Swedish businesses in Canada tend to endure. Year after year, Canada and Sweden grow closer and continue to find new opportunities to learn from one another. With rising uncertainty in the world and new economic and geopolitical pressures, Canada is a haven for companies wanting to do business in a safe and prosperous country.
The average Swedish company that answered our Business Climate Survey is a large-scale organisation, with 1000+ employees worldwide, who have had a presence in Canada for many years and have a healthy understanding of the Canadian market.
Companies report a downward trend in Canadians’ sustainable purchasing decisions. Only 69% of Canadians consider environmental aspects in their purchases compared to 89% in 2022. But overall, Canadians are highly conscious of climate change and its impacts, with 7 in 10 Canadians orienting their decisions with sustainability criteria in mind.
Swedish firms’ operations are highly profitable. In the last 12 months, Swedish businesses reported their most profitable year of business in Canada since the initiation of the annual Business Climate Survey. Over 75 per cent of firms reported profitability in their financial performance – a 12 per cent rise since 2022.
For Swedish companies who have invested time and effort into the Canadian market, the reward is significant. In 2023, 70 per cent of Swedish firms stated that the Swedish brand contributes to their business in Canada.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
Team Sweden creates and updates this report annually to increase the understanding of Swedish companies’ performance in Canada and to deepen the appreciation of the opportunities and challenges that the Canadian market represents. In 2023, 33 companies answered Team Sweden’s annual Business Climate Survey.
This report may be used for research purposes on the business environment in Canada from a Swedish perspective. In addition, it may serve as a reference in bilateral trade dialogues between Sweden and Canada.
Finally, we would like to extend our most sincere gratitude to the participating companies and respondents who have contributed their valuable insight to this report.