Business Climate Surveys

France has historically been an important trade partner for Sweden and this relationship keeps growing. With almost 68 million inhabitants, France is the third largest market in Europe, and the seventh largest economy in the world. In 2021, France was Sweden’s ninth biggest trading partner. 460 Swedish companies are established on the French market, with a total of more than 95,000 employees.

Despite slightly lower growth expectations, more companies said they will be increasing investments in Brazil during the next 12 months, adding up to 70 per cent of respondents this year. With this result, Brazil comes out as the second largest market where Swedish companies will increase investments in all markets analysed by the Business Climate Survey in 2022, only behind the UK.

Japan is the world’s third largest economy and Sweden’s third largest export market outside of Europe. Unsurprisingly, Japan is also a key market for Swedish companies with 40 per cent of companies reporting that at least 25 per cent of their total revenue for the Asia-Pacific (APAC) region is generated in Japan. It is our hope that this report will provide a fresh perspective and serve to create many new business opportunities between Japanese and Swedish companies.

Vietnam remains an emerging market which often requires presence on the ground. With a sizable population of over 97.3 million including the fastest expanding middle class in the Asia-Pacific, Vietnam is one of the key markets in Southeast Asia and is increasingly emerging as a manufacturing hub in the region. Overall, the majority of respondents remain positive of Vietnam’s business climate.

Mexico is the second largest market in Latin America, with almost 130 million inhabitants, and the 15th largest economy in the world. Thanks to its geographical proximity and strong trade relations with the United States, Mexico poses an interesting opportunity for manufacturing companies with sales in North America. It is our hope that this report will provide a fresh perspective and serve to create many new business opportunities between Mexican and Swedish companies.

Businesses in Singapore are struggling with rising inflation and supply-side bottlenecks. However, Swedish companies have over the year shifted from cost-savings to a sales-driven approach and investments and new establishments of Swedish companies in Singapore have remained strong.

Sweden and Indonesia have a long and successful history of exchanging ideas, knowledge and technology in a long-term partnership for mutual growth. With its population approaching 270 million, rising domestic demand and massive investments in physical and digital infrastructure, Indonesia is, without a doubt, a market with great potential for Swedish businesses.

Spain is the fourth largest economy in the EU and the 14th largest in the world, with a population of around 47 million people. Spain and Sweden’s long-standing trade relationship has been solid with a relative trade balance between the two countries. The Business Climate Survey for Spain 2022 reveals that Swedish companies in general viewed the business climate in 2021 as improved compared to 2020, with a more positive outlook on the future for their businesses.

As an emerging economy, South Africa has been a constantly attractive market for Swedish companies looking to expand within the region. There has been continuous investment into creating an enabling environment that fosters opportunities for economic growth. As “Team Sweden” in the region, we are constantly looking for new avenues of collaboration and growth focusing on sustainability, technology, and innovation.

In 2021 the Business Climate Survey was launched for the first time in the Netherlands. Most of the respondents, 76 per cent, then found the Dutch business climate good or very good. This year, as many as 84 per cent believe so.

In line with the overall market situation, many Swedish companies in China experienced a profitable 2021, and they saw stronger growth than the previous year. But they also faced a number of challenges. A key issue for companies was the trade impact from the pandemic as well as the barriers caused by the pandemic management in China.

Recently, Hong Kong was hit by the fifth wave of COVID-19 which took many lives and affected the city economically. Most respondents are still profitable, but the financial performance is weakening. Only a third of the companies are planning to increase their investments and some are even considering relocation. Yet, Hong Kong is still viewed to be on par with other cities or more competitive according to a majority.

As the largest economy in Europe and accounting for one quarter of the European Union’s GDP, Germany is Sweden’s most important trade partner. Throughout the turbulence of the past years, the relationship between Sweden and Germany remains strong. Most respondents expect both industry turnover and investments in Germany to increase in the coming year.

Sweden has a significant presence and a solid reputation in Mexico – Latin America’s second largest economy. Currently, there are over 150 companies in the country with a Swedish background. Swedish companies are present within most industries in Mexico, e.g., within security, construction, healthcare, retail, mining, and digital services to name but a few. Over the last decade, the Mexican economy has shown stable and robust growth providing a prosperous market for Swedish companies.

Swedish companies have a long history in Canada, with strong engagement, entrepreneurialism, and innovative thinking. This survey shows that the Canadian market offers excellent expansion opportunities for Swedish companies. Canada is a stable, growing, and competitive market, open to trade with foreign companies. Canada is recovering well from the initial shock of the Covid-19 pandemic with highly engaged federal and provincial government bodies.