Business News in Brief: Government unveils ambitious plan to boost Danish firms in the global arena
The government has come up with a 22-point plan to make it easier for Danish companies to grow into global success-stories.
The plan, entitled ‘Working together for the companies of the future’, sets aside 800 million kroner in 2018, and the amount will rise to 2 billion kroner by 2025. The money should strengthen Danish business and create a better climate for investment and innovation.
Four groups of measures
The 22 measures are grouped under four main headings: ‘Innovation and shares’, ‘Digitalisation and business models’, ‘Lower costs for citizens and companies’, and ‘Globalisation’.
Under the first heading, the measures are designed to make it more profitable for people to start their own businesses. They include ways of amending the taxation system to support investment in shares.
Regarding digitalisation, in the autumn of 2017, the government will present a digital growth strategy designed to provide Danish companies with the best framework for exploiting possibilities offered by digitalisation and new technology.
In order to reduce costs for companies and citizens, a number of measures are already in play, such as reducing the tolls to cross the Great Belt Bridge and removing the duty on nuts. The government also plans to reduce the capital requirements for limited companies and generally reduce the administrative burden on companies.
Finally, under the globalisation heading, there will be proposals for tax reductions on research work, an amendment to the rules governing the tax paid by foreign researchers working for Danish institutions and companies, and a reduction in the registration fees for vessels on the Danish International Shipregister (DIS).
Queen to lead trade delegation to Ghana
In connection with the celebrations to commemorate 60 years of independence in Ghana, Queen Margrethe is set to lead a Danish trade delegation there from November 23-24. The visit is designed to underpin the existing Danish-Ghanaian co-operation under the umbrella ‘From aid to trade’ and contribute to the goodwill built up over the years through the work of Danida on the political and commercial front. One of the most important markets in West Africa, Ghana is expected to show economic growth of 7-8 percent per year over the next few years. The focus of the State Visit will be on farming and food, sustainability, the maritime sector, infrastructure and railways.
More Dong shares on offer
The US investment bank Goldman Sachs is offering 7.5 million Dong shares for sale. This amounts to around 1.78 percent of Dong’s total share capital, Bloomberg News reports. At the close of trading on Wednesday, the shares were valued at 2.47 billion kroner. In a controversial deal in 2014, the Danish government sold a large portion of Dong shares to Goldman Sachs. The deal resulted in claims they were sold too cheaply. Per Hansen from the internet brokers Nordnet says that “the most likely scenario is that Goldman Sachs will no longer be shareholders in Dong at the end of 2017.”
Baltic Pipe gas project a step closer to being realised
One of the most ambitious projects undertaken in the Baltic – a 550 km gas pipeline to provide Poland with Norwegian gas via Denmark – is closer to being given the go-ahead. The first phase of the hearings is now over, and there appears to be sufficient interest from investors, reports Ingeniøren. “We’ve had sufficient bids to continue as expected in the fast track, where we expect the pipeline to be inaugurated on October 1 2022, said , Sofie Leweson, the project leader of Baltic Pipe. The partners behind the project are transmission company Energinet and Gaz-System, which will share the costs, and the project is expected to cost between 12 and 15.5 billion kroner.