Swedish furniture company Ikea will invest more than $2.2bn in the US, according to a company announcement on April 20. This marks the company’s biggest investment in the country to date. 

The firm expects to open eight new stores, launch 900 new pick-up locations and create more than 2000 jobs. Over the past year, Ikea’s US subsidiary has opened 15 customer pick-up locations and announced new stores in San Francisco and in Arlington, Virginia.   

“The US is one of our most important markets, and we see endless opportunities to grow there and get closer to the many Americans with affordable products and services,” Tolga Öncü, head of Ikea retail, said in the company’s statement.  

US firms up reverse-CFIUS plans

US treasury secretary Janet Yellen has confirmed that Washington is looking to screen outbound investments in a move that is tipped to curtail local firms and funds heading to China.

“We are considering a programme to restrict certain US outbound investments in specific sensitive technologies with significant national security implications,” she said during a speech at the Johns Hopkins School of Advanced International Studies on April 20. 

She remarked that the US’s economic approach to China has three constituent parts: defending national security; seeking a “healthy” economic relationship; and cooperation with Beijing on macroeconomic, climate and debt-related issues. “These national security actions are not designed for us to gain a competitive economic advantage, or stifle China’s economic and technological modernisation,” she stressed. 

In October, the US imposed export controls on advanced computing and semiconductor manufacturing items bound for China in the name of national security.

Heineken finds buyer for Russian business

Dutch multinational brewing company Heineken has signalled that it has found a buyer for its Russian business. 

“We continue to make progress to transfer the ownership of our business in Russia and an application has been submitted for approval to the authorities in the Russian Federation in-line with local regulatory requirements,” the company said in its 2023 first quarter earnings published on April 19. “If and when we have approval, we will share further details about the buyer and agreement”.

On March 28 last year, Heineken announced its intention to leave Russia following the full-scale invasion of Ukraine, stating that it will not profit from any transfer of ownership nor accept any net financial benefits or profit from its business in the country.

And finally: Chinese car manufacturer Changan Automobile is set to invest Bt9.8bn ($285m) in Thailand, the country’s board of investment announced on April 20.