All posts by Madeleine Brekke

AmCham at Arendalsuka 2023 – Multinationals in Norway: Patients, Innovation & Profit  

AmCham News, Government, Healthcare

AmCham at Arendalsuka 2023 – Multinationals in Norway: Patients, Innovation & Profit

This year at Arendalsuka, AmCham hosted a crowded meeting at Clarion Tyholmen addressing the central question: “Is the Norwegian healthcare sector competitive?” AmCham members represent 21 industries, with a significant number within the healthcare industry. In Arendal, our panellists debated the progress made on the Health Industry white paper (Meld. St. 18, 208-2019) and what is needed to make the public healthcare sector an attractive partner for international business.  

Parliamentary panelists included Per Vidar Kjølmoen (The Standing Committee on Business and Industry, Labor Party), Mahmoud Farahmand (The Standing Committee on Finance and Economic Affairs, Conservative Party), and Alfred Jens Bjørlo (The Standing Committee on Business and Industry, Liberal Party).  All three MPs emphasized the potential of the health industry as an important growth area for Norway, and commercialization requires further work. Farahmand remarked that foreign investment, access to investment, and public procurement are further steps in making the public healthcare sector an attractive partner for business.  

Patient groups were represented on the panels by Trine Beate Nicolaysen, General Secretary, The Norwegian Childhood Cancer Society and Kristin Kornelia Utne, Board Member, The Norwegian Medical Association and President of the Norwegian Junior Doctors Association. Here, real life examples were given on the need for faster approval of innovative life-saving medicines and challenges from the perspective of clinicians.  

Industry was represented by member companies AbbVie (Kirsti Nyhus, Managing Director – Norway), Merck (Taher Hassan, Cluster Lead, Nordics and Baltics), and Roche (Martin Haswell, General Manager – Norway). Nyhus discussed the value of the health industry and its importance for Norway. As a regional leader, Taher provided insight into what Norway could learn from its neighbors in addressing barriers to private-sector value creation in the Norwegian healthcare sector. Haswell emphasized that the Norwegian healthcare sector has room to grow in its collaboration with industry and implementation of innovative solutions.  

Going forward, multinational healthcare investment in Norway will hinge upon:  

AmCham will continue to work diligently on all fronts.  

Presenting Member Companies:

Norway fund wants more women on boards, concerned about excessive CEO pay

Business News

Norway’s $1.4 trillion wealth fund, the world’s single largest stock market investor, is to step up pressure on the companies it invests in to have more women board members and to also reduce excessive executive pay, a top fund official said.

The fund is one of a growing number investors and policymakers pushing to put more women in company boardrooms. Having a broader range of experiences around a boardroom table has been shown to improve decision-making and corporate culture.

Read more HERE.

IRA spurs renewable buildout, but Biden climate goals remain elusive

Business News

A year after its adoption, the Inflation Reduction Act has bolstered the adoption of carbon-free power, but the country does not yet appear to be on track to meet President Biden’s climate goals.

The IRA provided significant tax credits for low-carbon and carbon-free energy sources including wind, solar, nuclear, carbon capture technology and biofuels, as well as for electric vehicles.

Recent reports have found that these subsidies are having an impact.

Read more HERE.

Norway central bank raises rate to 4.0%, eyes September hike

Business News

Norway’s central bank raised its benchmark interest rate by 25 basis points to 4.0% on Thursday to try to curb inflation, as widely forecast, and said it would likely hike again in September.

Thursday’s hike had been expected by all 31 economists polled by Reuters, and a majority of poll participants predicted the rate would hit a peak of 4.25% by the end of the third quarter, in line with the central bank’s projection.

Read more HERE.

Statement from President Joe Biden on EU Adoption of Adequacy Decision for U.S.-EU Data Flows

Business News, Technology

“I welcome the European Commission’s adequacy decision for the EU-U.S. Data Privacy Framework—which will allow personal data to be transferred from Europe to U.S. companies safely and securely. Today’s announcement represents the culmination of years of close cooperation between the United States and the European Union, and affirms the strength of our transatlantic relationship founded on our shared democratic values and vision for the world. The decision reflects our joint commitment to strong data privacy protections and will create greater economic opportunities for our countries and companies on both sides of the Atlantic.”

AmCham Financial Forum: The Future of Banking & Global Supply Chains

Accounting / Financial, AmCham News

AmCham Financial Forum: The Future of Banking & Global Supply Chains

Cross-industry member leaders gathered at AmCham’s downtown offices for a morning Financial Forum focusing on the expectations for the future of banking and global supply chain updates.

PA Consulting Partner & Head of Financial Services Norway, Clint Sookermany, and Partner Financial Services and Head of Operating Model Capability, Knut Erlend Vik, jointly presented The Future of Retail Banking – How business leaders should respond.

Retail banking is one of many vital industries undergoing ever-faster change. In their recent report, The Vision for Banking: A Force for Future Good. PA Consulting has developed four potential industry scenarios for 2023 to better understand how banking might evolve. Participants went on to discuss real-world scenarios, impacts on their own industries, their likelihood and pros and cons of each.

Image: PA Consulting
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Presenters

Clint Sookermany – Partner & Head of Financial Services Norway

Knut Erlend Vik – Partner Financial Services and Head of Operating Model Capability

Morten Sloth Madsen – Managing Director of Norway & Sweden

Digitalization as a Driving Force

DSV’s Managing Director of Norway & Sweden, Morten Sloth Madsen, joined us for an update on the global supply chain with a look back at and predicted logistical impacts, developments, and expectations for the industry.

The past few years of pandemic, political unrest, container shortages, port congestion, geopolitical conflict, and inflationary pressures have exposed vulnerabilities in our supply chains – causing frustration for businesses and consumers alike. As a global player in air, ground and sea logistics, Madsen provided keen insights into the current market and what business leaders need to be highly aware of in the time ahead.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Please contact Madeleine.brekke@amcham.no for interest in future meetings.

DSV Slide
Image: DSV

Past Financial Forum Meetings

Stavanger Tasting of American Wines

AmCham News, Food & Beverage

Stavanger Tasting of American Wines

AmCham recently hosted journalists, members, and partner representatives for a tasting of American wines at Rosenskildehuset in Stavanger. There, member importers Engelstad, Haugen-Gruppen, Palmer Group, VCT, and West Coast Wines presented over 30 unique vintages currently on the Norwegian market, including newly launched products. In addition, AmCham proudly presented two wines not (yet) available in Norway.

Our Master Class on California wines was led by acclaimed Fish&Cow Head Sommelier  Jonathan Robinson Lundgren and included:

  • Diora La Belle Fête Rosé of Pinot Noir
  • Lieu Dit Chenin Blanc
  • Tyler Santa Barbara County Chardonnay
  • Tyler Mae Estate Chardonnay
  • Francis Ford Coppola Diamond Collection Pinot Noir
  • Francis Ford Coppola Directors Sonoma County Pinot Noir
  • Bonterra Sauv. Blanc Org.
  • Bonterra The McNab Cab
  • Clos Du Val 2021 Cabernet Sauvignon

Full List of Wines Presented 

AmCham and our member wine importers enjoy opportunities to jointly inform on American wines. We look forward to future tastings with journalists, partners and members!

Detailed wine remarks from guests found here.

US Wines in Norway

In collaboration with member importers, AmCham works to increase knowledge and accessibility of American wines in Norway. US wines’ market share has increased considerably in the past years, due in large part to our members’ tireless efforts.

Vinmonopolet currently offers close to 25,000 products from 85 countries, including over 700 US reds and 300 whites. In 2022, US reds accounted for 9.4% of Vinmonopolet’s total red wine sales, while US white wines comprised close to 2% of such sales (Source: Vinmonopolet).  

Past Wine Tastings

Tech Talent Network at Oracle: SmartForest & Smart National AI Strategy

AmCham News,

Tech Talent Network at Oracle: SmartForest & Smart National AI Strategy

AmCham’s Tech Talent Network (TTN) recently gathered at Oracle Norway’s offices, with Managing Director Tore Bjelland welcoming participants and addressing evolving challenges and demands on leaders in a time of rapid development within the tech industry. He emphasized the importance of focusing on the next generation of leaders, as well represented in the room.

Oracle’s Martin Johansson eagerly presented the NIBIO Norwegian Institute of Bioeconomy Research’s SmartForest project, combining AI, ML, and cloud computing to improve the Norwegian forestry industry’s efficiency, profitability, and sustainability. Using leading-edge and emerging technology such as drones, sensors, and satellites, important data can be collected to observe forest health and collect accurate harvesting information, enabling proper machinery and precise wood supply – creating a digital twin of the Norwegian forestry network. 

Participants welcomed by Oracle's Tore Bjelland

AI Regulation in Norway

Høyre Stortingsgruppe Political Advisor Martin Willoch Olstad joined TTN’ers to share regulatory updates, challenges, political initiatives, and perspectives on Norway’s national AI strategy.

Olstad explained that Høyre’s newly formed AI working group will look at opportunities for the use of AI in the public sector for better and more efficient services, job, and value creation – identifying areas of competitive advantage and regulations to be put into place in addition to the EU’s AI Act.

Norway’s National Strategy for AI report, published in 2020, has both strengths and weaknesses according to Olstad. Although the strategy is only three years old, industry is moving much faster than regulation. With TTN participants contributing their commercial perspectives, the consensus was one of concern that strict regulation will hinder innovation and Norway’s competitive advantage in the field. Making sure that decision makers have enough information and knowledge is crucial for revision, as well as clarifying language that can have a major impact on what is and isn’t covered.

Following an engaging exchange, participants eagerly shared their ideas for future TTN topics and guest presenters.

About the AmCham Tech Talent Network

TTN is designed to be a non-competitive arena for knowledge sharing, professional development, and expanding international market insights. Exclusive quarterly sessions with industry leaders and external speakers create opportunities for collaboration and development of leadership skills. Read more about the program HERE.

For further information and interest in the program, please contact Madeleine.Brekke@amcham.no.

AmCham Sustainability Forum: New Rules for Sustainability Communication & Scaling EV Learnings from Scandinavia to North America

AmCham News

AmCham Sustainability Forum: New Rules for Sustainability Communication & Scaling EV Learnings from Scandinavia to North America

AmCham’s latest Sustainability Forum hosted by Kruse Larsen brought together members representing diverse industries to learn about the new EU Directive on Green Claims and lessons learns from Circle K’s ambitious EV buildout in North America

New Rules for Sustainability Communication

Anne Therese Gullberg presented how several companies convey misleading impressions, knowingly or unknowingly, of their environmental impact or benefits to market actors and customers, defined as greenwashing. She illustrated how it’s difficult for consumers, companies, and other market actors to make informed and considered choices. In response, the EU has introduced new rules for companies’ green claims with the goal of consumer empowerment. Gullberg unpacked what these new rules from Brussels say about sustainability communication, how communications should focus on companies’ main impact, and discussed these new regulations might influence companies with commercial activities in Norway.  

Transitions

Snorre Skeie presented remotely from Raleigh, NC taking us through Circle K’s EV journey from Norway to the United States. Circle K has been heavily exposed and an early adopter, responding to the fast-paced transition to Electric Vehicles in the Nordics. Based on these learnings, Circle K has started an EV offering buildout in North America and Skeie shared his reflections from the ongoing implementation, innovative site designs, and energy management solutions.

Anne Therese Gullberg – Partner and Head of Sustainability

Arendalsuka logos kruse larsen (24)

Snorre Skeie – Director of E Mobility, North America

circle k

About Sustainability Forum

Future success is dependent upon running a sustainable business – for people, planet, and profit. Hence, AmCham brings select, cross-industry member company representatives together on an ongoing basis to discuss opportunities, facilitate open exchange and determine how AmCham members can best contribute to Norwegian and US sustainability agendas going forward.

Read more about our Sustainability Forum and please contact Janice.Gundersen@amcham.no for interest in future meetings.

Norway’s $1.4tn wealth fund calls for state regulation of AI

Business News, Government, Technology

The head of the world’s largest sovereign wealth fund has called on governments to speed up the regulation of artificial intelligence as it revealed it would set guidelines for how the 9,000 companies it invests in should use AI “ethically”. Nicolai Tangen, chief executive of Norway’s $1.4tn oil fund — which owns on average 1.5 per cent of every listed company globally — said he believed that there is not enough regulation of the fast-growing sector and that he wanted new rules to govern how AI is used.

Read full article