Doing Business in Sweden Lisen Stenberg, Trade Adviser, UKTI Sweden 2 Presentation title - edit in the Master slide Sweden – Key Facts • 450,000 sq. km – approx. twice the size of the UK • Sweden is 3rd largest country in Western Europe • Largest market in the Nordic region • Sweden Population: 9.6 million (Denmark- 5.6 million, Finland- 5.4 million, Norway-5 million, Iceland- 320,000) • Capital: Stockholm (Greater)- 2.1 million • Second and third largest cities: Gothenburg (Greater) 928,000 and Malmo (Greater)- 656,000 • 85% of Swedes live in cities • 97% of Sweden uninhabited • Constitutional monarchy, parliamentary democracy • The Social Democrats ruling in coalition with the Green Party since september 2014. 3 Economic Overview – Key Statistics • Forecast GDP growth 2014: 2 %, 2015: 2.7% and 2016: 3.3%. • Currency: 1 Krona (SEK) = 100 öre • Exchange rate - GBP 11.809 • Corporate tax 22% • Repo rate 0 % Oct 2014 • Unemployment rate 7.2% (September 2014) • Inflation rate -0,4% (September 2014) • General VAT level in Sweden is 25% 4 Swedish Consumption • In Sweden, the average household net-adjusted disposable income is 15 723 GBP a year compared with 16 119 GBP a year in the UK. Consumption Expenditure By Product Category as % of Total Expenditure 2011 Food and non-alcoholic beverages Alcoholic beverages, tobacco and related products Clothing and footwear Housing, water, electricity, gas and other fuels Furnishings, household equipment and routine maintenance of the house Health Transport Communication Recreation and culture Education Restaurants and hotels Miscellaneous goods and services 5 Source: UN Data obtained through www.santandertrade.com % 12.4% 3.6% 4.9% 27.1% 4.9% 3.4% 13.5% 3.4% 11.1% 0.3% 5.7% 10.5% Strong Trade Ties Between UK and Sweden • Main export goods: Electronic and telecom equipment, mechanical engineering, transport equipment, wood & paper, chemical products and mineral products. • Main import goods: Electronic and telecom equipment, machinery, food, crude oil, textile products, passenger cars. • Sweden was the UK’s 12th largest export market in 2013 (£5.8 bn) • Sweden was the UK’s 14th largest source of imports in 2013 (£7.5 bn) • UK was Sweden’s 5th largest export market in 2013 (£7 bn) • UK was Sweden’s 5th largest source of imports in 2013 (£6 bn) 6 Swedish Business 7 Business Opportunities Transport & Infrastructure Automotive Industry Life Science Fashion & Retail 8 Business Opportunities Continued Renewable Energy ICT, Electronics and Telecoms 9 Defence & Security Major Upcoming Events in Sweden Internetdagarna 24-25 Nov, Stockholm. (ICT) Formex 14-17 January 2015, Stockholm (Interior design/consumer goods) SkogsElmia 4-6 June 2015 (wood and construction) Nordic Life Science Days 8-9 Sep 2015, Stockholm. (Life science) Natural Products Scandinavia Elmia Subcontractor 1-2 Nov 2015, Malmö. (Consumer goods) 10-13 Nov 2015, Jönköping. (Manufacturing) Gastro Nord & Vinordic 26-19 Apr 2016 Stockholm. (Food & Drink) NordBygg 5-8 Apr 2016, Stockholm. (Construction) 10 UKTI activities in market Export Insight Visit Market research & contact making 11 Sector focused trade missions Promotional events Business Culture 12 Direct Communication Efficient Non-hierarchical Structured Market entry considerations Customs & Regulations Market entry • Sweden is a member of GATT, the • Generally speaking no operating WTO and the EU. licences are required to conduct • If goods are produced in the UK they business in Sweden – some are not liable to pay import duty. exceptions. Tenders Labelling • Public procurement in Sweden • Sweden follows the general EU follows the corresponding EU legislation on packaging and directive through the Swedish law on labelling. public procurement LOU. • Prescribed labelling information • Swedish Competition Authority is the should be in Swedish. supervisory body. 13 Main Considerations Vast geographical size Consensus decision making Sophisticated marketing material Work/life balance Meetings with potential Mature market, competitive Niche/Exclusive/USP 14 Visit market soon after research Who to contact in the Swedish Market? • UKTI (www.ukti.gov.uk) • Business Sweden (www.business-sweden.se) • Swedish Tax Agency (www.skatteverket.se) • Verksamt.se (www.verksamt.se) • Swedish National Board of Trade • (www.kommers.se) • Swedish Federation of Trade • (www.svenskhandel.se) • Relevant Trade Associations • Statistics Sweden • BSCC 15 (www.bscc.info) (www.scb.se) Questions? 16 Presentation title - edit in the Master slide
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