Despite current challenges facing Transatlantic business, the meeting between President Trump and Prime Minister Löfven earlier this month was a success on many levels. The meeting demonstrates how important personal relationships are to advancing issues and ultimately finding common ground. Notably, Business Sweden’s CEO Ylva Berg was able to brief the President and Secretary of Commerce on an advanced manufacturing initiative that AmCham is working on in collaboration with the U.S. Embassy and Business Sweden.
That same week, the Transatlantic Economy 2018 survey was published and a close look at the numbers in U.S.-Swedish bilateral commerce reveals the importance of our commercial alliance:
More than 73,000 jobs in Sweden
Nearly 215,000 jobs in the U.S. (Stockholm is the 9th most important source of onshore jobs to the U.S. of all European metro regions).
Foreign Direct Investment (FDI) (2016)
U.S. firms invest more than $27 bn in Sweden
Swedish firms invest nearly $47 bn in the U.S.
Trade in Goods & Services (2016)
U.S Goods & Services Exports to Sweden - $9.7 bn
U.S Goods & Services Imports from Sweden - $12.8 bn
Moreover, Sweden is the 5th leading source of Greenfield (investment in new assets) foreign direct investment in the U.S.
While we have worked for the past few years to promote the proposed Transatlantic Trade and Investment partnership (TTIP) - a comprehensive, market-opening deal, tariffs on imports of steel and aluminum into the U.S. are set to be imposed today. As a result, we are now working to avert a trade war.
Last year, Sweden exported 216,041 metric tons of finished steel products to the U.S. There are positive signs that the EU will be able to secure an exclusion such as that promised to Canada, Mexico and Australia. What is more, the U.S. government may delay imposing the tariffs on some countries while negotiations on a more permanent exclusion are pending. We are optimistic that a compromise will be reached.
We have launched two new programs, including a thought-leadership series with Harvard Business Review with the next program scheduled for June 8th (visit here to register your interest); and Meet the Leaders. Still to come is a series of programs on doing business in the U.S.; the continuation of our popular Energy Lab series; and America Day in Almedalen on July 4th. Our Mentoring Program for high performers is now accepting applications for 2018-2019. And int’Link, our market-based (and Sweden’s first) supplier diversity program is now open for companies to participate.
Behind the scenes we are busy getting ready for the May 25th entry into force of the EU’s General Data Protection Regulation (GDPR) and revamping the Members-Only Section of the website. Later this year, we begin the roll-out of a digital platform that will facilitate connections and knowledge sharing and enable members to connect directly with each other, as well as help AmCham staff more deeply engage and continue to expand our network. If you would like to participate in the beta version of this platform, please add your contact details here.
Finally, AmCham is the people who co-create and animate our business community. We have a fun new series, Meet The People Of AmCham Sweden, check it out here -- we hope to capture you on video soon.