MANILA -Sweden sees an improvement in trade with the Philippines this year, but an “improved bureaucracy” could power “stronger economic possibilities,” according to a senior Swede trade official.
“When I’m talking to the Swedish companies here, they tell me that there [are] very strong economic possibilities here. But, of course, there are always things that could be better. We are talking about bureaucracy, for example, an area which can be improved,” Sweden’s Minister for Foreign Trade Johan Forssell told reporters on Friday. He is in Manila for a two-day meet with local counterparts.
He said there were several areas where the Philippines and Sweden could have greater trade, including the energy sector, health, defense and security, and finance.
‘Trade goes both ways’
Home to retail chain and home furnishings company IKEA and multinational clothing company Hennes & Mauritz AB (H&M), Sweden remains a big trading partner of the Philippines, having imported $124 million worth of goods in 2022, more than double the prepandemic levels. Exports, on the other hand, grew by 10.5 percent to $152 million in 2019.
“I think it also attests to something important—that trade goes both ways, and that’s what we want it to be, a partnership” Forsell said.
The Philippines’ major export to Sweden is machinery, accounting for 75 percent of the total. Fish and fruit-related exports account for the rest.
According to Forssell, there are currently 40 Swedish brands which have local operations in the Philippines including IKEA and H&M.