MassBio Meets Medicon Valley
$168 million dollars U.S. Army Contract
New Ideas For Translational Science and Development
New Facilities in Centreville, VA
Terma Awarded Contract
Impacts of Genetically Engineered Crops in America
New Maritime Advisor
Colorado Clean-Tech Companies
Recovery at Half Speed
Words From the Ambassador: Oceans Apart, yet Right Next Door
Ladies and Gentlemen – Dear Members,
As recently appointed Ambassador to the United States, I am pleased to welcome you to this month’s newsletter. For the past decade the American-Danish Business Council has been dedicated to the promotion of trade and investment between Denmark and the United States and to strengthening the bonds between our two countries. I am pleased to be able to say that, in a time with evermore challenges, the bilateral/global partnership remains strong. I would like to share a few words with you from my first meeting with President Obama. The President emphasized the unique relationship that Denmark and the United States have established throughout our shared history and in particular Denmark’s role as a very close ally in the efforts to reach global peace and security. The President also emphasized his appreciation of Danish leadership in setting a new global agenda for combating climate change and developing green energy. The US and Denmark have many shared interests. Let there be no doubt, economic growth and job creation is the number one priority for both our Governments. As Denmark‘s third largest export market, the US will continue to be one of the most important drivers for Danish export growth. On the US side, the Obama administration has an ambitious goal to double US exports within 5 years. This emphasizes the importance of providing Danish and American businesses with the best possible frame-work for further cooperation. Though oceans apart, our members in both Denmark and the US are vital cornerstones in bringing together policymakers, investors, researchers as well as businessmen. I feel confident stating that ADBC under the wings of the Embassy of Denmark has the capabilities to proactively work for our members and successfully promote their interests. To those of you whom I have not already had the pleasure of meeting, I will do my utmost to visit with you in the near future. I also hope to see you at the Embassy’s Christmas event on December 7 th and 8th where our most important contacts will be invited along with you as ADBC members. Invitations will be sent out separately.
Best regards Peter Taksøe-Jensen
MASSBIO MEETS MEDICON VALLEY MEETING IN BOSTON, MA On September 14th the Embassy of Denmark co-hosted the MassBio Meets Medicon Valley Meeting with Copenhagen Capacity, Invest in SkĂĽne, and Massachusetts Biotechnology Council (MassBio).
The objective of the MassBio Meets Medicon Valley
reached 26% through the first two quarters of 2010.
meeting was to promote and strengthen regional bio-
The program showcased regional strengths in the
technology, pharmaceutical and medical collaboration
Massachusetts and Medicon Valley area, followed by
between the Medicon Valley region and the Massachu-
examples on collaboration models in cancer research
setts Super Cluster.
conducted at Lund University and Memorial SloanKettering Cancer Center, as well as scientific and drug
The Massachusetts region is of strategic importance to
development exellence in peptide development, and
Denmark showcasing impressive academic-, industrial-
international business development and collaboration
and funding possibilities for the life sciences.
models. Finally, Medicon Valley based companies
There are more than 480 biotechnology companies located in Massachusetts, with 895 drugs in development, from preclinical to pending approval stage. 217 of the
made company presentations to the Massachusetts based organizations, promoting potentials for collaboration, licensing, co-development and funding.
drug candidates were biologics. Massachusetts-based companies account for 11% of the U.S. and 5.5% of the
Approximately 40 organizations and companies par-
global drug development pipelines.
ticipated, among them: ArQule Inc., AVEO Pharmaceuticals, Caliper Life Sciences, Cambria Pharmaceuti-
Regarding funding, both federal and private availability of capital is impressive. NIH funding to Massachusetts sharply increased in 2009 ($581+ million higher than 2008 and almost $3.0 billion in 2009). Massachusetts researchers receive over 11% of all NIH research funds. In 2009, Massachusetts biotech companies received $807 million in VC funding (4th best year ever). Through the first two quarters of 2010, Massachusetts biotech
cals, Dyax Corp., Entra Pharmaceuticals, Genzyme Corporation, Harvard Clinical Research Institute, Harvard University Office of Technology Development, IPSEN/Biomeasure, Merrimack Pharmaceuticals, Novartis, Vertex Pharmaceuticals, Alligator Bioscience, Anoto, Genovis, INAGEN, Inventure Capital, LK Bioscience, MC2 Biotek, Novo Nordisk, Nycomed, Tectra and Zealand Pharma.
companies received $550 million in VC funding. The Massachusetts share of U.S. biotech venture capital
Contact Joakim Steen Mikkelsen for more information (email@example.com)
From left, Lovisa Sunesson, Joakim Steen Mikkelsen, Vibeke Dalhoff, Anders Trojel, Peter Abair, Anna ChĂŠrouvrier
EMBASSY OF DENMARK EXPLORE NEW IDEAS FOR TRANSLATIONAL SCIENCE AND DEVELOPMENT COLLABORATION BETWEEN DENMARK AND THE U.S. Arguably a more collaborative approach to academic, institutional and industry research would make development faster, cheaper and more efficient. Exploring new avenues to increase cross-national science and technology collaboration, the Embassy of Denmark on September 15-17th arranged a number of small roundtables in Boston, MA with academic and industrial science and business development groups.
The two main objectives were to explore
by traditional venture capital. During
ways to formalize technology transfer, and
the credit crisis, novel research at aca-
to facilitate funding and/or development
demic institutions and small biotech
infrastructures to promising drug develop-
companies increasingly looked for
novel avenues to secure financing as traditional venture capital models
In the past the way to commercialize novel
were not available or sufficient.
technologies and drug candidates was led A number of venture capital, research and academic institutions and corporate venture departments participated and shared ideas and perspectives, among them: Third Rock Ventures, MPM Capital; Tufts Medical Center, Womens Hospital, Massachusetts General Hospital; Novartis Institutes for BioMedical Research; Biogen Idec, Bristol-Myers Squibb, Genentech, Genzyme, IPSEN, Johnson & Johnson, Millennium, Pfizer, and Sanofi-Aventis.
The work will continue to link translational science from the Californian, Maryland and Massachusetts regional with scientific and tech transfer efforts in Denmark.
Contact Joakim Steen Mikkelsen for more information (firstname.lastname@example.org)
GOVENERGY, DALLAS, TEXAS, AUGUST 2010 GovEnergy was held in Dallas this year and, as in Providence last year, attracted several thousand attendees. Primarily aimed at Federal agencies and departments, GovEnergy’s goal is to train government energy managers, provide information to those responsible for Greening the Government and attract the best technologies to the trade show. The message this year, as last year, was greater use of energy efficiency and renewable energy. However, a new aim was added – namely sustainability. The aim now is not only to have sustainable solutions but that those products have a sustainable supply chain.
Greater use of Energy Efficiency
Renewable Energy The Federal market is very large and dedi-
havior) to con-
cated to buying sustainable solutions, to
centrate on behav-
cut energy use by a third or more, retrofit
ior and how to change
buildings to meet aggressive efficiency
the way people use energy and view
standards, purchase more efficient vehi-
cles, and, to the extent possible, prepare
Building Operations and Maintenance;
to comply with any carbon legislation that
Contracting; Energy 101; Energy Secu-
may be enacted. Greening the Govern-
rity; Greenhouse Gases; Legislation,
ment is taken very seriously.
Policy and Leadership; Metering and
The other tracks included:
Energy Management Control Systems; Many interesting projects were presented: including building a new facility in New Orleans for the Marine Corps, imple-
Project Financing; Renewables; Specialty Buildings; Sustainability; Technology; and Water.
menting energy efficiency solutions in the Coast Guard, and a biomass facility in
With comprehensive climate and en-
Georgia. The Marine Corps installation in
ergy legislation in doubt, the Federal
Nuew Orleans (MarForRes) is currently
marketplace is a true bright spot for
part of NSA New Orleans. The east bank
energy efficiency and renewable en-
of NAS New Orleans will be returned to
ergy. The Federal Government’s pur-
the city and the west bank re-constructed
chasing power and leadership can be a
to house MarForRes as well as being the
game changer going forward.
site of Federal City – a new complex of offices and schools. A new track was also added (Human Be-
Contact Mary Paul Smith Jespersen for more information (email@example.com)
IMPACTS OF GENETICALLY ENGINEERED CROPS IN AMERICA AND THE FUTURE GE DEBATE IN DENMARK As with the change of EU regulations in July on the use of genetically engineered (GE) crops making it optional for each member country to allow the use of genetically engineering, it is expected to raise a debate in each member country. The debate regarding the use of genetically engineering is thus also expected to arise in Denmark.
In the matter of inputs into the debate it
However, the research results also show
might be fruitful for European countries to
backsides of the story. Some insects and
look to the experienced United States farm-
herbicides have evolved a resistance to
ers, who have been using GE crops since
the GE crops. From three GE crops, no
genes have flown wild because there are
Since the first genetically engineered (GE) crops were introduced in the United States in 1996, the use is highly expanded. Around 80 percent of the soybean, corn and cotton grown in 2009 were genetically engineered. The GE crops have traits that provide resistance to some herbicides and insect pests. New research from the National Research Council on the impact of GE crops on farm sustainability has shown how the farming practices have changed from 1996 to 2005 with the use of GE crops both ecologically and economically. We will now pay attention to some of the research results.
One finding is the fact that the use of pesticides and insecticides on average is halved in the period from 1996 to 2005 after using GE crops. This results in both a better environment and also in reduced production costs for the farmer. Furthermore, GE crop farmers have obtained higher yield often due to more cost-effective weed control and reduced loss of crops caused by insect pests. Regarding social advantages, the use of GE crops has increased working safety for the farmers with less chemicals and pesticides to handle.
no compatible crop relatives, but for other The research and effect on these matters are crops some gene flow has appeared with po- still being elaborated on, as is the research on tential risks. Weed problems in fields of her- theimpact of GE farming on social and market bicide resistant crops will become more com- structure matters. mon as weeds evolve resistance, which will result in diminished weed-control practices.
The American attitude towards use of GE crops is highly reliant on scientific findings and development, whereas in Europe â€“ including Denmark â€“ the ethics, consumer interests and speculations of longer term consequences regarding economically, socially, and biologically issues are emphasized.
With the change of the EU regulation on the use of genetically engineering, it will be interesting to follow the future expected debate in Denmark.
Contact Steen Steensen for more information (firstname.lastname@example.org)
GOV. RITTER TO VISIT VESTAS, PROMOTE COLORADO IN NORDIC REGION Gov. Bill Ritter embarks on an economic development mission to Denmark and Finland this week to promote Colorado clean-tech companies, seek new investments into Colorado and visit the world headquarters of Vestas Wind Systems.
“In this tough economy, with countries
One reason for Colorado’s New Energy
around the globe continuing to struggle,
Economy success is Denmark-based Ve-
Colorado’s New Energy Economy remains
stas, the world’s largest manufacturer of
a powerful engine that is helping to drive
wind turbines, which has made Colorado
our state forward,” Gov. Ritter said.
its North American production hub. The
“Through this Nordic visit, we hope to rai- Governor will tour Vestas while in Dense the profile of Colorado’s New Energy
mark and thank executives for investing
Economy on the world stage, encourage
$1 billion in Colorado’s economy. The
investment in the state and support Colo-
company is building four production
rado’s clean-tech exporters.”
plants and a research-and-development center in Colorado with a combined work-
Joined by Metro Denver Economic Deve-
force of 2,500 employees.
lopment Corp. Executive Vice President Tom Clark, Gov. Ritter will be meeting with European and Nordic companies inte-
“Colorado has done an excep-
rested in investing and expanding into the
tional job in building a clean
United States, while also promoting and building relationships for existing Colorado clean-tech companies. Gov. Ritter will be in Denmark and Finland from Sept. 30 to Oct. 4.
energy economy that supports business development and growth opportunities for companies such as Vestas,”
Clean energy and clean-tech have been
said Martha Wyrsch, president of Vestas-
bright spots in Colorado’s economic reco-
American Wind Technology Inc. “We loca-
very. The state now has the fourth-highest ted our factories in Colorado and are acconcentration of clean-energy workers in tively hiring in the state because we belieAmerica and is home to the National Re-
ve in Colorado’s vision. We are grateful for
newable Energy Laboratory. Local econo-
Gov. Ritter’s leadership and look forward
mist Pattie Silverstein said last week rene- to his visit to our corporate headquarters in Denmark.” wable energy is one of the few sectors that has continued to grow in Colorado throughout the recession.
In addition to meeting with business lea- Colorado State University, the City of ders in Denmark and Finland, Gov. Ritter Fort Collins, and Hogan Lovells. will take part in several events spotlighting Colorado’s clean-tech sector, inclu-
Gov. Ritter will sign a Memorandum of
ding keynote addresses at the Internatio- Understanding between the State of Conal Cleantech Cluster and World Climate
lorado and Schneider Electric regarding
electric vehicles and energy performance contracting. Schneider is based in France
“From my first day in office, whether the economy was good or bad, I have been
with operations worldwide, including an emerging market in Colorado.
focused on creating jobs and strengthening Colorado’s economy,” Gov. Ritter
Gov. Ritter will sign a Memorandum of
said. “Marketing our state is one of the
Understanding between the State of Co-
key functions of a Governor.”
lorado and Schneider Electric regarding electric vehicles and energy performance
Gov. Ritter has participated in several
contracting. Schneider is based in France
with operations worldwide, including an
missions, including outreach efforts in
emerging market in Colorado.
Israel, Spain, China, Japan and Canada. Gov. Ritter also will preside over the sig“A mile above sea level, Colorado is one of the most significant states with regard to clean-tech investment and jobcreation,” said Clark of the Metro Denver EDC. “With the great brainpower based
ning of an MOU between the Danish city of Kalunborg and Spirae, a Fort Collinsbased smart-grid technology company, to support Kalunborg’s Smart Grid and Smart City development activities.
here with NREL, leading research universities and a tech-savvy workforce, we really are the only state that's able to produce innovative clean-tech ideas out of thin air.” Several Colorado companies and organizations also will be in Denmark and Finland at the same time as Gov. Ritter, including Tendril, Spirae, Schneider Electric, Smart Synch, Power Tagging Technologies, Colorado Clean Energy Cluster,
Contact Mary Paul Smith Jespersen for more information (email@example.com)
STATE OF THE ECONOMY: RECOVERY AT HALF SPEED The recovery has lost some steam over the summer emphasizing that it is a long and winding road back from the recession. Growth expectations in 2010 and 2011 remain close to 3 per cent which is halfspeed of the historic US recovery rate
The US economy has lost some steam during the summer. Due to inter alia the phasing out of fiscal stimulus, slower growth was expected. But disappointing economic indicators in June and July have resulted in growth expectations being taken further down. Especially the housing market continues to pose a challenge for the recovery.
However, the growth forecasts are still close to 3 percent for 2010 and 2011 and the US recovery continues to be half-speed of the historical US recovery rate. The risk of a double dip recession is only estimated of 20-30 percent. It is a long and winding road back from the crisis, which resulted in a contraction of 2.6 per cent of GDP in 2009.
Table 1: Forecast, Real GDP growth 2010
IMF Blue Chip
Office of Management and Budget
Sources: IMF, World Economic Outlook Update, July 2010. Blue Chip, Blue Chip Economic Indicators, August 10th 2010. Office of Management and Budget, Mid-Session Review, Budget of the US Government, Fiscal Year 2011.
Unemployment remains a major problem. The unemployment rate has fallen from the peak of 10.1 percent in October to 9.6 percent in August 2010. However, the private employment is not increasing fast enough to bring the unemployment further down and the unemployment rate is expected to stay close to 10 percent for a considerable time.
Unemployment remains a major problem. The unemployment rate has fallen from the peak of 10.1 percent in October to 9.6 percent in August 2010.
However, the private employment is not increasing fast enough to bring the unemployment further down and the unemployment rate is expected to stay close to 10 percent for a considerable time.
The administration has therefore fought hard to get a new stimulus package through Congress. But the political focus has increased on the large federal budget deficit â€“ currently app. 10 per cent of GDP - and the increasing debt. Forecasts of the federal public debt from OMB show that it will increase from 53% of GDP in 2009 to 77% of GDP in 2020. With the current policies, it will not be possible to start repaying the debt over the decade.
Sources: Office of Management and Budget, Mid-Session Review, Budget of the US Government, Fiscal Year 2011
Nevertheless the administration has succeeded in getting a small stimulus package through Congress, partly because the states are increasing taxes and cutting down on education due to the requirement of balanced budgets. The next big issue will be whether the Bush tax cuts are allowed to expire at year-end or are extended (fully or partly).
The administration considers the medium- and long-term debt unsustainable. To solve the fiscal problems, the administration has established a National Commission on Fiscal Responsibility and Reform, which will make recommendations on how to balance the budget by 2015 and improve the long-term fiscal outlook by December 1, 2010. Contact Kirstine Eibye Brandt for mmore information (firstname.lastname@example.org)
DANISH COMPANY AWARDED $168 MILLION DOLLARS U.S. ARMY CONTRACT FOR MINE CLEARING VEHICLES The recovery has lost some steam over the summer emphasizing that it is a long and winding road back from the recession. Growth expectations in 2010 and 2011 remain close to 3 per cent which is halfspeed of the historic US recovery rate
Mine Clearing Vehicles are standard
the US Defence. Hopefully this marks
operating equipment in other NATO
an opening of opportunities for Danish
countries. But the newest version re-
defence industry in the U.S.
leased by Hydrema fulfils all U.S. requirements. The U.S. Army is scheduled to begin receiving the vehicles in the next few months and the training of personnel in the U.S. will begin shortly after.
The Danish Embassy in Washington D.C. had the pleasure of introducing Hydrema to the U.S. Defence back in 2004. Hence, the Embassy contributed to getting Hydrema in to the ‘Foreign Comparative Testing’ program which
“This gives us an excellent opportunity
eventually led to the contract. The Em-
for further development of the U.S.
bassy is pleased on behalf of Hydrema
market, both for our military and con-
and the Danish defence industry.
struction equipment products,” says Jan Werner Jensen, CEO of Hydrema.
“This has been an educational process during which has required patience
The contract underlines the good rela-
and adjustment. During the entire
tions between Denmark
process there has been close contact
and the U.S. This is
between the U.S. Defense, the Em-
one of the first con-
bassy and Hydrema”, says Jan Werner
tracts for the Dan-
The contract underlines the good relations between Denmark and the U.S.
ish defence industry for a complete system to
Contact Michel Sjøsten for more information (email@example.com)
THE DANISH AMBASSADOR TO THE US AND THE COMMANDING GENERAL OF THE DANISH ACQUISÍTION AND LOGISTICS ORGANIZATION INAUGURATE SYSTEMATIC INC.’S NEW FACILITIES IN CENTREVILLE, VA Organization, Lieutenant General Per Ludvigsen, joined forces with the recently appointed Danish Ambassador to the USA, Peter Taksøe-Jensen, in inaugurating Systematic Inc.’s new facilities in Centreville, VA.
The Danish systems and software comFor more information, please, contact Per Lyse Rasmussen, firstname.lastname@example.org
pany recently celebrated their 25th anniversary in Denmark. 2010 also
During a visit to Washington, D.C. last week the Commanding General of the Danish Acquisition and Logistics
marked the 15th anniversary of Systematic Inc.’s offices in the USA. Systematic is Denmark’s largest privately owned
TERMA AWARDED CONTRACT BY GENERAL DYNAMICS FOR F35 JOINT STRIKE FIGHTER GUN POD AEROSTRUCTURES GRENAA, Denmark --- General Dynamics
qualification testing, including firing
Armament and Technical Products, a busi-
and fit-check tests, on the F-35 Light-
ness unit of General Dynamics, has awar-
ning II aircraft, also known as the Joint
ded Terma A/S, Denmark, a $15.9 million
contract for the delivery of 16 low-rate initial production (LRIP) gun pods to be utilized on the short takeoff/vertical landing (STOVL) and carrier version (CV) variants of the F-35 Lightning II aircraft.
In 2004, Terma was awarded an $8.5 million contract to develop and deliver the first three gun pods to be used for system qualification and testing.
During the entire F-35 production phase, Terma is expected to deliver approximately 400 gun pods.
Parts and systems for the F-35 are built around the world. Companies in all eight international partner countries (United Kingdom, Italy, The Netherlands, Turkey, Canada, Australia, Norway and Denmark) are participating in
The gun pod has successfully passed
NEW MARITIME ADVISOR AT THE DANISH EMBASSY IN WASHINGTON As of 1. September 2010 Henrik Juhl Madsen has taken over as new advisor for shipping policy with the Danish embassy in Washington.
rk two e N 10 Henrik Juhl Madsen has previously held ime r, 20 arit e b M ish vem a position as Head of Section at the SeDan , No S U e in th cretariat for Shipping Policy with the Dan-
We are currently preparing the 2010
ish Maritime Authority, under the Ministry
fall meeting in the ADBC initiated Dan-
of Economic and Business Affairs. He has
ish Maritime Network (DMN) in the US,
been dealing with international maritime
which will take place mid November.
trade issues and economic framework
We see the maritime network as a fo-
conditions, including as part of the secre-
tariat for the so-called Consultative Ship-
strengthen the maritime cluster of
ping Group (CSG), which is chaired by the
Danish shipping companies operating
Director General of the Danish Maritime
in the United States, and both our new
ambassador and myself look forward
to meet the DMN members.” The CSG consists of maritime administrations from 18 countries who work to-
As part of the Embassy’s on-going co-
gether on the basis of shared commitment
operation with Danish shipping compa-
to broad principles of free and fair compe-
nies operating in the US, the main fo-
cus at the up-coming October meeting
discrimination, and agreed standards on
will be import/export pressures in the
safety and environmental matters. The
U.S. and port congestion issues, using
maritime attachées of CSG countries in
Washington form the “Cotton Club” which meets monthly to exchange information and discuss developments within US ship-
Administration’s declared goal of dou-
bling exports over the coming 5 years as outset for discussions. The meeting
“In my new role as maritime advisor
will also include an exchange of views
at the Danish embassy, I will continue
from a maritime perspective with a
the good relations with our experts at the Maritime Authority in Copenhagen, and I also look much forward to
relevant guest speaker from the U.S. Administration.
working with Danish shipping industry representatives here in the US. You should feel free to use me as your point of contact if you come across an issue, which the embassy might help to promote or resolve."
For further information, please contact Maritime Advisor, Henrik Juhl Madsen: email@example.com, +1 (202) 797 5351.
EVENT: SUSTAINABILITY PAY$
The Embassy of Denmark in corporation with the American-Danish Business Council organizes the program “Sustainability Pay$” . The workshop presents some of the best examples to reflect on the path Denmark has followed to make it the most energy effi2010 ber 9, m , cient country in the EU. The morning session presents a focus on the municipalie v ersity ay, No e Univ c i ties that are leading the way to carbon neutrality and in the afternoon we will Tuesd R , itorium present the business case and the technology to assist in implementing these Shell Aud exas on, T practices to allow Denmark to reach its aggressive goals. Houst 0 pm :3
m to 3
9:00 am – 11:30 am
Laura Spanjian, Mayor’s Sustainability Director, Moderator Jørgen E. Olesen, Research professor, Dept. of Agroecology and Environment Faculty of Agricultural Sciences, Aarhus University Member of the Danish Climate Commission
Peter Rathje, Project Zero, CEO, Project Zero received the EU 2010 award for Sustainable Energy Communities Søren Hermansen, Samsø, one of the 2008 ‘Heroes of the Environment’ by Time Magazine. 2009 Gothenborg Award – the Nobel prize of the environ ment. Other Awards include the Energy Globe 2008 and Eurosolar 2002
Find out why Copenhagen has been named the Greenest City in Europe. How are municipalities attaining carbon neutrality? Municipalities from Denmark talk about the path they have taken to achieve sustainability. Learn how working together helped them achieve these goals.
Panel presentations, Q&A, and Networking 11:30 am – 1:30 pm
LUNCH (Anderson Family Commons)
11:40 am – 1:00 pm
Mayor Annise D. Parker – Welcome (TBC) Ambassador Peter Taksoe Jensen, Danish Ambassador to the United States Admiral John Nathman is a member of CNA’s Military Advisory Board. He retired from the United States Navy in May 2007. Prior to his retirement, he served as the nation’s 33rd Vice Chief of Naval Operations and, from Februa ry 2005 until his retirement in 2007, commanded all U.S. Fleet Forces.
1:30 pm – 3:30 pm
Marc Epstein, Ph. D., Rice University, Moderator (TBC)
The business case – how Danish companies have gained a competitive advantage and added profitability by embracing sustainability and energy efficiency. During the twenty-five years Denmark has been pursuing aggressive energy goals, it has kept energy consumption flat and also maintained an economic growth rate of 75 -80 percent. Danish companies gained world leadership in this sector and, since 2000, energy related technology exports have doubled. All-in-all, Denmark is in a better economic position. Was this a result of its leading role in the renewable energy/energy sufficiency/sustainability sector?
Panel presentations, Q&A, and Networking. For further information, please contact Nina Leth Espensen (firstname.lastname@example.org)
SEMINAR: US TRANSFER PRICING SEMINAR The Ministry of Foreign Affairs is proud to host an exclusive seminar on the new tendencies in US transfer pricing. The seminar is developed and hosted in collaboration with the Internal Revenue Service (IRS), SKAT (Danish Tax Authority), the Organization for International Investment (OFII), and PricewaterhouseCoopers.
Enhanced Focus on Transfer Pricing This unique one-day seminar brings together Danish and American government experts, as well as leading specialists on US transfer pricing to discuss the new IRS strategy, the regulatory changes in the pipeline, and the related impact on Danish companies. The IRS’ increased scrutiny of controlled transactions and TP related issues, along with the enforcement of more aggressive US rules, regulations and policies, makes it imperative for companies to proactively manage their transfer pricing arrangements by ensuring they satisfy the disclosure and documentation requirements for their international controlled transactions. The following subjects will be discussed at the seminar: Political overview on TP in the US New structure and strategy of the IRS Transfer of intangibles offshore / Cost Sharing Arrangements Changes in disclosure and documentation requirements Status on US R&D credits Withholding policies, qualified intermediaries, and FATCA Status on APA Denmark / US – collaboration between SKAT & IRS Ways and means on how to face the upcoming challenges The changes will affect both Danish companies with subsidiaries in the United States and American companies with subsidiaries abroad. It will be crucial for everyone to understand and adapt to the changes in order to successfully handle international company taxation.
Save the Date: November 15, 2010
Direct transmitted from Copenhagen, Denmark at: The Embassy of Denmark, Washington Consulate General in New York
Transatlantic Panel Debate The panel debate will be connected via video-conference to the Consulate General in New York, the Embassy in Washington, the Consulate General in Chicago, and the Trade Commission in Atlanta. At these Danish representations, Danish subsidiaries and other interested parties will be able to participate actively in the debate with questions and comments. This transatlantic session will last approximately one hour and will start at 8am EST (Chicago 7am). For registration to a US session, please refer to your closest location in the menu to the left. One-to-One Meetings Additionally, the seminar offers a rare opportunity for one-to-one meetings with the American and Danish experts. The meetings will take place in continuation of the seminar, and should be booked when registering. It is expected that the meetings will be limited to 15 minutes each. Networking During the seminar there will be coffee breaks and a one hour lunch buffet. We will end the day with a networking reception with light refreshments and snacks after and during the one-to-one meetings. At the representations in the US, a light breakfast will be served
It will be possible to follow the seminar via video link from the Embassy of Denmark. Contact Joakim Mikkelsen for further information (email@example.com)
EVENT: Nordic Event The Nordic Council is teaming with the Environment and Energy Study Institute to present a briefing examining how and why Nordic countries have achieved global leadership in low-carbon technologies and strengthened their economic competitiveness. Taking the oil crises of the 1970s seriously, the Nordic countries invested in energy efficiency – including combined heat and power/district heating and energy efficient buildings – and renewable energy such as wind power, hydropower, geothermal, waste-to-energy, and biofuels. The Nordic countries are a ringing example of using varied technologies (not a one size fits all approach) to achieve the same goal of reduced energy consumption combined with increased economic growth. Breaking the relationship between economic growth and energy consumption, the Nordic countries are global leaders in clean energy exports. The Nordic speakers represent industry and government from Denmark, Iceland, Sweden, Finland, and Norway. They will profile the Nordic experience developing a low-carbon economy and potential lessons for American policymakers. Speakers for this event include: Juliet Eilperin, Staff Writer, Washington Post (Moderator) Jes Brinchmann Christensen, Managing Director, Danish Board of District Heating (DBDH) Gudni A. Jóhannesson, Director General, National Energy Authority of Iceland Mikael Möller, Head of Industrial Policy, Swedish Plastics and Che micals Federation Pekka Sauri, Deputy Mayor, City of Helsinki, Finland Fridtjof Unander, Director of Energy and Petroleum, Research Coun cil Norway The event is an excellent example of how the Embassy and the American Danish Business Council can coordinate with partners to advance both international trade and facilitate an intelligent conversation on Save the Date issues of concern to the US and Denmark as well as our Nordic neighbors and others. October 21, 2010
This briefing is free and open to the public Contact mary Paul Smith Jespersen for more information, firstname.lastname@example.org
UPCOMING EVENTS In collaboration with the respective sectors, ADBC gives its members and other stakeholder the opportunity to gain insight in a wide range of activities.
Corcoran Gallery of Art Contact Person: Pernille Elbeck, email@example.com
The Climate Challenge: Revitalizing the Debate Contact Person: Lars Beer Nielsen, firstname.lastname@example.org, http://www.siliconvalley.um.dk/en/servicemenu/Calendar/The+Climate+Challenge-+Revitalizing+the+Debate.htm
October (W 42): Kids Euro Contact Person: Lise Borup Krogsgaard, email@example.com http://www.ambwashington.um.dk/en/menu/TheEmbassy/News/ForChildrenOnlyTheAnnualKidsEuroFesti val.htmwbc_purpose=Basic&WBCMODE=PresentationUnpublished
Nordic Event Contact Person: Mary Paul Jespersen, firstname.lastname@example.org
November 8-9: Seminar: Food and Drug Administration in the U.S. Contact Person: Joakim Mikkelsen, email@example.com
Sustainability Pay$ Contact Person: Mary Paul Jespersen, firstname.lastname@example.org
November 10: The Path to a Fossil Free Society Contact Person: Michel Sjøsten , email@example.com
November 15: Event, Transfer Pricing Seminar in Denmark or via video from Washington (8am) Contact Person: Morten Viktor Svendsen, firstname.lastname@example.org http://eksportraadet.usa.um.dk/da/menu/Aktiviteter/USTransferPricingSeminar/
Danish Maritime Network in the U.S. Contact Person, Henrik Juhl Madsen, email@example.com
December 7-8: Creative Christmas Contact Person, Pernille Elbeck, firstname.lastname@example.org
Creative Christmas 2010 – Invitation and Sponsorship Opportunity Once again the ambassador’s residence will set the stage for the annual Creative Christmas event. Creative Christmas 2010 will take place on December 7 and 8 – two evenings where the embassy’s most important network of more than 700 decision makers will gather to celebrate the 50th anniversary of this first modern embassy building in Washington, Danish iconic design and gastronomy.
All ADBC members will be invited for the event. It is also an ideal opportunity to showcase products and services to a select audience and we invite you to become a sponsor. Interested companies may contact Pernille Florin Elbech at email@example.com for details and sponsor package by October 5.
OUR MEMBERS Only through the close collaboration with our members can ADBC reach its objectives—to cultivate trade and investment for Danish entities doing business in America and vice versa. We thank you for your support!
CORPORATE AND ASSOCIATE MEMBERS
ARLA FOODS BEAUFORT ADVISORS C.C. JENSEN COLOPLAST CORPORATION CONVATEC, INC COWI DANFOSS DANISH-AMERICAN BUSINESS FORUM CONFEDERATION OF DANISH INDUTRIES ECCO USA EITZEN BULK USA ENKOTEC COMPANY ENXCP SERVICE CORPORATION GREENLAND CONTRACTORS HYDREMA J. LAURITZEN USA LUNDBECK MAERSK MIDWEST TRADING HORTICULTURAL SUPPLIER, INC. NORDEN TANKERS AND BULKERS USA NOVOZYMES NEUROSEARCH VELUX A/S DANISH-AMERICAN CHAMBER OF COMMERCE, NY DANISH-AMERICAN CHAMBER OF COMMERCE, N CA DANISH-AMERICAN CHAMBER OF COMMERCE, S CA DANISH-AMERICAN CHAMBER OF COMMERCE , GEORGIA DANISH-AMERICAN CHAMBER OF COMMERCE, MIDWEST AMCHAM DENMARK
ADBC: Oceans Apart, yet Right Next Door Internationalization Means Business – and Vice Versa The American-Danish Business Council promotes Danish companies in the US, and American companies in Denmark. It is engaged in a range of activities aiming at obtaining an even more thriving American-Danish market place with increased trade The Embassy of Denmark
and investment. The Council has 59 Danish and American companies as members. A number of sector-specific committees are being formed, including on Health &
3200 Whitehaven St, NW Washington, DC 20008-3686 Phone: +1 202 234 4300
Life Science, Defence, Finance, Maritime, Food & Agriculture and Energy. By using the Danish Embassy's contacts and access to American as well as to Danish Authorities, the committees work to enhance business opportunities and to create network synergies and corporation.
U SADK. ORG JOSWOL@ UM. DK
Membership Benefits ADBC is developing fast with an extensive business network, dedicated to helping your company in a wide range of business activities in either the United States or Denmark. Member benefits are:
Join ADBC The American-Danish Business Council has customized membership packages and welcomes multinational corporations, public institutions and even individuals.
Executive membership Executive Members are offered a seat on the boad, which allows an opportunity to shape activitites and events. Executive members also get access to all events, invitation to axclusive events as well as exclusive sponsor options. Price amounts to $3,000 annually.
Access to a unique and influential business network specific sector committees Unique relationship between ADBC members, the Danish Embassy and the Ambassador Free participation in ADBC events Services from the secretariat/ embassy Political & bureaucratic leverage Contracts and meeting assistance Visibility News update Member events - incl. events at the embassy Board membership - executive members only Knowledge and information sharing among members
Corporate Membership ADBC offers Corporate Members free access to most events. Price amounts to $ 2,000 annually. Associate Membership Associate membership was created for governmental organizations that can help us drive shared goals. Associate Members are on a payment invited to events. Price amounts to $ 1,000 annually.
Published on Oct 7, 2010
Published on Oct 7, 2010
The American-Danish Business Council welcomes its members and other important stakeholders to this month's newsletter: ADBC-Newsletter Octob...