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Business Profile
Economy: Sweden boasts one of Europe’s most advanced industrial economies and one of the highest standards of social welfare in the world. It also boasts a relatively large number of world-class multinational companies (Volvo, Ericsson). A prolonged period of peace, which included a policy of neutrality during both World Wars, has contributed much to its economic development. Over half of the country is covered by forest, supplying raw material for the wood-based industries – paper, wood pulp and finished products such as furniture – which account for 20 per cent of Swedish material exports. Most of the country’s agriculture is concentrated in the south and central regions and produces dairy products, meat, cereals and vegetables. The agricultural and fisheries sector is, however, fairly insignificant today, accounting for just two per cent of GDP. Sweden has a strong industrial sector which produces a number of major exports including vehicles, office and telecommunications equipment, iron and steel, wood products and chemicals. The country is rich in mineral resources, which include 15 per cent of the world’s known uranium deposits and large deposits of iron ore, copper, lead and zinc. Lacking fossil fuel deposits, Sweden has large nuclear power and hydroelectric programmes, which meet over 80 per cent of its energy needs.
Sweden was a long-standing member of the European Free Trade Association (EFTA), which linked most Western European economies outside the European Union, before it finally joined the EU in 1995. Uncertainties about the consequences of integration, however, led Swedes to draw back from entering the euro-zone upon its inception in 1999. Since then, one of the country’s key industries, information and communications technology, has suffered a serious downturn, but Stockholm is still one of the world’s leading centres for information technology. By and large, the rest of the economy is also now fairly stagnant. Annual growth has fallen from its 1990s average of around five per cent (among the highest in the EU) to under two per cent. Unemployment has crept up to five per cent. Sweden’s major bilateral trading partners are Germany, the UK, Norway, Denmark and the USA.
Business: Business people are expected to dress smartly. English is widely spoken in business circles. Punctuality is important for business and social occasions. Business cards are commonly used. Office hours: Flexible working hours are a widespread practice, with lunch between 1200-1300.
Commercial Information: The following organisation can offer advice: Stockholm Chamber of Commerce, Box 16050, 10321 Stockholm (tel: (8) 5551 0000; fax: (8) 5663 1600; e-mail: info@chamber.se; website: www.chamber.se).
There are also chambers of commerce for other major towns and regions in Sweden.
Conferences/Conventions: The main venues are in Stockholm, Gothenburg and Malmö; the Swedish Travel & Tourism Council also lists two in Lapland. The Globe Arena in Stockholm can seat up to 5000 persons and there are other venues in the city catering for up to 3000 persons. Elsewhere in Sweden most venues have facilities for 200-500 persons (although Malmö and Gothenburg have capacity for 1500). Contact the Swedish Travel & Tourism Council for more information (see Contact Addresses section); or Stockholm Information Service, Hamngatan 27, PO Box 7542, SE-103 93 Stockholm (tel: (8) 789 2400; fax: (8) 789 2450; e-mail: congress@stoinfo.se; website: www.stockholmtown.com/congress); or Gothenburg Convention Bureau, Mässans Gata 8, SE-412 51 Gothenburg (tel: (31) 615 200; fax: (31) 811 048; e-mail: convention.bureau@gbg-co.se; website: www.goteborg.com); or Malmö Congress Bureau, Centralstationen, SE-21120 Malmö (tel: (40) 342 204; fax: (40) 342 211; e-mail: konferens@malmo.se; website: www.malmo.se).
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