Synopsis "Business Opportunities in Sweden"
The Nordic region of countries (Sweden, Norway, Denmark, Finland, Iceland) represents leading free-trading nations, with economies dependent on international trade and businesses operating largely free of political influences. The Commercial Service offices in these countries work closely together to combine assistance to U.S. companies entering these markets. One very distinct advantage for all Nordic countries for U.S. exporters is the common vernacular of English in commerce. Business agreements are reliable, travel and communication infrastructures are first-rate, and the area is one of the least corrupt, most high-tech, and most competitive regional economies in the world. Historically, because of much immigration to the U.S. in the 1800s and early 1900s, Nordic countries have deep ties with the U.S. There are 4.3 million Americans of Swedish ancestry living in the U.S., with only 9.4 million Swedes living in Sweden. In comparison to the U.S., Nordic countries are very experienced in exports even with high cost of labor and high living costs. Although the Nordics were affected by the financial downturn in 2008, with the exception of Iceland, Nordic countries have not been burdened to the same extent as the U.S. and small EU countries. In Sweden's case, because of Sweden's financial crisis in the 1990s, the country had safeguards in place to protect its banking sector, with the exception of investments in Latvia. For the foreseeable future, the Nordics' main economic challenges are the development of new job markets, especially for youth, while maintaining a high-cost welfare system without substantial increase in taxes. Swedish and other Nordic companies have much experience in international trade and leverage government programs when possible. Sustainable economic development ranks high in importance. Nordic companies and their governments express great interest in working with U.S. companies and USG officials on renewable power and energy efficiency, identified frequently in the Nordics as "cleantech." In parallel, Nordic companies also want to invest in regions of the U.S. where sustainable infrastructure is supported by regional governments. In 2010, Stockholm was recognized as the EU's first green capital and scheduled events, many in collaboration with the U.S. Embassy, that profiled sustainable infrastructure and international cleantech partnerships.
