TTC plays a role in investment in northern Sweden

The TTC summit in Luleå this week, which included the US Secretary of State, affects the green transition in northern Sweden. So says Per-Erik Lindvall, Chairman of the Board of Talga, one of the companies invited to the event.

The Trade and Technology Council (TTC) discusses how business and trade between the EU and the US should be regulated, not least when it comes to investments in green technology. These are issues that determine the conditions for companies in northern Sweden that are now investing in the green transition.

"In the long term, it is crucial for us if our customers invest in the US instead of Europe. Battery factories prefer to have suppliers close by," says Per-Erik Lindvall, chairman of the board of Talga, which will mine graphite in Vittangi in Kiruna municipality and manufacture anode material for batteries in Luleå.

At the same time as old trade barriers such as steel tariffs are being dismantled, new tensions are building between the US and the EU. The US provides tax subsidies to companies that invest in green production, which attracts many companies in Europe, including the battery manufacturer Northvolt, which is considering setting up a new factory in the US instead of Germany. The EU is now responding with similar subsidies.

At the same time, the US and EU are on the same side when it comes to breaking dependence on China for key raw materials, such as the minerals and metals that Talga and LKAB are investing in producing.

How investments are subsidized and how supply chains are built and regulated is crucial for a supplier like Talga. 

"We have to adapt to our customers. It is crucial for us how supply chains for inputs such as innovation-critical minerals and metals are regulated," says Per-Erik Lindvall.

For a company like Talga, it is a mixed bag, according to Per-Erik Lindvall. On the one hand, it is desirable to regulate trade with countries like China. On the other hand, free trade is positive for companies in small countries like Sweden.

The meeting in Luleå was attended by US Secretary of State Antony Blinken, US Secretary of Commerce Katherine Tai and Secretary of Commerce Gina Raimondo, EU Commissioner for Trade Valdis Dombrovskis and Commissioner for Competitiveness Margrethe Vestager.

The Swedish government hosted the meeting and participated in parts of the program. The government was represented by Minister for Foreign Affairs Tobias Billström, Minister for Development Cooperation and Foreign Trade Johan Forssell and Minister for Energy and Enterprise Ebba Busch.

Previous TTC meetings have been held in Pittsburgh, Paris and Washington.

Lennart Håkansson

editor@northswedenbusiness.com