Neither the rampant inflation and falling currency rates, nor the war and the approaching energy crisis — even against the background of the pandemic — could weaken the mood of investment promoters in Atlanta focused on the possibilities of art Europe last week.
In fact, with Federal Reserve SystemThe tightening of monetary policy, which has sent the dollar to its strongest in decades against the euro and the British pound, is selling out the continent to both tourists and those interested in European deals.
This was the mood of diplomats and representatives of economic development during the personal return “Springboard to Europe” symposium. held at the offices of Midtown of Fraser and Dieter, accounting firm
They did not completely bury their heads in the sand, but the speakers who represented the governments of some countries Western EuropeRussia’s largest economies have taken a constructive approach, focusing on their ties to Georgia and the Southeast and outlining how their countries can be best suited for companies navigating the uncertain waters of the global economy.
They also sought to showcase the many agencies and resources — both local to Atlanta and in their respective regions — that can help companies in pharmaceuticals, fintech, film and more making inroads into their markets, especially in lesser-known regions. American investors.
Irish Consul General Caoimhe Ni Chonchuir said that Europe has made key successes in protecting its single market, especially after the upheavals of the 2008 global financial crisis, Brexit in 2016 and now COVID-19.
“The result of all these interrelated crises is the recognition that the transatlantic trade relationship is more important than ever,” said Ms Ni Chonchuir. “So I feel now is the time to invest in Europe, to invest in stable and sustainable economies.”
She praised Europe’s response to crises — from political uncertainty to fiscal disagreements — that have at times threatened the viability of the European experiment. The war in Ukraine is simply forcing a final reversal, she said.
“We have seen very ambitious green transition plans to counter the consequences of these energy upheavals. You also noticed a great deal of solidarity in the response to Ukraine… In fact, the experience of recent months has only increased the value of Europe to the United States.”
Although many are warning of a cold winter of shortages that will affect both households and companies, Francenew consul general Anne-Laure Dejonkersaid the energy crisis caused by Russia’s invasion of Ukraine is accelerating the transition to green energy in the country that hosted the landmark Paris climate accords.
In France, whose abundant nuclear power has helped it blunt some of the effects of high natural gas prices and limited supplies from Russia, a new plan is allocating tens of billions of dollars to ambitious goals for hydrogen, electric cars and cutting greenhouse emissions by 2030.
“Crisis is a catalyst for change and we must see it as an opportunity,” Ms. Dejonqueres said.
Michelle Gerabtsoff, Belgian consul general, said the past two years of uncertainty had marked a shift away from timely supply chains, particularly in sensitive sectors. This has led to record numbers of foreign investment in both Europe and the US as companies set up manufacturing facilities to cope with increased regulation and the need for more decentralized distribution networks.
“We’re seeing companies hedging their bets by multiplying their (research and development) centers and manufacturing,” Mr. Herabtsoff said.
He added that politics has returned to trade, and export controls and investment verification have become daily life for companies. sending goods and services across borders. The US and Europe should use the opportunity their alliance provides to harmonize some rules to make it easier for small companies to do business.
Although some dealmakers have warned that transatlantic mergers may stall, Germany’s consul general Melanie Moltman said that Gemran companies continue to work actively in the manufacturing (especially automotive) and food industries.
The weak euro, which fell below parity with the dollar this week, is a “challenge” but it also presents opportunities for exporters in Germany, which are still heavily dependent on foreign purchases of their equipment and other goods.
Switzerland– said the consul general Urs Bronnimann, aims to be a “reliable partner” for both the EU and the US at this time of uncertainty. The Alpine nation of 9 million people, famous for its neutrality and its precise manufacturing, has made waves by signing up to EU financial sanctions against Russia. Mr Bronnimann said Switzerland could remain militarily neutral as long as its political leaders ensured that its banking system was not used to support Russia’s military efforts.
Dan Bangser, New York representative Swiss Business Center USAwhich also has an office in Atlanta, said that Switzerland is “not only an island of neutrality, but also an island of stability” — boring at best, but innovative when it comes to regulatory and tax policies.
“For companies that want to reduce the risk of investing abroad, this is a very good place to hedge,” he said, touting the 13 percent average tax rate and a set of tax authorities that will meet with investment prospects before they put down roots and sign the mandatory tax document that gives them predictability in future transactions.
Mr. Bangser was one of the trade and investment agency representatives on the second panel he moderated Arnall Golden Gregory LLP lawyer Quiet Stahl lay out the nuts and bolts of each location’s investment aid.
Other participating agencies are included IDA Ireland, NEtherlands Foreign Investment Agency, UK Department for International Trade, NRW.Global Business from the German state North Rhine-Westphalia and Business France.
The third group headed by Adam Bradley with Great Britain law firm Taylor Winters looked at the implications of trade with the EU in a post-Brexit world.
See the full agenda and list of speakers here.