International Review: The Kingdom of Denmark
In this article of the author’s cycle of FEZ Grodnoinvest administration about investment, industrial and trade cooperation prospects with businesses from different countries - International Review - we will talk about the country with the oldest national flag in the world, a home of an outstanding writer Hans Christian Andersen and, according to the research of the University of Cambridge, the home of the happiest and most serene people - the Kingdom of Denmark.
The Kingdom of Denmark - a state in Northern Europe, which includes the Faroe Islands and Greenland on the rights of autonomy. It is washed by the Baltic and North Seas. Denmark is among the small European states, both in terms of population and territory. The territory of the country is 43 km², the population - 5.6 million people (91% Danes). The capital of Denmark is Copenhagen, the monetary unit - the Danish krone, the official language - Danish.
The state system is a constitutional monarchy. The head of state is Queen Margrethe II (ascended the throne on January 14, 1972). In accordance with the Constitution, the legislative power belongs to the Queen and the Folketing (unicameral parliament), the executive - to the Queen and the government. Lars L. Rasmussen is the Prime Minister of the country since 2015 . Denmark has been a member of the European Union since 1973, but is still not a part of the eurozone.
Denmark has one of the most stable economies in Europe, it is characterized by a balanced state budget, a stable currency, low interest rates and low inflation. Rated «DoingBusiness2018» Denmark is recognized as one of the best countries to start and run business. In this list, it ranks third, just after Singapore and New Zealand. According to analysts of the World Bank, Denmark is the best country in Europe for innovation.
Interesting fact. The Danish monarchy, established in 899, is the oldest in Europe and second in the world after the Japanese.
Denmark's GDP in 2018 amounted to $ 350.8 billion, which is 6.37% more than in 2017. Export of goods and services in 2018 amounted to $ 192 billion, which is 6.51% higher than in 2017. Import of goods and services - $ 174 billion, 11.1% higher than in 2017.
The most important trading partners of Denmark are Germany, Sweden, the United Kingdom and Norway, from non-European countries - the United States and Japan. Denmark is a member of the EU, OECD, WTO and is actively involved in promoting free trade without barriers.
Industrial production accounts for 13% of the country's GDP. The leading industries in Denmark are metalworking, mechanical engineering and instrument-making (34% of the total industrial output), food processing (26%), chemical (16.5%), pulp and paper, printing (8.5%), woodworking and furniture industry (7.8%).
Interesting fact. Favorite Danish vehicle is a bicycle. Many local residents can not afford to buy a car because of the large tax on owning this type of transport.
The peculiarity of Danish industry structure is a significant number of small and medium enterprises. Only 3% of companies have staff of over 100 people. The SME sector accounts for 70% of industrial production, 80% of merchandise export and 60% of all people employed in the country.
Danish companies are leaders in the global markets for wind power plants, energy-saving equipment for housing and utilities, equipment for the cement and mining industries, catalysts for the oil and chemical industries. The Kingdom occupies one of the leading places in the world in the production of refrigeration equipment, equipment for the brewing and food industry, and is also a world leader in the development and production of hearing aids in the highest price segment.
COOPERATION OF DENMARK AND BELARUS
Diplomatic relations between the Republic of Belarus and the Kingdom of Denmark were established in February 1992. In 2018, the turnover of Belarus and Denmark amounted to $ 153.2 million (143.7% compared to 2017), export - $ 27.8 million (growth rate - 210.7%), import - $ 125,4 million (growth rate - 141.28%).
The most significant types of Belarusian export to Denmark:
- fuel wood;
- construction parts made of plastic;
- carpentry construction products;
- plastic fittings and hoses.
In 2018, the mutual turnover of services amounted to $ 67.51 million. Export of Belarusian services - $ 25.63 million (162.4% to 2017), import - $ 41.88 million (118.3%). The basis of import services:
- transportation ($ 37.1 million);
- use of intellectual property ($ 1.9 million).
At the end of 2018, the volume of Danish investments on a net basis amounted to $ 10.8 million. 26 organizations with Danish capital are registered in Belarus.
COOPERATION OF FEZ GROZNOINVEST AND DENMARK
In 2018, the turnover of FEZ residents with Denmark amounted to $ 3.3 million. For 5 months in 2019, the export of FEZ residents to Denmark amounted to $ 422 000 and was formed by the supply of furniture and wood products. Promising areas of cooperation are:
- machine building and metalworking;
- production of automotive components;
- woodworking and furniture production;
- food industry;
If there is any interest of Belarusian companies in cooperation with Denmark business the administration of FEZ is ready to assist in establishing contacts and organizing negotiations on the implementation of joint projects. Just email us: firstname.lastname@example.org or call: +375 152 41-23-17.