Business News. AmCham Opens New Offices. Featured Event: AGM Wednesday, March 12 See page 2

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1 Business News The Official Newsletter of the American Chamber of Commerce in Denmark Member of the AmCham Network No. 1 Vol. 7 Jan/Feb 2008 AmCham Opens New Offices Featured Event: AGM Wednesday, March 12 See page Yearbook: Limited number of sponsorship opportunites available! Contact AmCham AmCham Denmark welcomes new members: Patron Colgate Palmolive Corporate Plus Public Relations A/S Associate LitePoint Europe ApS Crowne Plaza Copenhagen Towers For complete company listings, see last page. U.S. Ambassador Cain, flanked by AmCham Chairman Mark Luscombe, Citi, and Ambassador Anne Steffensen, Danish Trade Council, cutting the ribbon to officially opens AmCham's new offices. AmCham Denmark s January 16 Membership Reception was an oldfashioned ribbon cutting ceremony, complete with golden scissors and velvet rope. It was the official opening of AmCham s new offices at Christians Brygge 26 in Copenhagen. The new offices are just a few meters from the Chamber s previous location, where it had shared office space since U.S. Ambassador James P. Cain, Ambassador Anne Steffensen of the Danish Trade Council, and AmCham Continued on page 3. Issue highlights: Executive Director Addresses Labor Shortage th Annual Patron Dinner Held at Rydhave AmCham Presents Labor White Paper U.S. News Service Launched AmCham Sponsors: AmCham Business News January/February 2008

2 Chamber News AmCham Calendar: For a complete Events Calendar visit our website: March Roundtable w/ Minister for Employment Claus Hjort Frederiksen Tuesday, March 4 13:00 to 14:00 (closed meeting) Danish American Business Summit 2008 Competitiveness in Action March 6-7 UCLA campus (Los Angeles, California) AGM The War for Talent: Preparing Your Company for Battle Wednesday, March 12 14:30 to 18:00 Business Breakfast w/rick Dunham The Media s Role at the Ballot Box Thursday, March 27 April ESAC 2008 Executive Seminars in Analytical Chemistry Tuesday, April 15 08:30 to 16:00 The Faculty of Life Sciences, University of Copenhagen May Meet the Leaders w/minister for Health & Prevention Jakob Axel Nielsen Friday, May 9 (tentative) It's Time We Find a Solution Stephen Brugger, Executive Director In 2007 we listened closely to our members to ensure the barriers to their companies continued growth were clearly identified. The one barrier that stood out above and beyond all others was the shortage of highly qualified labor. If this shortage continues, Denmark, and the companies that operate within its borders, will find it increasingly difficult to grow and remain competitive. In 2008 AmCham will focus its efforts to make sure that this becomes a top-ofthe-list priority for Danish decision makers in the government. AmCham s first step in 2008 comes with the launch of our white paper: A Competitive Denmark: Short and long term solutions to the shortage of highly qualified labor. Our white paper comes on the heels of the Employment Minister s job plan to attract highly qualified foreign labor: Denmark A good place to work. Though the plan addresses some of the right issues, i.e. expatriate taxation and working visas, bolder steps must be taken to enhance their effectiveness not to mention these are predominately short term solutions! Missing from the plan are proposals to ensure that in the long term Denmark can better safeguard itself from the type of labor shortage it faces today. As a starting point for a constructive, cooperative dialogue, AmCham s white paper sets forth a series of recommendations (see page 5). In the coming months, we will engage the relevant ministries in a series of roundtable meetings to advocate for quick action. Finding solutions to the shortage of highly qualified labor is priority number one. The board of directors and staff of AmCham Denmark will work to keep it on the government s agenda until adequate supply is achieved. In 2008, we welcome your insight, expertise and participation. AmCham AGM: The War for Talent AmCham Denmark invites members to join us for our Annual General Meeting on March 12. This year s AGM will address one of the most pressing issues impacting business in Denmark the shortage of highly qualified labor. To help prepare your company to attract and manage talent, this year s AGM will feature Larry Hochman, globally recognized expert on Talent Management and The Future of HR. Hochman was named European Business Speaker of the year in 2001 and has spent 10 years in Senior Management roles with British Airways, being Larry Hochman the first person in Britain to hold the title of Director of People and Culture. Mark your calendars for March 12 and prepare for battle! AmCham Business News January/February 2008

3 Event Review AmCham Opens New Offices, continued from page 1. Chairman Mark Luscombe, managing director, Citi, participated in the ceremony at the offices, attended by more than 70 members, associates, friends and staff who mingled, networked and marked the occasion. AmCham s Executive Director, Stephen Brugger, welcomed the guests and said that the move is a major step in the development of the Chamber, which has grown steadily since its inception in 1999 to now represent more than 285 companies. The staff has grown from one to six. He recognized members of AmCham s board of directors in attendance, and gave a special thanks to the members of AmCham, without whom there would be no Chamber. Ambassador Steffensen credited AmCham with helping to put Denmark on the international investment map in recent years. She described how the Danish government, the U.S. Embassy and AmCham s common vision of a trans-atlantic marketplace can continue to play an important role. Ambassador Cain, before cutting the red ribbon, told the audience that there is no partnership that we treasure more than that we have with AmCham. On a personal note, Brugger recounted the experience of sharing busy office space next door over the years. He was the sole staff member upon joining the Chamber in 2001, There is no partnership that we treasure more than that we have with AmCham. Guests listen attentively to the speeches. and those who have worked with Brugger since then know of his unremitting effort to grow AmCham into the vibrant and forward-looking organization it is today. Along these lines, others pointed out the symbolism of the occasion. A member in attendance put it another way: The new offices are a symbol of the outstanding growth of the Chamber, not only in terms of the size of the staff, but also in the size and quality of the membership, said AmCham member Peter van Rossen, general manager of the Copenhagen Marriott Hotel. Ambassador Cain The Chamber s staff looks forward to seeing you at the new offices and at AmCham events this year. Sponsored by KRUKKERIET.com keramisk formgivning Board members Søren Holm, HESS (left), and Eskil Westh, Amrop Hever (right), with Paul Schofield, HESS. Martin Jørgensen, TWO+, with Carsten Ottosen, Lexmark. AmCham Chairman Mark Luscombe speaks with Danske Bank s Mogens Olesen and Bent Christensen AmCham Business News January/February 2008

4 Event Review AmCham Chairman Mark Luscombe thanks Patron members for their support. Jannick Pedersen, FranklinCovey - nordic approach (right) and Ambassador Cain present Søren Holm, Hess Denmark (center) with his prize of a two hour inspirational management work session. Ambassador Cain and Chris Shern, SAS (center), present tickets for two to any SAS destination in Europe to winner Peter Grøndahl, Danware Data (right). 6th Annual Dinner Party at Rydhave AmCham Denmark s 6th annual New Year's Patron Member Dinner exceeded all expectations. Hosted by U.S. Ambassador and Mrs. James P. Cain at their personal residence, Rydhave, this year's event was filled to capacity with Patron members and their spouses. The cuisine, prepared by the Ambassador's personal chef, Brian Skjøld, was nothing short of spectacular. Patron members are the backbone of AmCham. Per tradition, Cain welcomed guests into his home. AmCham Chairman Mark Luscombe offered heartfelt thanks to AmCham Denmark s Patron members saying, Patron members are the backbone of AmCham. While enjoying the extensive buffet, guests had the opportunity to get better acquainted with each other as they worked together to complete this year's mind teaser, the Board Game. Following dessert, guests were treated to a riveting performance by American concert pianist, Edward Eikner, on Rydhave's Steinway grand piano, which can be traced back to the residence's WWII ownership. AmCham Chairman Mark Luscombe, Citi Finally, guests gathered once again in the main entryway for the prize raffle sponsored by the evening's two co-sponsors, SAS - Scandinavian Airlines and FranklinCovey - nordic approach. Guests enjoy the music of renowned American concert pianist Edward Eikner. Sponsored by AmCham Business News January/February 2008

5 Chamber News AmCham Urges Bold Action on Labor Shortage As the voice of foreign companies in Denmark, AmCham has a vested interest in finding solutions to the shortage of highly qualified labor. Therefore, we are pleased to present our white paper Keeping Denmark Competitive: Short and long term solutions to the shortage of highly qualified labor focused recommendations to protect Denmark s competitiveness in the global economy (see box). It is crucial that actions taken today deliver results that ensure long term sustainability. Focusing on the education system and making personal tax more competitive will accomplish this. It will both secure a greater supply of highly skilled and educated foreign labor and increase the domestic supply of human capital. AmCham White Paper Recommendations Short-term Recommendations: Make the expatriate taxation program (KSL 48E) attractive and easy to use. Increase the scope and usability of the Job Card/Positive List. Long-term Recommendations: Incentivise more students to complete higher education programs and encourage their timely entry into the workforce. Commit to a plan to make Denmark s tax system globally competitive and attractive to highly skilled and educated labor. But foreign companies cannot wait forever. A global survey by McKinsey Quarterly conducted in November 2007 among some 1300 business leaders revealed that nearly 50% of the respondents expected intensifying competition for talent - and the increasingly global nature of that competition - to have a major effect on their companies over the next five years. No other global trend was considered nearly as significant. This sends a clear signal that something must be done to address the shortage of highly qualified labor. AmCham will seek open dialogue and debate regarding the recommendations outlined in the white paper with a series of planned meeting with key government decision makers in the coming months. To download white paper, go to AmCham / DAFF Super Bowl Party AmCham Denmark and the Danish American Football Federation welcomed 200 members and guests to the Scandic Copenhagen for an exclusive Super Bowl Party. The evening's program included an American-style "tailgating" welcome, a pregame warm-up featuring Ambassador Cain and TV2 NFL commentators Claus and Jesper Elming, traditional game-day food, and a live American feed of the game direct from Arizona. To read the full event review, go to AmCham Business News January/February 2008

6 U.S. News AmCham Launches U.S. News Service AmCham Denmark's new U.S. News Service is an online service providing timely insight into a range of important issues and events. Featured news and events impacting business in the U.S. include: U.S. legislation and treaties affecting trans- Atlantic trade, the economic climate, as well as the latest initiatives coming out of the U.S. Chamber of Commerce. If you are interested in joining the U.S. News Service mailing list, let us know at mail@amcham.dk or go to and look for the U.S. News & Info buttton! President Bush Amends Tax Treaty Between Denmark and the U.S. On December 28, 2007 President George W. Bush s signed the protocol to amend the existing 1999 bilateral income tax treaty between Denmark and the U.S. Thus a long ratification process ended between the two countries and a fourth U.S. income tax treaty with a European trading partner to eliminate the source-country tax on qualifying parent-subsidiary cross-border dividends was enacted. The provision of exclusive residencecountry taxation of certain intercompany dividends significantly reduces a remaining tax-related barrier to bilateral trade and investment flows between the two countries. It also brings the tax treaty relationship with Denmark into closer conformity with U.S. treaty policy. Under the former protocol the U.S. would impose a withholding tax of 5 percent or more on such dividends. In addition to the elimination of withholding taxes on certain dividends, the protocol includes a modernization of the treaty's Limitation on Benefits ( LOB ) provisions preventing treaty shopping which is the inappropriate use of a tax treaty by third-country residents, taking into account economic developments and changes in treaty practices over the past decade. AmCham thanks Carina Korsgaard from KPMG for her contribution. To read the full article, go to Let AmCham Keep You Up-to-Date on the U.S. Elections To help you make sense of this year's elections and keep you up-to-date on the latest happenings, AmCham Denmark has created a U.S. Election News Center as a single source for all your election news. The center provides in-depth coverage on: candidate profiles, the election timeline, upcoming U.S. Election Events and AmCham s very own Campaign Comment (see below). Additionally, AmCham will organize a series of election events throughout the year, culminating in a November election breakfast. To stay on the forefront of the U.S. elections, look for the U.S. button at AmCham Business News January/February 2008

7 New Members AmCham Welcomes 4 New Members Patron: Corporate: Associate: Michael Sload Colgate Palmolive Parallelvej Lyngby Tel: Fax: Website: Main Area of Business: Consumer products Business Markets: Global Contact: Michael Sload, General Manager Nordic Region U.S. Embassy News Nils Hansen Plus Public Relations A/S Ryvangs Alle Hellerup Tel: Fax: Website: Main Area of Business: Public Relations/Public Affairs Business Markets: Nordics Contact: Nils Rasmus Hansen, Managing Director U.S. Visa Application Fee Increases Effective January 1, 2008, the application fee for a U.S. nonimmigrant visa increased from DKK 600 to DKK 700. Applicants who paid the prior DKK 600 application fee and appear for visa interviews after January 31, 2008 must pay the difference DKK 100 before they will be interviewed. Please note that Post Denmark increased their fee s as well. Visa applicants must now bring a self-addressed stamped envelope with 76 DKK in postage to their scheduled visa interview. AmCham Thanks Gallery Fensmark To help adorn AmCham's new office walls, Gallery Fensmark will display paintings through the month of February. We encourage you to stop by! LitePoint Europe ApS Gydevang Allerød Tel: Fax: Website: Main Area of Business: Wireless test solutions Business Markets: Europe, Israel and Africa Contact: Jan Bo Nielsen, Managing Director Crowne Plaza Copenhagen Towers c/o CPH Hotel Management, Sjælsø Alle Allerød Tel: Fax: Website: Main Area of Business: Hotel and conference center (opening 2009) Business Markets: Denmark Contact: Allan Agerholm, CEO, Copenhagen Hotel Management AmCham Business News The American Chamber of Commerce in Denmark (AmCham Denmark) is a non-profit, non-governmental, business association representing more than 280 companies actively investing in Denmark. AmCham Denmark is committed to building a competitive, sustainable foreign investment environment in Denmark, and to doing its part to minimize barriers to trans-atlantic trade. Managing Editor: Scott Dille Writer: Scott Berman Event Photos: AmCham Layout & Design: Woer Gregorius Printed on: Contact Information: AmCham Denmark Christians Brygge 26 DK Copenhagen V Phone (+45) Fax (+45) mail@amcham.dk AmCham Business News January/February 2008