your health as a foreign worker in Sweden? Complete this survey to share your experience.

Randy Gosda

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The Diversify Foundation, in collaboration with the Work Permit Holders Association, The Local, and Novospection is conducting the Work Permit Holders Voice Survey for all workers who have been affected by changes in the law for an extension (kompetensutvisning). 

Survey link: https://www.surveymonkey.com/r/VoiceofWPHolders

However, we need more, complete, responses because many are left blank and cannot be used! When we get 1,000 complete responses, we will publish a report with a large PR company, and numerous media.  

PLEASE - for the sake of all of us work permit holders who have dealt with this, spread the survey to all your friends. 

It doesn’t matter if an application with Migrationsverket has been denied, is in appeal, waiting for Migrationsövredomstolen, has been deported, or was eventually granted a permit - please answer.

THIS SURVEY IS FOR EVERY WORK PERMIT HOLDER AFFECTED BY THIS ISSUE.

  • If you started the survey, but did not complete it, please click the link above from the computer/phone you used and finish it.
  • In the survey, all questions that have an * means they are required
  • You must list your name and email or phone at the end, so the Diversify Foundation can contact you if need be - we have to get answers that are real. 

If you or people you know are scared - don't be. Instead, join the 300 brave work permit holders who are tired of living in fear.

Remember, all of your personal data is completely confidential, encrypted, and follows EU GDPR law. 

 

Index of Retaliatory Tariffs. Are your company's products impacted?

Randy Gosda

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The United States Commerce’s Industry & Analysis office has published information on foreign retaliations to help U.S. exporters understand the changing trade landscape. In addition to basic information about the retaliatory measures being imposed in response to the 232 steel and aluminum tariff, the website includes a retaliation product coverage matrix, which companies can use to see if their products will face additional tariffs and then directly link to more details from the foreign governments on the retaliatory measures.

A pdf of the matrix can be found here: https://www.trade.gov/mas/ian/build/groups/public/@tg_ian/documents/webcontent/tg_ian_005571.pdf

If you have questions regarding these tariffs, or would like to learn more about how current trade measures could impact the products your company exports to the U.S., contact info@amcham.se to learn more.

AmCham Sweden makes its presence known during Almedalen 2018

Randy Gosda

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What a week it was. From July 1 through July 8, Almedalen 2018 was home to tens of thousands of Swedish political participants, observers and organizers - who were joined by business professionals, educators, journalists and members of non-governmental organizations from Sweden and around the globe.

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AmCham Sweden was there as well, coordinating and hosting more than 15 panel discussions, presentations and mingles both with, and on behalf of our members.

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Our participation began on Tuesday morning, July 3 and culminated with a full day of panel discussions throughout Thursday, July 5. In between, the AmCham Sweden team helped facilitate platforms where our members could engage and promote topics ranging from the latest developments in artificial intelligence to coordinating exchanges of knowledge between small businesses in America and Sweden - and celebrating the July 4th holiday together.

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Here are just some of the images gathered from the week that was in Visby, Sweden, on the island of Gotland during Almedalen 2018. We want to thank all of the members who made our programs a success, and we are already looking forward to next year. We hope to see you there.

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Almedalen Schedule - Thursday, July 5th

Vivian Davis

Thursday, July 5th

Tillsammans Mot Korruption I Almedalen 2018
09:00 - 17:00
Clarion Hotel Wisby: Spegelsalen

För fjärde året i rad anordnar AmCham Sweden, Institutet Mot Mutor och Transparency International Sverige Tillsammans mot Korruption i Almedalen, en plattform där såväl privata som offentliga aktörer samlas under en dag för att dela positiva exempel i kampen mot korruption.

I år kommer dagen att genomföras under torsdagen den 5 juli i Spegelsalen på Clarion Hotel Wisby.

VIEW THE FULL TILLSAMMANS MOT KORRUPTION PROGRAM HERE

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Exclusive Mingle - Beer & Cheese Pairing
Gotlands Bryggeri
20:00 - 22:00

By invitation only.

Almedalen Schedule - Wednesday, July 4th

Vivian Davis

WEDNESDAY, JULY 4TH

Innovation Shot: Fintech and the Future
09:00 - 10:00
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

Sweden has always dared to do things differently, but are we ready to embrace disruption in the financial world? How are trends, regulations, and new technologies like AI and blockchain changing the way businesses work? And what will this mean for us?

This dynamic fast-paced session will give you a “shot” of innovation as we hear from industry experts, decision makers, and opinion leaders and explore the following topics:
• The power shift: from the banks to the individual
• The impact of automation: are Swedish organizations prepared for what's ahead
• The new Financial Services landscape: from competition to collaboration

Participants

Christer Bergquist, COO, Capco Nordics
Åke Freij, PhD, Head of risk and regulatory management, Capco Nordics
Gilles Ermont, Head of digital innovation, Capco Nordics
Mats Taraldsson, Head of digital development and fintech engagement, Mastercard Nordic and Baltics
Sofie Lundström, CEO, Toborrow
Mathias Sundin, Member of Parliament, Liberalerna
Lisa Paulsson, Chief of Digital Services, Marginalen Bank
Johanna Kull, Savings economist, Avanza

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AmCham Life Science Working Committee Roundtable
12:00 - 13:00
Call to action: How can we better share and connect Swedish health data for a brighter patient future?
Swedish health data is one of our most valuable national resources. How can we ensure that this gold doesn't turn to dust?

By invitation only.

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Lunch with Chargé d'Affaires David Lindwall | U.S. Embassy in Sweden
12:30 - 13:30

By invitation only. 

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Open for Business: Swedish Investment in the U.S.
14:00 - 14:45
Clarion Hotel Wisby: Spegelsalen 

The continued importance of investing in the U.S. An informative seminar with the latest updates on the U.S. economy and the challenges and opportunities surrounding establishing or expanding business operations in the United States -- and why the time is now to do so.

Introductory Remarks: Johan Marcus, President, Swedish-American Chambers of Commerce of the USA, Inc.

Panelists: 
Anders Danielsson, CEO, Skanska AB
Dr. Catherine L. Mann, Global Chief Economist, Citi and former Chief Economist OECD
Daniel Troedsson, CEO, Alelion
Anna Throne-Holst, President, The Swedish-American Chamber of Commerce in New York
Charlotta Zetterström, CEO, Fabrique

Moderator: Peter Dahlen, AmCham Sweden

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Mini Mingle - Beer Tasting at Gotlands Bryggeri
16:00 - 17:00

By invitation only.

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Closing Bell Ceremony with Nasdaq
17:15 - 17:30

You are invited to join us in Spegelsalen in the Clarion Hotel Visby for our Closing Bell Ceremony With Nasdaq.

Speakers: 
David E. Lindwall, Chargé d'Affaires
Adam Kostyál, Nasdaq, Senior Vice President
Biörn Riese, Chair, AmCham Sweden

No registration required.

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July 4th Celebration - AmCham and Svensk Handel
20:00 - 22:00

By invitation only.

Almedalen Schedule - Tuesday, July 3rd

Vivian Davis

TUESDAY, JULY 3RD

Cyber Security and AI: Nasdaq, Aurenav, SEB 
Is Artificial Intelligence a threat or will it provide protection from security breaches for people and society?
09:00 - 10:00
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

You are cordially invited to attend the preliminary launch of .ICON. This comprehensive forum will focus on the major issue of our time: Cybersecurity. In connection to this, a major question will be raised. Is Artificial Intelligence a threat or will it provide protection from security breaches for people and society? The program will be held with AmCham Sweden and panelists will include: Lauri Rosendahl, President of Nasdaq Stockholm AB and Nasdaq Nordic; Donald Baldwin,  Principal Enterprise Architect at Aurenav; and the discussion will be moderated by Fredrik Josefsson, Head of Entrepreneurs and High Growth at SEB.


How do we create smart, inclusive, and digitally connected cities?: Mastercard Urban Mobility
10:30 - 11:30
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6
This program will be in Swedish.

Society is becoming increasingly digitalised, with new innovations creating unforeseen opportunities. This development along with rapidly growing cities are creating new demands. What does the city of the future look like? Which technologies will be of essence, how do we move around and how do we make sure everyone is included? Join Mastercard and a panel of innovative players, all contributing to the cities of tomorrow, for a discussion on how Swedish cities can be optimised ahead.

Program Moderator:
Frida Almgren, Head of Communications Mastercard Nordics & Baltics

Panel Members:
Bodil Sidén, Head of communication, Uber Nordics
Hans Arby, CEO Ubigo
Peter Olbing, Head of Business Development, Mastercard Nordics & Baltics

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How to build a resilient Transatlantic cyber defense
13:30 - 14:30
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

Sweden and the U.S. have a cyber defense collaboration, which was confirmed in the bilateral Statement of Intent signed in 2016. But hostile attacks against businesses, society and democracy are rising. Can this collaboration be strengthened? How do we ensure a resilient transatlantic cyber defense?

Participants: 

Christopher Lombardi, vice president, Raytheon International
Patrik Oksanen, ledarskribent, Hudiksvalls Tidning
Lars Nicander, Swedish Defence University
Anna Wieslander, director of Northern Europe, Atlantic Council


Roundtable Lunch
Assessio
12:00 - 13:00

By invitation only.

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Almedalen Week - Full Schedule

Vivian Davis

AmCham Almedalen Program 2018

 

Tuesday, July 3rd

Cyber Security and AI: Nasdaq, Aurenav, SEB 
Is Artificial Intelligence a threat or will it provide protection from security breaches for people and society?
09:00 - 10:00
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

You are cordially invited to attend the preliminary launch of .ICON. This comprehensive forum will focus on the major issue of our time: Cybersecurity. In connection to this, a major question will be raised. Is Artificial Intelligence a threat or will it provide protection from security breaches for people and society? The program will be held with AmCham Sweden and panelists will include: Lauri Rosendahl, President of Nasdaq Stockholm AB and Nasdaq Nordic; Donald Baldwin,  Principal Enterprise Architect at Aurenav; and the discussion will be moderated by Fredrik Josefsson, Head of Entrepreneurs and High Growth at SEB.


How do we create smart, inclusive, and digitally connected cities?: Mastercard Urban Mobility
10:30 - 11:30
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6
This program will be in Swedish.

Society is becoming increasingly digitalised, with new innovations creating unforeseen opportunities. This development along with rapidly growing cities are creating new demands. What does the city of the future look like? Which technologies will be of essence, how do we move around and how do we make sure everyone is included? Join Mastercard and a panel of innovative players, all contributing to the cities of tomorrow, for a discussion on how Swedish cities can be optimised ahead.

Program Moderator:
Frida Almgren, Head of Communications Mastercard Nordics & Baltics

Panel Members:
Bodil Sidén, Head of communication, Uber Nordics
Hans Arby, CEO Ubigo
Peter Olbing, Head of Business Development, Mastercard Nordics & Baltics

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Roundtable Lunch
Assessio
12:00 - 13:00

By invitation only.

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How to build a resilient Transatlantic cyber defense
13:30 - 14:30
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

Sweden and the U.S. have a cyber defense collaboration, which was confirmed in the bilateral Statement of Intent signed in 2016. But hostile attacks against businesses, society and democracy are rising. Can this collaboration be strengthened? How do we ensure a resilient transatlantic cyber defense?

Participants: 

Christopher Lombardi, vice president, Raytheon International
Patrik Oksanen, ledarskribent, Hudiksvalls Tidning
Lars Nicander, Swedish Defence University
Anna Wieslander, director of Northern Europe, Atlantic Council


Wednesday, July 4th

Innovation Shot: Fintech and the Future
09:00 - 10:00
Clarion Hotel Wisby: Erlanderska Room
Strandgatan 6

Sweden has always dared to do things differently, but are we ready to embrace disruption in the financial world? How are trends, regulations, and new technologies like AI and blockchain changing the way businesses work? And what will this mean for us?

This dynamic fast-paced session will give you a “shot” of innovation as we hear from industry experts, decision makers, and opinion leaders and explore the following topics:
• The power shift: from the banks to the individual
• The impact of automation: are Swedish organizations prepared for what's ahead
• The new Financial Services landscape: from competition to collaboration

Participants

Christer Bergquist, COO, Capco Nordics
Åke Freij, PhD, Head of risk and regulatory management, Capco Nordics
Gilles Ermont, Head of digital innovation, Capco Nordics
Mats Taraldsson, Head of digital development and fintech engagement, Mastercard Nordic and Baltics
Sofie Lundström, CEO, Toborrow
Mathias Sundin, Member of Parliament, Liberalerna
Lisa Paulsson, Chief of Digital Services, Marginalen Bank
Johanna Kull, Savings economist, Avanza

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AmCham Life Science Working Committee Roundtable
12:00 - 13:00
Call to action: How can we better share and connect Swedish health data for a brighter patient future?
Swedish health data is one of our most valuable national resources. How can we ensure that this gold doesn't turn to dust?

By invitation only.

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Lunch with Chargé d'Affaires David Lindwall | U.S. Embassy in Sweden
12:30 - 13:30

By invitation only. 

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Open for Business: Swedish Investment in the U.S.
14:00 - 14:45
Clarion Hotel Wisby: Spegelsalen 

The continued importance of investing in the U.S. An informative seminar with the latest updates on the U.S. economy and the challenges and opportunities surrounding establishing or expanding business operations in the United States -- and why the time is now to do so.

Introductory Remarks: Johan Marcus, President, Swedish-American Chambers of Commerce of the USA, Inc.

Panelists: 
Anders Danielsson, CEO, Skanska AB
Dr. Catherine L. Mann, Global Chief Economist, Citi and former Chief Economist OECD
Daniel Troedsson, CEO, Alelion
Anna Throne-Holst, President, The Swedish-American Chamber of Commerce in New York
Charlotta Zetterström, CEO, Fabrique

Moderator: Peter Dahlen, AmCham Sweden

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Mini Mingle - Beer Tasting at Gotlands Bryggeri
16:00 - 17:00

By invitation only.

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Closing Bell Ceremony with Nasdaq                                                                                      17:15 - 17:30

You are invited to join us in Spegelsalen in the Clarion Hotel Visby for our Closing Bell Ceremony With Nasdaq.

Speakers: 
David E. Lindwall, Chargé d'Affaires
Adam Kostyál, Nasdaq, Senior Vice President
Biörn Riese, Chair, AmCham Sweden

No registration required.

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July 4th Celebration - AmCham and Svensk Handel
20:00 - 22:00

By invitation only.

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Thursday, July 5th

Tillsammans Mot Korruption I Almedalen 2018
09:00 - 17:00
Clarion Hotel Wisby: Spegelsalen

För fjärde året i rad anordnar AmCham Sweden, Institutet Mot Mutor och Transparency International Sverige Tillsammans mot Korruption i Almedalen, en plattform där såväl privata som offentliga aktörer samlas under en dag för att dela positiva exempel i kampen mot korruption.

I år kommer dagen att genomföras under torsdagen den 5 juli i Spegelsalen på Clarion Hotel Wisby.

VIEW THE FULL TILLSAMMANS MOT KORRUPTION PROGRAM HERE

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Exclusive Mingle - Beer & Cheese Pairing
Gotlands Bryggeri
20:00 - 22:00

By invitation only.

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Life Science Working Committee White Paper

Vivian Davis

In the Nordics, and Sweden in particular, there is unique and comprehensive healthcare data available. This data is known around the world as being rich in content, granular in detail and to extend over many years. As such, this data provides outstanding opportunities to support the improvement of healthcare systems and health outcomes for patients.

This White Paper published by the AmCham Sweden Life Science Working Committee stresses the importance of effectively utilizing and connecting available real-world data to opportunities for Sweden to become a world-leading life science nation.

Read the complete White Paper here.

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Supporting Trade at Almedalen 2018 and Beyond

Randy Gosda

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The transatlantic economy is the world’s largest market and supports 15 million jobs on both sides of the Atlantic. Bilaterally, the economic ties between the U.S. and Sweden have never been stronger -- Swedish companies create jobs in all 50 U.S. states, and all 50 states export goods and services to Sweden. And just last week, Volvo opened its first U.S. plant in South Carolina.

Against this backdrop, the threat of a trade war is growing as the U.S. and EU exchange tit-for-tat tariffs. We disagree with these decisions to impose tariffs, which amount to administrative and financial burdens. We urge both sides to take a balanced approach in responding to these measures. We are very concerned about the damage that this dispute is causing to the transatlantic economy and its impact on jobs, investment, and security across the Atlantic.

What is more, these moves put the global trading system at risk. The EU and the U.S. should cooperate to solve the core issue of global overcapacity. In addition, they should collaborate to address third countries’ unfair trading practices and to reform the World Trade Organization.

In this context, it is vital to address the sentiment underlying the current hostility to trade, and to share the story of trade in a way that recognizes the plight of people who lose work because of trade agreements, while advancing free and fair trade agreements that promote growth, peace, and security. After all, people are more than averages compiled in an economic report, and GDP growth means nothing to a family that is struggling with job loss.

So we need to do a better job of telling the story of trade -- an abstract term that people tend to tune out when they hear. Ultimately, trade means livelihood. Meaningful work. Jobs.

Free and fair trade fosters global supply chains that bring together parts, technology, and know-how from all over the world -- contributing to the products and services we use everyday from smartphones to cars to life saving drugs and technology. Indeed, if not for free trade, the smartphone in your pocket might cost $3,000. (https://www.youtube.com/watch?v=rCSl4Sp3TmI&feature=youtu.be)

In Almedalen next week, (https://www.amcham.se/calendar/2018/5/25/almedalen-2018) we will discuss the continued importance of investing in the U.S., as well as the challenges and opportunities related to establishing or expanding a business in the United States -- and why the time is now to do so. What is more, we will be examining issues such as:

  • Cyber security and AI

  • Smart cities

  • Resilient transatlantic cyber defense

  • Fintech

  • How to better use Swedish health data

  • Combating corruption

Finally, AmCham is the people who co-create and animate our business community, so take advantage of the many ways you and your colleagues can engage. Right now, the 2018 Mentoring Program (https://www.amcham.se/mentoring-program/) is accepting applications. It is a truly unique platform to learn new skills and context, while developing meaningful connections with people outside of your field. We also have an engaging series of videos, Meet The People Of AmCham Sweden. Check it out here -- and let us know if you would like to participate.

Hope to see you in Almedalen. And beyond.

 

Exclusive: Limit Trump tariffs, businesses tell Congress in letter

Randy Gosda

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With U.S. trade fights increasingly roiling markets, a growing chorus of U.S. industries is backing legislation in Congress that would limit President Donald Trump’s ability to slap tariffs on steel and aluminum imports.

Fifty-one trade groups are joining the U.S. Chamber of Commerce and 222 state and local chambers by signing a letter that was sent to U.S. senators Tuesday in support of a bill introduced this month by Sen. Bob Corker, R-Tenn. The legislation would require Congress to approve or reject any new tariffs the president imposes based on national security concerns.

Trump had urged Corker to drop the bill but he declined. It’s co-sponsored by seven Republican senators and four Democrats.

“The U.S. business and agriculture communities are deeply concerned that the President’s unrestricted use of section 232 to impose tariffs may not be in the national interest,” the letter states. “It is now also increasingly clear that the way the steel and aluminum tariffs have been used will result in retaliatory tariffs from our largest trading partners and closest allies, and that retaliation will have serious negative economic impacts on the United States.”

More: Dow dives as trade war angst boosts investor anxiety over growth, earnings

More: Harley-Davidson to move some motorcycle production out of US after EU tariffs

More: With construction workers scarce, homebuilders turn to robots, software

The U.S. chamber this month endorsed the bill, but the group has now rallied the support of the state and local chambers, as well as the industry groups. 

The industry letter to the U.S. Senate notes that Congress delegated to the president the authority to invoke tariffs in 1962.

“While the president should still have this type of authority, the current circumstances highlight the need for Congress to ensure that the authority will be used, as intended by the Congress, in the overall national interest.”

Those signing the letter include the National Retail Federation, the Alliance of Automobile Manufacturers, the American Apparel & Footwear Association and the Computer and Communications Industry Association. The Dow Jones industrial average fell 328 points Monday amid Trump's fresh trade threats.

Trump this month levied a 25 percent tariff on steel and 10 percent tariff on aluminum imported from Canada, Mexico and the European Union. The EU, in response, is aiming tariffs at American products such as Harley-Davidson motorcycles, Levi’s jeans and bourbon whiskey. Harley-Davidson said Monday it plans to shift some of its U.S. motorcycle production overseas to avoid the duties. Trump also has threatened tariffs on auto imports, citing national security.

 

 

 

 

Third country investors urge Brexit progress at June EU Council Summit

Randy Gosda

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Brussels, 25 June 2018 – Ahead of the European Council summit taking place from 28-29 June 2018, international businesses who are heavily invested in both the EU and the UK are calling for urgent progress on the key outstanding issues remaining in the talks. Resolving as many of the remaining concerns as possible is becoming more urgent by the day – with the clock ticking towards the October deadline for a final Withdrawal Agreement.

Businesses recognise the complexity of issues surrounding the future of the Irish border and that satisfactorily resolving these political concerns may take more time. The EU and the UK should continue their efforts to achieve agreement here. Meanwhile, policymakers should dedicate time and thought at the upcoming summit to addressing other remaining issues, including those involving governance, regulatory cooperation and post-Brexit preparedness.

Reaching agreement on these issues will provide businesses with more confidence that a Withdrawal Agreement can be agreed and ratified, thereby providing legal certainty for the proposed transition period and avoiding the worst-case ‘cliff-edge’ scenario in March 2019. It will also allow both parties to move towards more detailed discussions on the future framework, which is of essential importance to companies who are planning their long-term operations and investments.

We look forward to the UK government’s upcoming White Paper on its vision for future ties and to engaging constructively with both sides towards the ultimate goal of an ambitious new EU-UK relationship which works for businesses, consumers and citizens.

Signatories:

The American Chamber of Commerce to the EU (AmCham EU) Canada Europe Roundtable for Business (CERT)
Europe India Chamber of Commerce (EICC)
Japan Business Council in Europe (JBCE)

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AmCham EU
AmCham EU speaks for American companies committed to Europe on trade, investment and competitiveness issues. It aims to ensure a growth-orientated business and investment climate in Europe. AmCham EU facilitates the resolution of transatlantic issues that impact business and plays a role in creating better understanding of EU and US positions on business matters. Aggregate US investment in Europe totalled more than €2 trillion in 2017, directly supports more than 4.7 million jobs in Europe, and generates billions of euros annually in income, trade and research and development.

Contact: Thibaut L’Ortye, Public Affairs Manager (tlo@amchameu.eu; +32 (0) 2 289 10 39)

Canada Europe Roundtable for Business (CERT)
The Canada Europe Roundtable for Business is dedicated to creating business opportunities between Canada and the European Union. Founded in 1999, CERT develops company-member interests by contributing recommendations on trade and investment to government officials and hosting thematic, high-level meetings focused on developing strategic relationships between company executives and with government officials. CERT is a strong advocate for comprehensive bilateral free trade and investment and organized the support of more than 100 Chief Executives for a greater level of ambition for bilateral commercial liberalization. The result included a Declaration in support of a Canada-EU Trade and Investment Agreement that was submitted to heads of government in late 2008. At the EU-Summit Summit on May 6, 2009 in Prague, the leaders of the European Union and Canada announced the launch of negotiations towards a comprehensive economic and trade agreement (CETA). The CETA officially entered into force on September 25, 2017 and is the most ambitious trade agreement ever negotiated by both the EU and Canada.

Contact: Jason Langrish, Executive Director (jlangrish@canada-europe.org; +1 416 727 3185)

Europe India Chamber of Commerce (EICC)
EICC provides a platform for profitable interaction between the European and Indian business to enhance trade and commerce in their respective countries and directs its energy in assisting Indian inbound investments into Europe, and leverages on this experience by assisting European companies and organizations through the various networks which have been built in India. The EICC is the only chamber of its kind at the Apex level to the existing bi-lateral chambers across Europe and by bringing “Pan-European” perspective to its activities and policies, EICC ensures serving the larger interest for European and Indian businesses and to meet its objectives, it closely collaborates with likeminded chambers to create new pathways to serve the interest of Indian and European businesses

Contact: Sunil Prasad, Secretary General (info@eicc.be; + 32 (0) 2 469 2677)

About JBCE
The Japan Business Council in Europe was established in 1999 and is a leading European organisation representing the interests of more than 80 multinational companies of Japanese parentage operating in the European Union.

Our members operate across a wide range of sectors, including electronics, wholesale trade, precision instruments, pharmaceutical, railway, textiles, glass, automotive, financial service and chemical manufacturing.

Building a new era of cooperation between the EU and Japan is the core of our activities. The key goal of JBCE is to contribute to EU public policy in a positive and constructive way by drawing on the expertise and experience of our member companies.

Contact: Ryota Tsunemi, Policy Manager (ryota@jbce.org; +32 (0) 2 286 5330)

Keeping Transatlantic Business Afloat as Populist Trends Rise

Vivian Davis

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June 8th HBR Seminar - White Working Class: Overcoming Class Cluelessness in America

On Friday, June 8th, more than sixty people gathered to hear Joan Williams, Founding Director at the Center for WorkLife Law, speak about her book White Working Class: Overcoming Class Cluelessness in America. Williams is the author of the most-read article in the Harvard Business Review’s 90 year history, and her latest book is a more in-depth exploration of the same article. She was joined by Sarah Greene Carmichael, Senior Editor at Harvard Business Review.

White Working Class: Overcoming Class Cluelessness in America asks important questions such as ‘What can organizations learn from the 2016 U.S. election in order to gain an understanding of today’s American workforce, and their fears about the future?’ and ‘How can business leaders learn to navigate the turbulent transatlantic waters as protectionism rises on both sides of the Atlantic?’

Were you unable to make it to the program? Please contact us here if you would still like to purchase the book.

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