From the President

It is a great pleasure for me to provide you with the first annual report of the Norwegian-American Chamber of Commerce, Mid-Atlantic (NACC MA). The outstanding support and assistance from the Organizing Committee, our Secretary, Executive Committee, Board of Directors, Ad-Hoc committees, website sponsors, members, and especially the Royal Norwegian Embassy in Washington D.C., have greatly contributed to the successful start of our Chamber.

The main goals in 2002 were to structure the organization, develop by-laws, establish affiliation agreement with the national Norwegian-American Chamber of Commerce, incorporate as a non-profit separate legal entity, develop a membership base of 50 members, make website and information brochure, create a reserve fund, and arrange meetings for members with high profile Norwegians from the public and private sectors. I am pleased to report that all of these goals have been successfully completed, and I am confident that a strong foundation has been created to insure continued growth.

Even though a tremendous amount of work has been completed, there is still more to be done. Our future focus will gradually shift to expand the membership base, and further develop our business sector committees in order to become a successful and influential business oriented organization with active committees and programs to meet the common goals of creating new business opportunities and economic development across the Atlantic and among members.

Despite the downturn in the economy and tightened corporate budgets the Chamber has grown steadily from the Inaugural Meeting March 11, 2002 and had by the end of 2002, 18 member companies of which 10 were American, 7 Norwegian subsidiaries and one Norwegian. Among the 62 individual members, 32 represent the companies. The first Norwegian registered company to join was Kongsberg Defense & Aerospace. An effort will be made to get more Norwegian companies to join in 2003, to establish more direct communication across the Atlantic and to expand the potential for business opportunities and joint ventures between companies and members both in the U.S and Norway.

The U.S. is considered the most important market for Norwegian trade and business outside the European Union. NACC MA's region covers 8 states with a population of more than 31 million with an expanding economic base and presents a great potential for trade between Norway and the United States. In the middle of this, NACC MA enjoys the advantage of being located in Washington D.C., the world's most dominant capital where policy and decision makers from government and industry have significant influence on international affairs, trade and business.

The potential for new members and increased network building in this region is exceptional. NACC MA is solely based on membership fees and contributions from corporate and individual members. A new Recruitment and Program Committee is planned to secure funding of increased activities and augmented administrative efforts. In addition, supplementary sources of funding will be investigated to promote and enhance business related activities.

Once again, thank you all for your excellent support and assistance. I am looking forward to your continued support and participation in the future.