October has arrived and it's a big one for us here at SACC-USA. Later this month we'll be hosting one of our major events of this year, SACC Summit, together with the chambers down in Texas. The agenda is coming together and it's looking great. We are honored to have
speakers such as
H.E. Karin Olofsdotter, Ambassador to Sweden of the United States
;
Hon. Rolando Pablos, Texas Secretary of State
and
Melody Meyer, Board Member of British Petroleum.
SACC Summit will be held at the prestigious Rice University, home of three Nobel laureates. There's no doubt that this will be a terrific juncture for networking and if you haven't gotten a ticket, please sign up!
On another note, the annual SelectUSA's Foreign Direct Investment (FDI) report is in. The United Kingdom is the
largest source of FDI in the U.S., followed by Canada, Japan, Germany and Ireland. Sweden comes in as number 14th, not too bad.
According to SelectUSA, foreign owned firms in the U.S employ around seven million jobs and
invest more than
57 billion dollars in innovative R&D. These firms are, in total, expanding American exports with 353 billion dollars, around 15% of the U.S.'s total exports.
Lastly, we'd like to congratulate Saab on winning a nine billion dollar contract. Through a Boeing-Saab partnership, the Swedish aerospace and defense company will produce at least 351 training jets for the U.S Air Force. The first ones are expected to be delivered by 2024. This contract is a major accomplishment for Saab that also strengthens Swedish-American relations.
President and Executive Director
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Photo: USA Today
On October 1st the U.S., Mexico and Canada reached a new trade agreement, giving rise to the acronym USMCA (United States-Mexico-Canada Agreement). Mack McLarty, who has advised former Presidents such as George H.W. Bush and Jimmy Carter, was the initial force of the preceding North American Free Trade Agreement. He's now giving his thoughts on the new agreement.
- On balance, this was a reasonable approach to updating the NAFTA, which needed to be updated. It was 25 years old, there wasn't an internet when this was created and like any agreement it needed to be updated
More "content" on opening the agreement to agriculture and technology updates is something that was achieved, McLarty believes. It also calls for higher wages in the automobile industry, requiring that 30 percent of vehicle production is done by workers earning $16 per hour minimum starting in 2020. McLarty argues that this won't necessarily be visible to U.S. autoworkers since most of the are already earning more. However, Mexican autoworkers are currently averaging one third of that. So it does discourage manufactures from moving factories across the border for the purpose of paying lower wages.
- That has the potential of keeping some jobs in the U.S., he adds.
In conclusion, McLarty believes some harm has been done to the relation of the U.S.'s neighboring countries, but the fact that an agreement was reached is going to be very important in terms of business for all three countries.
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Saab Hits the Jackpot in Billion Dollar Deal
A $9.2 billion contract was won by a Boeing-Saab partnership, to produce the U.S. Air Force's next-generation training jet, in late September. At least 351 training jets is what Saab and the American company will build as a part of the T-X trainer program, at Boeing's facilities located in St. Louis, MO. Air Force Secretary Heather Wilson stated in an official statement that:
- This new aircraft will provide the advanced training capabilities we need to increase the lethality and effectiveness of future Air Force pilots.
The Secretary also added:
- Through competition we will save at least $10 billion on the T-X program.
As of now the plan is to build 351 T-X aircrafts and 46 simulators, but the contract will allow the purchase of up to 475 aircrafts and 120 simulators. The first one is expected to be up and running by 2024 and the whole fleet by 2034.
Source: Defense News
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Nobel Announcement Week
The previous week's announcements of who will be awarded the Nobel Prize included four U.S. citizens in three different categories.
James P. Allison of the University of Texas, Austin is going to receive the Prize in Physiology or Medicine, for his advances in discovering how the body's immune system can fight off the scourge of cancer.
In Chemistry the honor went to two Americans - Frances Arnold of the California Institute of Technology and George Smith at the University of Missouri. Arnold is the fifth woman ever to receive the Nobel Prize in chemistry.
Arthur Ashkin was awarded the Nobel Prize in Physics. At 96, he is the oldest to ever have been awarded the prize and is responsible for the development of "optical tweezers," which let you manipulate small objects with laser light.
Read more about their findings by clicking the links above.
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All-Male Boards Are Now History - At Least in California
Publicly traded firms in the Golden State are now required to involve at least one woman on their board of directors by the end of 2019, according to new legislation. Otherwise they risk to face a penalty.
The new legislation also includes a requirement to place a minimum of two women on boards with five directors by the end of 2021. In companies with six or more directors, women must hold at least three of these positions.
This is the first law of its kind to be passed in the U.S.
Photo: CNN Business
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The Trail Blazers of the Tobacco Industry
Slipping a small pouch, containing moist powder tobacco, under your upper lip may seem as
only Southerners were doing by the turn of the twentieth century. But if you by any chance were passing through Sweden, it is more common than lighting up a cigarette. The correct term for this type of product is snus and it's actually a very subtle tobacco product which doesn't involve spitting. A million Swedes use this on a regular basis and many Americans may not be aware of this, but it's not rare to find pouched tobacco at your local corner shop.
Jim Solyst,
Vice President, Federal Regulatory Affairs with Swedish Match North America, is currently working with the FDA in an effort to make Americans choose a healthier alternative to smoking.
- What we're still in, discussing with the FDA is what can we say about the product, for marketing purposes. What we proposed is that we would be able to say that switching from cigarettes to our product, General, greatly reduces your risk of getting any number of smoking related diseases, but that is not final yet.
Solyst talks about how their findings show that disease is caused by smoking, not the nicotine itself, adding that nicotine is addictive and if you're pregnant or have high blood pressure you should refrain from it. In an ideal world Jim would like to see people stop tobacco use altogether, but in the reality we live, he is of the opinion that there is a need for a wide range of tobacco products which aren't as harmful as smoking cigarettes.
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Good Idea Drink - Aiming for a Greater Market
A drink that might well be your best lunch date ever. That's the promise the Swedish beverage company Good Idea Inc. give to their customers, in regards to their unsweetened flavored water. Presuming you've been given similar promises about dates that didn't meet your expectations, the claim Good Idea make is actually supported by scientific evidence. In the city of Lund at one of Sweden's leading universities, Dr. Elin Östman - the Director of Nutrition at Good Idea Inc., and her team developed a combination of amino acids and chromium. The combination manages the increased blood sugar level you get while you're enjoying a meal. Something they've been working on for almost ten years.
- What we've done is selected five different amino acids, for their insulin stimulation, and added chromium. The chromium improves the insulin's efficiency in the tissue. So the process of using our product starts with a few sips before eating. The body then secretes insulin and when the blood sugar starts to rise, the chromium is there to increase its effect, Dr. Östman says.
The product hit the shelves this summer, decorating the grocery stores of California. Packaging is, at least according to the CEO - Björn Öste, a vital part of reaching customers. Without an appealing product they're going to pick the competitor next to you. Something that might be even more true in the case of such a competitive market as the American. Since the company has its origins in Sweden, it could be perceived as somewhat odd to first establish their business in the U.S.
Read more
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Interview With the New President of SACC-SF & SV
Catrin Anckarman was introduced to the importance of bringing Sweden together with cultures and businesses from other countries at an early age. She spent the first years of her life in Australia, and further lived in countries such as United Kingdom, France and New Zeeland  before moving to the U.S. She further explains that she experienced the mixed culture and the strength of a Swedish business while living abroad.
She came in contact with the Swedish-American Chamber of Commerce in San Francisco & Silicon Valley (SACC-SF) when she ran her own consulting company, Locglo. She thought it would be interesting to bring her experience into a team because she had mostly worked on her own. Having now spent the last seven months as the CEO of SACC-SF Catrin believes that the San Francisco area creates a lot of opportunities. It'
s surrounded with beautiful universities and consists of some of the most innovative companies. It is of great interest to establish business in this area to understand the unique mindset and innovation system.
SACC-SF's current and potential members are located in the city of San Francisco and in the Bay Area, which is a large stretch of 65 miles. Catrin explains that this is an area that has tech innovation everywhere, and where you get new ideas whenever you turn your head. SACC-SF has established a broad network, with everything from wineries in Napa, to restaurant owners, startups and innovative tech corporations. Things are moving quickly and Catrin believes that SACC-SF have to move with it. She believes that this is going to be challenging, but manageable with more customized partnerships.
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An American Settling in Sweden
Before moving to Sweden, Jared Fein's main knowledge of the country was that it is the New York Rangers goalkeeper Henrik Lundqvist's place of birth. But during his studies he learned that Sweden has a lot more to offer than great hockey players. Swedes made him feel at home and he was in no rush to go back to the U.S. Thanks to SACC-USA and an internship at AIFM Group, he got the opportunity to stay and continue the Swedish dream.
Jared grew up in Saratoga Springs, a small city in upstate New York where he lived until he started studying International business at George Washington University in Washington DC. It was in this center of trade and international relations he became aware of the Swedish-American Chambers of Commerce.
- I always knew that I wanted to pursue some kind of international work experience after college, but I did not know exactly where. At George Washington University, I had a fantastic Swedish-American professor, Dr. Anna Helm, who encouraged me to apply for the Linnaeus-AIFM scholarship. I will always be appreciative of that as it turned out to be a fantastic life-changing decision.
The scholarship, which is a collaboration between Linnaeus University, AIFM group, SACC-USA and the Swedish Institute, allowed Jared to complete a one year master's program in international business strategy at Linnaeus University in Kalmar. It did not take him long to settle into Kalmar, a city that reminded him of his hometown in the U.S. In addition to his studies, the scholarship offered a part-time internship with the asset management firm AIF Management AB, something that turned out better than expected.
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SACC Summit 2018
We at SACC USA are proud to have Amanda Brock, COO of Solaris Water Midstream, at our Summit event 2018. Amanda has spent her career building and managing global infrastructure businesses in the oil and gas, water and power industries. She was named one of the top 10 women in energy by the Houston Chronicle, and an under 40 Alumni for Louisiana State University. In 2016 she was recognized by WWI as one of the top 25 global leaders in water and waste water, and also an Honoree for Woman in Energy 2016
In 2015 and 2016 she was invited to the White House to participate in the US Water Initiative and organized a White House delegation to Abu Dhabi. In 2017 Amanda was inducted into the Houston Woman's Hall of Fame. She is regularly requested to speak and participate at global events including Citi Bank and Goldman Sachs Industrials conferences, the Business and Professional Women's Leadership Summit sponsored by the US Senate in 2008, and as an Innovation Speaker at the 2009 GASTECH Conference in Abu Dhabi. Amanda was invited by Bloomberg to attend the 50 Thought Leaders in Water global conference held in 2012 and spoke at the 2013 first annual Bloomberg Oil and Gas Conference.
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Fors Incredible Premiere
Jonas Fors, the Swedish NASCAR driver we interviewed last month, is now the youngest Swede with the best qualification and racing result in the ARCA Racing Series.
After this weekend's Shore Lunch 200, Fors has also managed to beat the record of most professional races on oval tracks, as a Swedish driver in the U.S.
- It feels amazing, incredible. We were the fastest team among the ones we're competing against in this series and we surly did our job tonight. It was the best premiere imaginable in ARCA and I couldn't even dream that we were going to be this fast.
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Photo: Business Insider
Millennials Settling Down in the Suburbs
As real estate prices continue to soar in the major U.S. cities, young buyers are looking for a place to live elsewhere. Areas that are growing more popular in 2018 can be found in suburbs outside these cities. At least according to relator.com. Here residents are well paid, the hosing is affordable and they're mostly millennials.
32.000 zip codes are annually analyzed by relator.com for it's list of hottest zip codes. This year shows that high earning millennials are driving a 10% real estate turnover in emerging suburbs and topping the list is Kentwood, Michigan.
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SACC REGIONAL CHAMBER EVENTS
What's Happening at Our Regional Chambers
October 1
SACC Arizona - What You Wished You Knew Before Selling Your Company By Lisa Riley
October 2
SACC Georgia - The 2018 European Chambers Golf Tournament
October 6
SACC SFL - Golf Retreat
SACC Dallas - Deep Ellum Brewing Company Tour
October 10
SACC Austin - Visas & Vino
October 11
SACC DC - Swedish Embassy Open Golf Tournament and following dinner reception
SACC Dallas - Pancakes, Pea Soup and Punsch together with US Friends of Chalmers
SACC Georgia - Joint Young Professionals Networking Drink!
October 14
SACC Arizona - The Seventh Seal (Det sjunde inseglet) #Bergman100
SACC San Francisco & Silicon Valley - Nordic Women in
Technology and Innovation
SACC Texas - Dallas Monthly Networking and Happy Hour
October 18
October 20
SACC Arizona - SWEA Arizona traditional Crayfish Party - Kräftskiva
October 23
SACC Chicago - The Nordic Success Story
October 25
SACC Summit
October 26
SACC Summit
October 30
SACC SF & SV - Swedish Heritage Night
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