Insight
Insight
The Danish government has recently published its new Action Plan for Economic Diplomacy. The action plan sets global sustainability and social responsibility at the center of Denmark’s future economic diplomacy
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With the Action Plan, the Ministry of Foreign Affairs in cooperation with eight other ministries has zoomed in on global sustainability and social responsibility as focal points for Denmark’s future economic diplomacy. A strong Danish economy and Danish jobs are core priorities for the government. However, with the new Action Plan, growth and free trade will not be the sole objective for Danish economic diplomacy.
The Action Plan institutes a triple bottom line for Danish economic diplomacy that combines the desire for economic growth with ambitions for a global green, digital and socially sustainable transition.
For those looking to invest in Denmark, this means that an investment in Denmark will be an investment in the triple bottom line – in growth, sustainability and high social standards.
Another key element in the Action Plan is partnerships. Nine ministries and more than 40 stakeholders were involved in developing the Action PlanThis whole-of-government-approach serves as a great stepping-stone for an even closer dialogue between ministries and other government agencies, ensuring the development of the best possible framework conditions in Denmark for foreign investors.
Stronger partnerships between public and private actors will be a defining characteristic in the implementation of the Action Plan. This also means closer cooperation between state actors, municipalities, universities and other knowledge institutions to create attractive value propositions for foreign investors.
A tangible branch of this effort will be the development of a stronger coordination with the 14 national business clusters and the establishment of eight local business “lighthouses”. The aim of the business clusters and the new lighthouse will pool competences and knowledge within sectors, facilitating partner-searches within Denmark and supporting Danish ecosystems.
The business clusters and local lighthouses will also be a part of a greater effort to develop existing Danish sector-strongholds and create new ones. The Action Plan aims at utilizing strongholds within water, circular economy, energy, sustainable foods, agritech, life science, tech and digitisation, maritime, the defence and security industries and tourism.
To this end, the Action Plan presents a broad palette of instruments within different ministries and agencies with relevance to the private sector, aiming at strengthening the above-mentioned sectors and attracting foreign investments to these areas. The instruments, and more on the initiatives for each sector, can be found in the Action Plan below.
