Vlad, try the brown cheese. (Brunost isn't really cheese, more like cheese-adjacent but yummy nonetheless)
From NorwayToday:
What is more important to a country: a sense of national sovereignty or the bottom line of its national finances? This is the key question being asked and debated by the Norwegian political establishment recently. The rise of authoritarian countries, like Russia and China, in the region has worried some. The proliferation of economic muscle, in acquiring key Norwegian companies, resources, and infrastructure, whilst increasing their presence in the Arctic region is nervously being watched. Can Norway draw a line between the money and the politics of these countries?
Some authoritarian countries economies better-placed post-pandemic
The past year has seen the world economy blighted by the impacts of the COVID-19 pandemic. The pandemic has impacted every corner of the globe and every sector in the world economy. However, there are some countries that have emerged, post-lockdown, relatively unscathed.
Generally, those with an authoritarian regime, that are less bound by electoral cycles, individual freedoms, and market-driven economies, have been able to shut their country down efficiently. The ease at which countries can mobilize the military, to both enforce lockdowns and aid in mass vaccination programs, has helped in the quicker reopening of their economies than other freer countries.
These countries have thus been better placed to able be to take full advantage of a weaker global economy. The huge drop in international productivity, business, and trade has seen governments worldwide prop up sectors of their economy with enormous financial support. This has allowed an almost “firesale” of key strategic national companies and resources.
Recent acquisitions have sparked political debate
Norway has seen a surge of Chinese and Russian investment in recent years. The Chinese government-owned ChemChina acquisition of Elkem, from Orkla, in 2010 was seen as the start of this era. Having the Chinese government as the biggest shareholder in this strategic Norwegian chemical company, which produces precious metals and alloys, raised eyebrows.
The recent controversial NOK 1.6 billion sale of the Bergen Engines factory, in Hordvikneset, to the Russian-controlled TMH International is another example. The sale had tentative government support, in collaboration with four government ministries (Trade, Foreign Affairs, Defense, and Justice – who all signed off on the deal). However, as the largest client of Bergen Engines is the Norwegian Navy, there was concern, both from Norway’s military and fellow NATO members, about key military technology falling into Russian hands. The sale has been temporarily suspended due to “safety concerns,” according to Justice Minister Monica Mæland.
The past year, especially, has seen China and Russia increase their presence and flex their economic muscle in Norway due to a weaker economy affected by COVID-19. The impact of this pandemic on the travel industry saw the government bailout Norwegian Air Shuttle to the tune of nearly NOK 3 billion last year. With government support popping up a vulnerable airline, the Chinese state-owned BOAC Aviation Ltd company, according to Norwegian Broadcasting (NRK), swooped in to acquire 12.67% and thus become the second-largest shareholder.The government line is that both are private commercial transactions of which there should be no interference. However, not all are happy. The economic encroachment of authoritarian countries, into key strategic sectors of the Norwegian economy, has sparked a broad political discussion about the repercussions of such acquisitions.
Security Act update and intelligence service warning
The past decade has seen an aggressive rise, not just in financial markets, of authoritarian countries. There is a feeling that having such countries acquire a position in the Norwegian economy is not only bad business but also undermines national security. An updated version of the Security Act (Sikkerhetsloven) came into force in 2018 specifically to counter these aggressive acquisitions....
....MUCH MORE
HT: ZH
