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Investors from Denmark, Sweden and Finland are not sugar-coating the challenges U.S. tariffs have thrown their way. But they’re not letting the newfound complexity leave a sour taste in their mouths either.
Small in population, the Nordic nations punch well above their weight when it comes to innovation and startups, and they play an outsized role in European security. That blend of advantages giving them a leg up in conversations with the new U.S. government.
Known culturally for communicating directly, eschewing hierarchy and tackling problems pragmatically, Swedes and Danes in particular are finding that the new (and sometimes testy) transatlantic landscape takes a bit more cultural finesse to navigate, but that opportunities still abound in strategic sectors, from minerals to mobility.
That was the assessment of an expert panel on tariff travails convened by the Swedish-American Chamber of Commerce Georgia Nov. 11.
Sweden Stepping Up
While in Washington for meetings with the Swedish ambassador recently, Swedish Honorary Consul Thomas Rosseland saw an embassy focused on making the most of today’s opportunities, rather than focusing on setbacks.
“It’s really ‘pioneering the possible.’ That’s their phrase. And I think that’s the idea: There’s just a new reality, an new normal, and there’s an expectation that Sweden needs to step up its game along with the Nordics, and they’ll find a way,” said Mr. Rossleand.
Sweden is aiming to capitalize on being newly dubbed a “model ally” by Matthew Whitaker, U.S. ambassador to NATO in Brussels.
“It’s a branding opportunity for Sweden in terms of its relationship with the U.S.,” said Mr. Rosseland, who said that in addition to promoting industries like life sciences, logistics and manufacturing, Sweden sees security as “linchpin” of the bilateral relationship.
“I don’t know if you’re aware how much NATO has changed the conversation for Sweden and for Denmark and Finland,” Mr. Rosseland said during a panel at the Buckhead offices of Newmark, the real estate giant that sponsored the event.
Seizing the moment, Sweden is ramping up diplomatic outreach, opening a new consulate in Houston, an energy hub, and hosting its first-ever celebration of its Midsummer tradition on the National Mall.
Next year will see the Swedish schooner, the Gladan, travel down the East Coast of the U.S. to join a broader international flotilla celebrating the 250th anniversary of the United States, Mr. Rosseland said. Ericsson, a Swedish firm, along with its Finnish counterpart Nokia, are positioning themselves at the forefront of conversations around 6G and broader network infrastructure, colored by concerns around Chinese suppliers like Huawei and ZTE.
Denmark’s Diplomacy
Not to be outdone, Denmark has also been turning on its diplomatic charm recently, given its tiff with the U.S. over Greenland, an autonomous territory within the Danish kingdom.
President Donald Trump famously has mused about the U.S. taking control of the massive island for its strategic Arctic location — not to mention its minerals and shipping lanes — a suggestion that has rankled Danish officials.
Jan Rene Knudsen, who recently wrapped up a 32-year career at Danish logistics giant DSV, praised Ambassador Jesper Møller Sørensen for deft handling of the situation and his focus on deepening business ties with the U.S. Danes, said Mr. Knudsen, who hails from Denmark himself, can sometimes be a bit too proud when entering new markets or crossing cultural barriers.
“I think human relations are always important, and I think especially the Danes have now learned that they need to travel more, they need to be more open,” Mr. Knudsen said, comments that spurred healthy discussion during the Q&A session.
He added that the country of 5 million, which has been consistently publishing videos across social media outlining its ties with states like Georgia, is learning a new brand of diplomacy.
“Face-to-face interaction is actually critical, also in maybe more unofficial forums,” Mr. Knudsen said.
He pointed to a couple of Danish companies in the crowd, including Terma, a supplier of radar systems to the F-35 program, as evidence of the strong ties that Denmark should further tout, along with the fact that Danish companies employ more than 4,200 people in Georgia.
Finland’s Focus
Similar to Sweden, Finland is capitalizing on its reputation for readiness and its new status as a NATO ally since 2023.
“If you know Finland, you know that there’s a long history with the longest border with our eastern neighbor,” said Kari Lindberg, a former executive for pulp and paper industry giant Valmet and Finland’s new honorary consul in Georgia. (He was speaking about Russia, whose invasion of Ukraine prompted the expansion of the transatlantic military alliance.)
Beyond the intersection of military and markets, Mr. Lindberg also sees opportunities for Georgia and Finland to collaborate in areas like forestry, clean energy, smart cities and factories, perhaps like massive, vertically integrated modular housing plant Finnish firm ADMARES is planning for Waycross, Ga. (Thirty-plus Finnish companies, including Kemira, call Georgia home).
Mr. Lindberg also pointed to logistics and education, noting the long-term presence of Kone Cranes at the Savannah port and a recent Georgia delegation of educators to the country.
The Hurdles: Tariffs and Visas
Seizing such opportunities, however, will require some maneuvering to clear hurdles that have emerged as Mr. Trump has upended traditional trade lanes and alliances.
A multi-front trade war where higher costs and unpredictability have been the only constants is leading companies to shift some production into the U.S., particularly into foreign-trade zones near ports like Savannah, Charleston, S.C., and Mobile, Ala., to sidestep not rising duties but the “lead-time risk”of the uncertainty, Newmark Executive Vice President Roy Abernathy said.
“A lot of manufacturers, including the Nordic ones, are really looking to move the light or final-stage assembly — any sort of kitting, which we do a lot in the auto industry — and then configuration, to the post-importer, post-duty side,” Mr. Abernathy said.
Companies are “re-architecting their whole value chain,” with some setting up larger distribution facilities inland and holding more inventory to ensure they can meet demand while mitigating tariff impacts.
“We’re not seeing wholesale re-shoring coming back or coming to the U.S., but more of a rebalancing of the networks,” he added.
The trend is has also benefited Mexico, where Swedish companies in particular have been setting up to find talent and manufacture for the North American market, which, for now, benefits from the U.S. Mexico Canada Agreement, the former NAFTA.
“In 2023, we saw a big spike” in Nordic companies heading to Mexico, said Claudia Arias, senior vice president at PNC Bank based in Houston.
Wherever they land, these companies need talent, and moving executives across borders has also become more challenging amid the Trump administration’s broader immigration crackdown.
The ICE raids on the Hyundai plant in Georgia provide an extreme example of how heavy-handed enforcement can stymy investors, but inbound visitors are also facing more subtle challenges, from increased scrutiny in visa applications to more pointed interviews at the port of entry about the nature of the work they’re set to perform, said Robert Johnson, an immigration attorney at Baker Donelson.
Executives and even lower-level team members should carry their company business cards and proof of their salary, as they risk being questioned at airport.
“It’s not fun right now, in some sense. But if you include plenty of detail in the petitions and the applications, and you make sure (employees) understand everything that was in there, then yes, you’ll get in, and you’ll be happy.”
Mr. Johnson is recommending that larger companies, those with at least $25 million in revenue, move away from the B business visitor visas that ensnared many at Hyundai and instead focus on the L, which allows for intra-company transfers.
The L also has an option for a “blanket” visa that, when approved, enables a company to pull talent from any affiliated company in its global network, as long as they have worked for at least a year with the company and possess specialized knowledge.
In that sense, the L helps overcome the limitations of the E, a treaty-based category for companies with substantial investment in the United States.
“(Under a blanket L), we can transfer them to the U.S. operations from any affiliate now in the world, and that has been that has really been a boon to to meeting these labor needs,” said Mr. Johnson, who also addressed a $100,000 fee for new H-1B applications, which caused panic when announced.
One encouraging note: the fee only applies to companies applying to bring in new foreign workers, not to changing the visa status of foreign students already present in the U.S. and graduating from American universities.
Blending In
Once they do arrive, Nordic and other foreign investors should ensure they take the time to learn the U.S. culture and procedures, from setting up executives’ lives to retaining hourly employees, Ms. Arias said.
Sometimes even the leaders of the companies are in for a rude awakening — without a credit score, they find it hard to open a banking account or access housing or set up their utilities.
“Even if you’re in the C-suite, on the banking side of it, you come here and you’re nobody,” Ms. Arias said.
Dealing with local workers, she said, will also require flexibility. PNC offers an on-demand payment solution called EarnedIt that allows workers to unlock wages they’ve already earned, instead of waiting for the traditional bi-weekly payday. That’s something that is not likely to be found in Europe, she noted.
“Focus on getting to know the U.S. market and really act as a U.S. company. Even if you’re headquartered in a Nordic country, make sure you can actually blend in here.”
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