Sweden has identified the Philippines as one of its priority markets in Southeast Asia, as the country’s sustained, strong economic growth has yielded substantial opportunities for increased trade and investments.
This positive development prompted Sweden to reopen its embassy here, the inauguration of which was led by Mikael Damberg, Minister of Enterprise and Innovation of Sweden.
Damberg also led Sweden’s biggest business delegation to the Philippines, comprised of 70 top ranking officials representing some 30 companies engaged in infrastructure, information and communications technology (ICT), healthcare, telecommunications, as well as defense and security.
According to Damberg, the reopening of the Embassy of Sweden in the Philippines was seen as a starting point for closer cooperation between the two countries.
He likewise stressed the importance of having a full embassy here given the “huge interest” of Swedish businesses to expand their presence in the country.
“We see the Philippines not only as an exciting country, but also an important market in the region. This is part of the Swedish trade strategy to be more present in Southeast Asia and the Philippines is a vital part of that,” Damberg said.
“We have a strategic plan to be more present in the region and in the emerging markets. A weak spot in the Swedish economy is that we’re not as present in this region as we want to be and that’s why you should see the reopening [of the embassy] as one part of that strategy,” he explained.
The Swedish minister, along with the business delegation, has also met with Transportation Secretary Arthur Tugade and Trade Secretary Ramon Lopez, both of whom have showcased the different opportunities for trade and investments here.
More manufacturing investments from Swedish companies are also expected over the next several years should the partnerships materialize.
Ylva Berg, president and CEO of the Swedish Trade and Invest Council, meanwhile, noted that their group’s primary interests were ICT, transportation, as well defense and security, which included surveillance and defense systems.
Berg said having the biggest Swedish delegation to the Philippines only meant that “we have seen promising developments in the Philippines in the past five to six years—both that the Philippines is a very big country being the 12th largest country people-wise, and that the GDP has grown 5 to 6 percent over the last five to six years and close to 7 percent in the past two quarters,” Berg said.
“All in all, we are impressed by the development and growth of GDP here … At the same time, we are closely following how well your regulations are being followed in the society. We need to know it’s a stable society because otherwise, the risk will be too high for companies to invest. But it looks very interesting as it is. It’s [now] a judgement that companies need to do by themselves,” she added.