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1、 BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023 A REPORT FROM TEAM SWEDEN IN THE UNITED STATES TABLE OF CONTENTS FOREWORD.4 ABOUT THE SURVEY.5 ECONOMIC OUTLOOK.6 THE MARKET.10 HOW SWEDISH COMPANIES SUCCEED IN THE US.19 ACTING SUSTAINABLY.22 TEAM SWEDEN US CONTRIBUTORS.25 CON

2、TACT US.27 KEY CONTRIBUTORS TO THIS REPORT Business Sweden in the US Swedish-American Chambers of Commerce Swedish-American Chamber of Commerce New York Embassy of Sweden in Washington DC Consulate General of Sweden in New York copyright 2023 Business Sweden 124 respondents for the US Current busine

3、ss climate Industry turnover Future investments Continued positive view on the current business climate 72%of Swedish companies expect their industry turnover to increase 57%of Swedish companies plan to increase their investments slightly or significantly in the next 12 months Valued success factors

4、 in the US Brand Sweden 1.Sales competence 2.Brand awareness 3.Collaboration/feedback from clients 65%of Swedish companies abroad consider Brand Sweden beneficial for business Local conditions with high satisfaction Local conditions with least satisfaction 1.Service providers 2.Suppliers 3.Distribut

5、ors 1.Labour market 2.Digitalisation 3.Financial system Environmental considerations Corruption Human rights violation and labour rights abuse 47%of respondents believe the environment is a considerable factor in their customers purchasing decisions Low risk in advanced economies such as the US Low

6、risk in advanced economies such as the US FOREWORD BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|4 FOREWORD The United States,with its vast market and diverse business environment,offers a multitude of opportunities for Swedish companies looking to establish a presence or e

7、xpand their operations overseas.Of the Swedish companies contributing to this report,61 per cent perceive the US market as a good/very good business landscape to be a part of.This report aims to provide an overview of the current business climate in the US and highlight key factors that Swedish comp

8、anies should consider when entering or operating in this market.In this years Business Climate Survey,we see a continued positive commitment from Swedish companies for the US market,with a majority(72 per cent)of the responding companies expecting increasing revenues.However,we also see an increased

9、 share of companies expecting a decrease in turnover in the upcoming year(13 vs 3 per cent in previous years),possibly reflecting the current challenging economic situation in the market.Even though turnover growth could be challenging,there is still a commitment to continue investing in the US with

10、 88 per cent of the companies expected to continue investing at the same level as in previous years or even increasing their investments.Despite the positive commitment to the market,challenges for Swedish companies operating in the US market still exist as they relate to high inflation,labour short

11、age,the complex regulatory landscape,and a changing policy landscape.One-fourth of all companies in this years survey see regulations as a barrier for the US market and thus having a negative impact on operations.Most of the Swedish companies surveyed focus on establishing a local sales organisation

12、 in the US in order to be closer to customers and remain competitive and relevant.Only 23 per cent of the companies have manufacturing in the US,as the costs tend to be higher in comparison to other global markets.However,the new policies with Build American/Buy American might create a shift over ti

13、me,with more companies looking into expanding their US footprint within manufacturing.Team Sweden is here to support both small and large Swedish businesses in their US growth journey with services ranging from physical office space to local incorporations,partnership networks,policy intelligence,an

14、d strategic business advice to validate product-market fit and determine the best strategy for the US.On a final note,we would like to extend our most sincere gratitude to the Business Climate Survey respondents for their invaluable contributions to this report.Together,we will continue to seek oppo

15、rtunities for growth and mutually beneficial trade.Ambassador Karin Olofsdotter Embassy of Sweden in Washington DC Vlad Mnsson Country Manager USA,Business Sweden Karin Hammar Executive Director,SACC-USA Camilla Mellander Consul General,Consulate General of Sweden in New York Anna Throne-Holst Presi

16、dent,SACC-NY ABOUT THE SURVEY BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|5 ABOUT THE SURVEY Report on Swedish business activity in the US The Business Climate Survey is a tool used by Team Sweden to map the opportunities and challenges that Swedish companies face when do

17、ing business across the world.This survey observes how Swedish companies operating in the US perceive market conditions and the economic prospects of their businesses and whether these views diverge across company types.The Business Climate Survey for the US market will be conducted regularly in the

18、 future to track and analyse changes.Today,it is likely that more than a thousand Swedish or Swedish-affiliated subsidiaries are active in the US.More than 800 Swedish companies were contacted to partake in the 2023 Business Climate Survey,with answers collected during March and April 2023.Selected

19、companies were interviewed to ensure a deeper understanding of the factors driving their responses.This years Business Climate Survey received a total of 124 responses.This report is presented in four main sections.Firstly,we elaborate on the economic situation in the US,including respondents busine

20、ss performance and outlook.Secondly,we focus on the respondents view on the US business climate in general and which market conditions improve or hurt their commercial success.Thirdly,we cover Swedish companies operations and perceived success factors in the market.Lastly,we explore sustainability-r

21、elated factors and their effects on the market.Seventy per cent of respondents were small-sized companies,followed by large-size companies(16 per cent)and medium-sized companies(14 per cent).The diverse range of business areas represented in this report are grouped into three broad categories:profes

22、sional services representing 35 per cent of respondents,followed by industrial companies(44 per cent)and consumer companies(21 per cent).In terms of age or time of establishment in the US,experienced companies represent 39 per cent of respondents,followed by mature companies(35 per cent)and newcomer

23、s(27 per cent).It should be noted that the size and industry composition of our respondents is not representative of the overall American business landscape.Any of the statistics presented in this report are solely indicative of our respondents experience in the US.SIZE OF COMPANIES NOTE:Global empl

24、oyees.Large 1000(16%).Medium 250-1000(14%).Small 0-249(70%).MAIN INDUSTRY NOTE:35%Professional Services.44%Industrial.21%Consumer.AGE OF COMPANIES NOTE:Mature(-2000).Experienced(2001-2015).Newcomer(2017-)ECONOMIC OUTLOOK BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|6 ECONO

25、MIC OUTLOOK Most companies were profitable in this years survey Among Swedish companies responding to the Business Climate Survey,60 per cent reported a profitable financial performance in 2022 while 18 per cent broke even,and 15 per cent registered a loss.The remaining seven per cent of respondents

26、 did not indicate their profitability.When excluding these“non-respondents”(i.e.,answering“Dont know/Not applicable”),the share of profitable respondents was slightly lower for this years survey(64 per cent)compared to last year(67 per cent)in line with expectations,given the economic recovery.Despi

27、te uncertainties regarding the US economy,most respondents clearly believe in continued growth for their respective industries over the near future.Business Swedens Export Managers Index(EMI),which reflects sentiment among Swedish exporters of goods and services,indicated a worldwide unexpectedly st

28、rong optimism regarding export demand in the second quarter of 2023.North America was ranked second after Asia,which indicates that the US market remains highly interesting for Swedish businesses.HOW WOULD YOU DESCRIBE YOUR COMPANYS FINANCIAL PERFORMANCE IN THE US IN 2022?NOTE:The number of responde

29、nts for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the United States 2023.ECONOMIC OUTLOOK BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|7 US inflation declines after

30、 an all-time high,the economy continues to be unstable The pandemics entrance in 2020 resulted in a decline in the US GDP,according to the US Bureau of Economic Analysis.However,the US recovered well and presented a GDP growth of 5.9 per cent for 2021 the highest annual figure since 1984.During the

31、first two quarters of 2022,the US economy entered an economic downturn,which was strongly connected to Russias invasion of Ukraine in February 2022.During the last two quarters of 2022,the US economy recovered slightly,resulting in an overall GDP growth of 2.1 per cent for 2022.The GDP growth rate h

32、as slowed down during 2023,presenting a GDP growth of only 1.1 per cent for the first quarter.In parallel,US inflation remains a debated topic.Inflation reached its peak of 9.1 per cent in June 2022 but has thereafter steadily decreased,presenting an inflation of 4.9 per cent in April 2023.However,c

33、oncerns related to the inflation are evident among survey respondents,with 66 per cent indicating moderate or severe concern with the effects of high and persistent inflation on their ability to do business in the US.Only two per cent indicated no concern,while another 33 per cent indicated very mil

34、d or mild concern.In an effort to combat inflation,The Federal Reserve has,since the beginning of 2022,raised interest rates at the fastest pace since the 1980s,being 5.25%in June 2023,but analysts believe that the interest rate will reach its peak during the remainder of 2023.High inflation,rising

35、interest rates and the collapse of three US banks have caused economists to debate whether the US is about to enter an economic recession.The Federal Reserve Bank of New York estimates the probability of the US entering a recession sometime in the next 12 months to be 68 per cent,which is the highes

36、t probability in over four decades.At the same time,the US economy is doing well considering parameters such as the unemployment rate,which in May 2023 was as low as 3.7%,and many analysts project that the inflation will continue to decline.However,the near future of the US economy is overall unstab

37、le and difficult to predict.Looking ahead,Swedish company respondents are overwhelmingly optimistic about turnover growth in their respective industries over the coming 12 months with 72 per cent of respondents expecting increased turnover,13 per cent expecting unchanged turnover,and 13 per cent exp

38、ecting a decline.An additional two per cent did not indicate their expectations.When excluding non-respondents,turnover optimism was lower in 2023(74 per cent)compared to 2022(87 per cent).“We have seen price increases in the US the past year,but it is not vastly different from Europe.”ECONOMIC OUTL

39、OOK BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|8 PROJECTED GDP GROWTH IN THE US NOTE:Constant prices.SOURCE:Oxford Economics.GDP,real,annual growth,Last update:24 April 2023 COMPARED TO THE DEVELOPMENT IN THE PAST 12 MONTHS,WHAT ARE YOUR EXPECTATIONS FOR THE COMING 12 MO

40、NTHS FOR YOUR INDUSTRY IN THE US REGARDING TURNOVER?NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.Americas central banking system has raised interes

41、t rates to combat inflation.ECONOMIC OUTLOOK BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|9 An overwhelming majority of respondents plan to increase US investment The US continues to be a prime destination for Swedish foreign direct investment(FDI).The US is home to the hi

42、ghest amount of Swedish FDI assets,accounting for 22 per cent of Swedens global share,making Sweden the 14th largest investor in the US.Furthermore,Swedish FDI in the US increased by 35 per cent during 2021 compared to 2020,which made the US the country in which Swedish direct investment assets incr

43、eased the most in 2021.A possible explanation for this increase is the 10.4 per cent weakening of the Swedish krona against the US dollar during 2021,which made the US more favourable for Swedish companies.Among survey respondents,57 per cent plan to increase US investments in the coming year,while

44、31 per cent plan to maintain investment levels and only six per cent plan to reduce investments or exit the market entirely.When excluding non-respondents,the share of respondents planning to increase investments decreased in 2023(60 per cent)compared to 2022(67 per cent).However,by the same measure

45、,the number of respondents who plan to reduce or leave the market increased in 2023(seven per cent)compared to 2022(three per cent).WHAT ARE YOUR COMPANYS INVESTMENT PLANS FOR THE COMING 12 MONTHS IN THE US,COMPARED TO THE PAST 12 MONTHS?NOTE:Reduced and increased represent aggregations of slight/si

46、gnificant development changes.The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES

47、 2023|10 THE MARKET The US market continues to be a strong economic market globally but faces challenges with the labour shortage The US continues to be the worlds largest economy,with a GDP of$25 trillion in 2022,while China and Japan are the second and third with a GDP of$18 and$5 trillion,respect

48、ively.Calculated per capita,the US has the largest GDP among countries with a population of at least 10 million,which is a sign of the countrys economic productivity.The US GDP per capita of$76,398 in 2022 almost$20,000 more than Swedens GDP per capita of$55,873.The US also scores high for economic

49、complexity,which is calculated by measuring the number of products that are exported from a country and the number of countries the goods are exported to.The US ranked as the 10th country in the Economic Complexity Index 2021,slightly behind Sweden,which was ranked in eighth place.On top of this,the

50、 US can also serve as an entry point for many companies wanting to enter other parts of the North and South American market.The US is a major driver of the global economy,and this continues to attract Swedish companies.Almost half of the respondent companies have been in the US for more than a decad

51、e,and 34 per cent have been established in the US since 2017 with approximately a fifth of all companies established since the start of the pandemic in 2020 showcasing the continued attractiveness of the market.The size of the US subsidiaries is considered small,with the vast majority having less th

52、an 250 employees.When analysing this years respondents of the Business Climate Survey,the Swedish business presence in the US spans across several industries,with the most common industries being Other(15.3%),Industrial equipment(14.5%),IT/Electronics(11.3%)and Healthcare/Pharma(9.7%).This categoris

53、ation should not be considered the definite proportion of the Swedish presence in the US market but goes well in line with the type of companies looking into the US market with the support of Team Sweden.Labour shortages have become a pressing issue in the US,as the unemployment rate currently is at

54、 a 50-year low.In June 2023,the US Bureau of Labor Statistics reported 10 million job openings but only 5.8 million unemployed persons.Moreover,the labour force participation rate is currently 62.6 per cent.This percentage represents the share of the population older than 16 that is either working o

55、r actively looking for a job and has remained below historical levels ever since the pandemic.Looking back at the pandemic,it severely affected the US labour market,driving the unemployment rate to 14.7 per cent in April 2020,compared to 3.6 per cent the year before.Since then,job openings have incr

56、eased,and the unemployment rate has declined.However,in May 2023,the US Chamber noted that there were almost two million fewer Americans working compared to pre-pandemic levels of February 2020,despite the fact that there are more jobs than people available.There are several possible reasons explain

57、ing the historically low labour force participation rate.One is a higher pace of retirement and an ageing population.According to the Social Security Administration,48.6 million(15 per cent of the total population)Americans retired in December 2022 and received Social Security Benefits.The forecast

58、indicates the number of people aged 65 and older will increase from 58 million in 2022 to 76 million in 2035.The pandemic was one accelerator for early retirement,and over three million adults retired early throughout the pandemic.On top of this,the US is experiencing a slower population growth than

59、 pre-pandemic;however,the growth increased somewhat from 2021 to 2022(+0.2%vs+0.4%).Furthermore,the work expectations are higher,and the interest in low-paying jobs has decreased as people have begun to reflect more upon their work situations.The term“The Great Resignation”was created in May 2021 to

60、 describe the boom of people voluntarily leaving their jobs.This have later turned into“The THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|11 Great Reshuffle”,indicating that more than half of the people leaving their jobs are looking for new jobs,but with more fr

61、eedom and flexible work conditions.There are several other parameters contributing to the low labour force participation rate.Some examples are higher unemployment benefits,increased dependent care needs,and an increased amount of savings,thanks to the low spending levels during the pandemic.The lab

62、our shortage in the US is one of the most prominent challenges emphasised by the respondents in this years Business Climate Survey.Multiple companies are experiencing difficulties in finding persons with suitable skills,and if someone with the necessary skillset is found,the salary expectations are

63、higher than expected.IN WHAT YEAR DID YOUR COMPANY ESTABLISH OPERATIONS IN THE US?NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.THE MARKET BUSINESS

64、CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|12 WHAT IS YOUR COMPANYS MAIN INDUSTRY IN THE US?NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in th

65、e US 2023.THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|13 SWEDISH FIRMS LOCAL NUMBER OF EMPLOYEES IN THE US IN 2023 NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business

66、Climate Survey for Swedish Companies in the US 2023.Swedish companies continue to report an overall good business climate in the US Of the Swedish companies surveyed that are active in the US market,61 per cent state that the general business climate is“good or very good”.An additional 31 per cent a

67、re neutral,and five per cent consider the business climate to be“poor or very poor”.The results align well with previous years survey results,where a majority of companies perceived the business climate as good.Large-scale or professional services companies seem to perceive the US business climate a

68、s better than corresponding small or consumer-oriented companies,although data reliability is considerably lower for segmented analyses due to the relatively small sample size.However,when excluding non-respondents,the respondents who perceived a“good or very good”US business climate declined in 202

69、3 to 63 per cent compared to 2022(70 per cent).THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|14 HOW DO YOU PERCEIVE THE CURRENT BUSINESS CLIMATE IN THE US?NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included bu

70、t not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.US market conditions meet respondent needs financial system,digitalisation,and labour market regulations are the weakest points Multiple conditions impact Swedish companies success in the US.Among the 15 measur

71、ed conditions,the overall sense among respondents is that all conditions to some extent meet their needs to conduct business in the country.The highest-ranked conditions are service providers,followed by suppliers,distributors,work culture and business mindset,and market access.A possible reason beh

72、ind service providers being top-ranked is that the US market can be complex to enter and that various service providers are available to facilitate the process.Concerning the business mindset,US companies and investors generally prefer to do business with companies with a local presence,meaning that

73、 Swedish companies expanding to the US can benefit from having an American subsidiary and local employees.Once that is in place,US companies and investors are,in general,open to considering new business possibilities and partnerships.The least favourable conditions are the financial system,level of

74、digitalisation and labour market regulation,which is a change from the two previous surveys,where physical infrastructure was ranked the lowest by the respondents.One possible reason for the low ranking of the financial system is the increased difficulty in receiving US funding.The fundraising clima

75、te in the US has hardened significantly during the pandemic and in a post-pandemic environment,followed by an economic downturn and the rise of inflation.The amount of venture capital raised by start-ups in the US dropped by 55 per cent between the first quarter of 2022 and the first quarter of 2023

76、.A likely cause for the low ranking of digitalisation as a met condition for Swedish companies,is the lack of digitised government forms and systems compared to Sweden.According to the US Chamber of Commerce,the cost of using paper forms instead of digital services was$117 billion in 2022.While dail

77、y tasks such as accounting are highly digitised in Sweden,paperwork still remains common in the US.THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|15 HOW WELL DO THE FOLLOWING CONDITIONS MEET THE NEEDS OF YOUR COMPANY IN THE US?(RATE 1-9)NOTE:The number of responde

78、nts for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure SOURCE:Business Climate Survey for Swedish Companies in the US 2023.Regulations are the main trade barrier among respondents,followed by customs duties and procedures Almost one-fourth of the respo

79、ndents have encountered regulations as a trade barrier when acting in the US market,which makes it the largest barrier.As one of the more prominent regulations,The Food and Drug Administration controls some of the most common products ranging from food,drugs,and tobacco to cosmetics,medical and elec

80、trical devices.Being FDA compliant can be a complicated but vital process to be able to sell and expand in the US.The second and third largest trade barriers for Swedish companies are customs duties and customs procedures.US customs are strict,and there is no free trade agreement between the US and

81、the EU,as the latest attempt at reaching an agreement closed in 2016.However,in 2021 the regions initiated the Trade and Technology Council initiative(TTC),which among other things,serves as a forum to expand bilateral trade and investment between the two parties.It signifies that trade between the

82、regions is important and needs facilitation.Within the Trade and Technology Council Initiative,the US and the EU have also agreed to support Ukraine by posing continuous sanctions towards Russia due to the ongoing war.THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023

83、|16 HAS YOUR COMPANY IN THE PAST YEAR ENCOUNTERED TRADE BARRIERS IN THE US WITH A NOTICEABLY NEGATIVE IMPACT ON OPERATIONS,IN ANY OF THE FOLLOWING AREAS?NOTE:The number of respondents for this question was 124.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.Several new acts are s

84、igned into law,but their effects on Swedish companies vary Since late 2021,three new prominent policies have been introduced in the US,which all have the potential to affect the US business climate,for foreign as well as local companies.The Creating Helpful Incentives to Produce Semiconductors and S

85、cience Act(CHIPS Act)was signed into law in August 2022 with the purpose of boosting competitiveness,innovation,and national security in the United States.An important part of the act is to catalyse investments in the capacity of domestic semiconductor manufacturing due to the semiconductor shortage

86、 that took off during the pandemic.The act also aims to increase the research and development in cutting-edge technologies such as AI and clean energy.In total,the act will invest$280 billion for its purposes from 2022 until 2026.Another noteworthy new policy is the Inflation Reduction Act(IRA),also

87、 signed into law in August 2022.Its purpose is to strengthen the United States position as a global player in clean energy technology,manufacturing,and innovation by allocating an investment of$370 billion.Like the CHIPS Act,the IRA is also encouraging domestic manufacturing capacity.Both the CHIPS

88、Act and the IRA are focused on promoting domestic manufacturing,which could have a negative impact on foreign companies US operations.However,despite the introduction of these new policies,more than a third of the survey respondents are neither experiencing encouraging nor discouraging policy-relate

89、d effects on their US operations.Only 18 per cent are experiencing discouraging effects,while 20 per cent are experiencing encouraging effects.An additional 25 per cent do not know what effect the policies will have.One possible explanation for the mixed responses is that the effects of the policies

90、 have not yet reached the Swedish companies to their full extent.A possible outcome of the domestic-focused policies is that it will be increasingly important for Swedish companies to establish manufacturing in the US as a way of contributing to an increased domestic capacity in the United States.Fo

91、r foreign firms without local manufacturing,monitoring of the IRA and other policies is necessary to mitigate risks and negative effects both short and long term.THE MARKET BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|17 The third act,signed into law in late 2021,is the In

92、frastructure Investment and Jobs Act(IIJA).The act will provide investments to address the needs of the US transportation and broadband networks,counting to$1.2 trillion over a ten-year period,with$550 billion being allocated in the first five years.The act includes several programs,such as the Nati

93、onal Highway Performance Program,the Airports Terminal Program,The Charging and Fueling Infrastructure Grants and the Broadband Equity,Access and Deployment(BEAD)Program.More detailed,the investments will be allocated towards road-and bridge reparations,expanding the rail service across the country

94、with a focus on high-speed rail,and building a nationwide network of charging stations for EVs to ease the transition to nonfuel vehicles.Furthermore,the act will invest$5 bn in new school buses across the country,with 50 per cent being allocated toward electric buses,and invest$11 bn in transportat

95、ion safety to reduce the number of crashes in traffic(primarily targeting cyclists and pedestrians).The act does not only focus on investing in new initiatives to lower emissions but also allocates$21 bn for environmental remediation of past pollution with an effect on public health.Approximately 92

96、 per cent of the US population have access to the internet today,and the broadband service varies across the country due to the digitalisation of society and the need to have a reliable service.The IIJA act will target$65 bn to enable high-speed broadband access to all households.The intended effect

97、 of this act is to reframe the future of the US infrastructure and provide resources to address problems and needs on a local level to strengthen the national infrastructure.INVESTMENT ALLOCATION OF THE INVESTMENT AND JOBS ACT(IIJA)FOR NEW FEDERAL SPENDING IN THE FIRST 5 YEARS THE MARKET BUSINESS CL

98、IMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|18 The largest states are the key focus for respondents to grow in the US,with California remaining the focus over time The US is often seen as one market by companies looking into establishing in the market;however,it is important to reme

99、mber the country is large,both in terms of population(more than 330 million)and in terms of land mass.Due to its size and its 50 states,the culture,the politics,and the way of doing business varies across the country,making it difficult to approach the market in the same way.Throughout the interview

100、s for this years survey,Swedish companies echo the need to adjust the offering depending on where they conduct business and that there is a need to focus on one part of the country at a time.Several companies choose to approach the market in different regions or states and focus their resources on h

101、igh-potential areas as it would be resource-inefficient to try to go nationwide directly.In this years survey,52 per cent indicated that California is a key state for business growth in the coming three years.New York was considered key by 34 per cent,followed by Texas(30 per cent),Florida(27 per ce

102、nt),Illinois(22 per cent),and Massachusetts(16 per cent).The result goes very well in line with what we have seen historically for the Swedish companies established in the US market.The focus is primarily on the most populated states and states with strong economies and favourable business landscape

103、s for foreign companies.WHICH FIVE(OR LESS)US STATES ARE YOUR TOP PRIORITY FOR GROWTH IN THE COMING THREE YEARS?The US should not be seen as one,homogenous market,as the culture and business climate differs across the country HOW SWEDISH COMPANIES SUCCEED IN THE US BUSINESS CLIMATE SURVEY FOR SWEDIS

104、H COMPANIES IN THE UNITED STATES 2023|19 HOW SWEDISH COMPANIES SUCCEED IN THE US The US operations of Swedish companies are mainly targeting marketing and sales activities Most survey respondents,85 per cent,carry out marketing and sales operations in the US unsurprisingly,given the size and affluen

105、ce of the market.Another 50 per cent perform after-sales and support,while 32 per cent offer services.Of the respondents,23 per cent have US-based manufacturing.In addition to general business operations such as marketing and support,16 per cent of respondents carry out research and development(R&D)

106、in the US.With the presence of well-known universities,a network of national laboratories,and industry-led research,the market is a good location for R&D presence.The priority of local presence of manufacturing was mentioned already in last years report,with the disrupted supply chains,industrial po

107、licies and a rebounded demand from the pandemic creating a need for onshore manufacturing.We mentioned an increased interest in near-shoring manufacturing in Mexico from Swedish companies however,the actual effects of the intentions were somewhat unclear.Throughout this years interviews,we asked abo

108、ut the supply chains and relocating manufacturing to the US,and the interest was lower for allocating manufacturing in the US as the supply chains and freight opportunities are almost back to pre-pandemic standards.This result could also be affected by the nature of the companies responding to the s

109、urvey.OPERATIONS OF SWEDISH FIRMS IN THE MARKET NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.HOW SWEDISH COMPANIES SUCCEED IN THE US BUSINESS CLIMA

110、TE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|20 Sales competence and market awareness are key aspects to stay competitive in the US market Respondents indicate that sales competence and brand awareness are the two most important areas for maintaining competitiveness in the US market an

111、expected outcome of having US sales-oriented operations.These areas are closely followed by several others,such as collaboration and client feedback,as well as partnerships and relations.People in management positions for Swedish companies in the US stress the importance of understanding the local m

112、arket and culture in order to be successful in the market.Having a strong sales competence implicitly means understanding and tailoring your offering to the client.TO DATE,WHICH OF THE FOLLOWING AREAS HAVE BEEN IMPORTANT IN MAINTAINING COMPETITIVENESS IN THE US?NOTE:The number of respondents for thi

113、s question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.The Swedish brand remains important,but its value decreases over time A noteworthy development between the two latest Business Climate Surve

114、ys relates to Swedens brand appeal and how it contributes to the positioning of Swedish companies in the US.Most respondents still believe being explicitly Swedish contributes to their US business with 54 per cent claiming it contributes partially or much,11 per cent claiming it contributes very muc

115、h,and 26 per cent saying that it contributes little or not at all.However,when comparing to the previous years answers,the significance of the Swedish brand has decreased especially with a growth of the“partially”segment.HOW SWEDISH COMPANIES SUCCEED IN THE US BUSINESS CLIMATE SURVEY FOR SWEDISH COM

116、PANIES IN THE UNITED STATES 2023|21 Throughout the interviews for this report,several companies mention the fact that the strength of the Swedish brand has changed over time.The Swedish brand lays a good foundation,but today,additional steps are needed to position ones company and leverage what the

117、Swedish brand typically implies:quality and design.Swedish companies in the US still choose to leverage the brand attribute,while ensuring that the brand aspects are adapted to the industry in question and specific customer segments.TO WHAT EXTENT WOULD YOU ESTIMATE THAT THE“SWEDISH BRAND”CONTRIBUTE

118、S TO YOUR BUSINESS IN THE US?NOTE:The number of respondents for this question was 124.“Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in the US 2023.ACTING SUSTAINABLY BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE U

119、NITED STATES 2023|22 ACTING SUSTAINABLY The environmental aspects are not the key driver for purchase decisions for respondents customers in the US Within Swedish companies responding to the survey in the US,six per cent of respondents indicate that the environmental aspects affect the purchasing de

120、cisions very much in their industry,while 41 per cent of the respondents indicate it affect partially or much and 46 per cent indicated it has little or no effect on the purchasing decision at all.However,when talking to Swedish companies with a local presence in the market,the lack of consideration

121、 of environmental aspects from their clients shines through.The companies echo that environmental aspects are not a competitive advantage in the same way as they are in the European market,especially if there is not a clear industry-driven focus on sustainability.IN YOUR VIEW,TO WHAT EXTENT DO CUSTO

122、MERS IN YOUR INDUSTRY IN THE US CONSIDER ENVIRONMENTAL ASPECTS OF A PRODUCT OR SERVICE IN THEIR PURCHASING DECISION?NOTE:The number of respondents for this question was 124.Dont know/Not applicable”responses are included but not shown in figure.SOURCE:Business Climate Survey for Swedish Companies in

123、 the US 2023.ACTING SUSTAINABLY BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|23 The US is actively transforming to lower carbon emissions with large investments through IRA,primarily within clean energy The United States emits 14 per cent of the worlds CO2,which makes it t

124、he second largest emitter after China.According to the US Environmental Protection Agency,the largest greenhouse gas emitting sectors are transportation,electric power production,and industry.Under the Biden-Harris Administration,several federal incentives have been presented since 2021 to enhance a

125、nd increase the focus on environmental sustainability in the US,and the governments focus on sustainability has significantly increased.For example,the Biden-Harris Administration launched the Federal Sustainability Plan in late 2021,in which the nation set a goal of achieving 100 per cent carbon po

126、llution-free electricity by 2035.Other goals are to reduce CO2 emissions by 50 per cent by 2030 compared to the levels of 2005 and to reach net-zero economy-wide greenhouse gas emissions by 2050.The effects under the Inflation Reduction Act are estimated to reduce US emissions by 31 44 per cent by 2

127、030,which puts the nationwide emission targets within reach.The act allocates approximately$370 billion to climate and energy,of which 40 per cent are direct investments,and the remaining 60 per cent are tax incentives.The targeted sectors are,among others,clean transportation,clean electricity,fore

128、st service,air pollution programs and smart buildings.Furthermore,the Infrastructure and Investment Jobs Act is within its purpose of improving the infrastructure across the US,including$7.5 billion in funding for a nationwide network of electric vehicle charging stations.In addition,$65 billion is

129、assigned for an update of power grids and to provide clean energy.In the IRA and IIJA,the administration allocated$20+billion for hydrogen,indicating this is a priority for the US.A few examples of what the budget will be allocated towards are clean hydrogen tax credits,expansion of H2 hubs and demo

130、s and a clean H2 Electrolysis Program.With an identified need for domestic production,the Biden administration has set ambitious policies and investments for a green energy transition with hydrogen as a key resource.For Swedish companies,the focus on hydrogen opens up new opportunities to promote Sw

131、edish technology within,e.g.,power solutions,e-fuels and steel production.Not only has the government increased their sustainability focus,but in 2022,North American investors were the largest contributors in terms of clean energy investments,representing 57 per cent of the global investments within

132、 the sector.The increased focus on clean energy in the US on both a public and private level can enhance the expansion opportunities for sustainability-oriented Swedish companies in the US.Despite the clear direction of green initiatives in the US,large challenges remain in order to reach the nation

133、s environmental targets;Swedish innovations can be an important enabler in reaching the ambitious targets.BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|24 The US market is considered a low-risk market in terms of corruption and human rights abuses The respondents experience

134、 of exceedingly low levels of domestic corruption and human rights abuses in their dealings with US public bodies,private counterparts,and internal counterparts indicate the US is perceived as a low-risk market in terms of corruption and human rights abuses.Other data points that support this hypoth

135、esis is the Transparency Internationals corruption perception index,where the US ranks among the countries least plagued by such issues although not entirely absent of these.Since 2021,the US has increased its scoring by+2 units,ranking the country as number 24 in the world compared to Sweden,which

136、is ranked number 5(-2 units).CORRUPTION PERCEPTION INDEX 2022 SOURCE:Transparency International.TEAM SWEDEN US CONTRIBUTORS BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 2023|25 TEAM SWEDEN US CONTRIBUTORS BUSINESS SWEDEN USA Business Sweden is commissioned by the Swedish govern

137、ment to help Swedish companies grow global sales,and international companies invest and expand in Sweden.Business Sweden offers hands-on support to Swedish companies with global ambitions,with 45 offices across the globe.With a strong presence in the local market,Business Sweden has offices in New Y

138、ork,Chicago,San Francisco and Washington DC.We cover all 50 states and provide our clients with strategic advice,tailor-made market analyses and introductions to suitable partners and reliable legal advisors.SWEDISH AMERICAN CHAMBERS OF COMMERCE USA The Swedish American Chambers of Commerce(SACC-USA

139、)is a key player in the development of trade relations,investment opportunities,and talent mobility between Sweden and the United States.Our network consists of 20 offices and regional chambers across the US,and together,we serve more than 2,000 members in Sweden and the US and arrange more than 200

140、 business events a year.We provide you with contacts and potential business partners through events,tailored corporate programs,trade missions,business matchmaking and business intelligence.Additionally,SACC-USA facilitates talent mobility in both directions between Sweden and the US.We are designat

141、ed by the US Department of State as a J-1 visa sponsor for Swedish exchange visitors in the intern and trainee categories.We are approved by the Swedish Migration Board as an international exchange organisation that can assist Americans with the application for a Swedish work permit for training.SAC

142、C-USA looks forward to welcoming you as a member of our extensive network.SWEDISH AMERICAN CHAMBERS OF COMMERCE,NEW YORK(SACCNY)SACCNY is the largest and oldest Swedish Chamber of Commerce globally,having served and supported Swedish businesses looking to establish and thrive in the US market for cl

143、ose to 115 years.With a modernised mission to act as an indispensable support arm for internationalising Swedish entrepreneurship and innovation,SACCNY recently launched Gateway a State-of-the-Art innovation hub,office,co-working meeting and conferencing space,providing Swedish and Nordic businesses

144、 with a unique soft landing and launch platform on to the US market,including on-site market and establishment expertise and services,as well as broad range business-to-business networking assistance.Moreover,SACCNY curates and hosts a series of notable programs and events,including Acceleration Pro

145、grams,Business Matchmaking,Investor Matchmaking,Pitch and Marketing Consultations,Mentorship Programs,Legal and Immigration support services,Market Research;as well as recurring meetups including Innovate46,Sustainology Summit,the Executive Womens Conference,and most recently,the newly launched virt

146、ual fireside chat series,Checking the Pulse with SACCNY,where top industry experts share insights and experience.EMBASSY OF SWEDEN The Embassy of Sweden in Washington,D.C.,is one of Swedens largest diplomatic missions in the world and serves as the official link between Sweden and the United States.

147、The purpose of Swedens trade and promotion policy is to facilitate trade and investment and to further Swedens economic interests as well as the image of Sweden abroad.The Swedish Embassy is located at TEAM SWEDEN US CONTRIBUTORS BUSINESS CLIMATE SURVEY FOR SWEDISH COMPANIES IN THE UNITED STATES 202

148、3|26 the House of Sweden,a flagship building for Swedish public diplomacy,on the Potomac River in Washington,D.C.In addition to the Embassy,there are approximately 30 Swedish Consulates located throughout the US.CONSULATE GENERAL OF SWEDEN IN NEW YORK The Consulate General of Sweden in New York repr

149、esents Sweden in the states of Connecticut,Maine,Massachusetts,New Hampshire,New Jersey,New York,Pennsylvania,Rhode Island,and Vermont.The Consulate General works to strengthen the relationship between Sweden and the Northeastern US,promotes Swedish trade interests and furthers exchanges in culture

150、and education.The Consulate General also provides assistance in a wide range of consular matters.CONTACT US BUSINESS SWEDEN Vlad Mnsson,US Country Manager vlad.manssonbusiness-sweden.se SWEDISH AMERICAN CHAMBERS OF COMMERCE Karin Hammar,Executive Director karin.hammarsacc-usa.org SWEDISH AMERICAN CHAMBER OF COMMERCE NEW YORK Anna Throne-Holst,President anna.throne-holstsaccny.org EMBASSY OF SWEDEN Charlotte Kramer,Commercial Officer charlotte.kramergov.se CONSULATE GENERAL OF SWEDEN IN NEW YORK Camilla Mellander,Consul General camilla.mellandergov.se