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Business Business Profile Quite simply, Stockholm is the financial, business and economic hub of Sweden, with most major business transactions and major Swedish companies – such as Ericsson, Electrolux, Ikea, Saab and Volvo – all based in the capital. Further afield, Stockholm is also a major regional player, principally in the merging Baltic markets and within the EU. Although Sweden has opted to stay out of the EMU (European Monetary Union) and thus not adopt the Euro as its currency, the city’s major trading partners are all European. The offices around Sergelstog and Hamngatan manage one of the most powerful economies in Europe. Both Stockholm and the larger Swedish economy have adapted to the decline in its traditional engineering base by diversifying into telecommunications and other ideas and design-based industries, especially mobile communications and information technology (IT). In 2000, an IDC survey put Sweden ahead of the US as the world’s leading IT nation. However, 2001 was a less positive year for the economy than expected, with GDP growth of only 1.5 % compared to 3.6% in 2000. The country is heavily dependent on exports and the rapid downturn in the IT and telecom sectors affected the economy, particularly in the Stockholm region. Among the countries of the Organisation for Economic Co-operation and Development (OECD), Sweden devotes the highest percentage of its GDP to research and development. Standing at 2.4%, unemployment in the city is considerably lower than the national average of 3.1%. Roughly 75% of the Swedish information and electronics industry is located in the Greater Stockholm area. Global companies with a presence in Stockholm include KPMG and Sheraton. Stockholm’s place in the top ten of international congress and conference venues further reinforces its position in the global trade circuit. Translation services are available from Activator RW-Consult AB, Storhagsv 23 (tel (08) 749 0925; website: www.activator.se). The Stockholm Chamber of Commerce, Vastra Tradgardsgatan (tel: (08) 5551 0000; fax (08) 5663 1600; website: www.chamber.se), provides information on many aspects of doing business in the city. There are a number of Internet cafés in Stockholm. Kulturhusets Internetcafe, Sergels Torg, is conveniently located in the city centre. Business Etiquette Swedes pride themselves on their co-operative, egalitarian spirit in the workplace. In theory at least, issues of status and hierarchy are far less important than in many other countries – most people use their first names in the workplace and elaborate deference is definitely out of fashion. Management style is consensual rather than authoritarian. Since Stockholm is the capital, the city sees itself as setting the tone and pace for the rest of the country. Nevertheless, however relaxed Swedes are about power and authority, they are strict timekeepers and punctuality is expected for both work and play. Standard working hours are 0900-1800 but flexible hours are common practice. They also stick to the point – personal chat is generally left until the real business is done and dusted. Smart dress is still the norm, although more casual attire is being adopted in the new industries such as IT and Internet businesses. Most business socialising is done away from the home, at bars and restaurants. Dinners tend to be quite boozy affairs, although at lunches water is often substituted for alcohol. |
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