With its strategic location between the West and the East, the small nation-state of Singapore is a global and economic centre with a wide network of bilateral and multilateral trade agreements. A strong trading partner with Sweden, it’s a popular home for Swedish businesses that need easy access to markets throughout the greater Asia-Pacific region.
This report presents the eighth edition of our Business Climate Survey of Swedish companies
operating in Singapore. Overall, opinions are somewhat muted, although 71 per cent of respondents reported being profitable, and the outlook for 2025 is positive, with 55 per cent expecting an increase in turnover.
Singapore’s relationship with Sweden goes back to 1966, just a year after it became an independent nation. Trade relations between the two have flourished since then, especially in sectors such as defence, telecommunications, sciences, medicine, and sustainability. There’s also been an increase in new Swedish companies establishing offices in Singapore in recent years, along with more support and opportunities for Swedish enterprises.
The ‘Swedish brand’ does have some impact in Singapore, but not very much. While Singaporeans do associate Sweden with things like Scandinavian design and fashionable clothing, the concepts themselves were more well-known than specific brands like H&M, IKEA, and Volvo. Respondents also indicate that though the Swedish brand still provides a net positive in the Singaporean market, it’s smaller than in previous years.
Singapore’s increased emphasis on sustainability – such as its Singapore Green Plan 2030, a whole-of-nation initiative to drive the green transition – enables a host of opportunities for Swedish companies, especially many firms that are leaders in sustainable development within their sectors. This is where Swedish businesses can bring substantial value, offering high-quality, sustainable solutions with world-class levels of green innovation.
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ABOUT THE SURVEY
By obtaining factual insights into the performance and challenges faced by Swedish enterprises in Singapore, the Business Climate Survey creates a comprehensive assessment of Swedish companies operating in Singapore, against the backdrop of the country’s macroeconomic outlook. This year’s Business Climate Survey for Singapore was conducted with the participation of 78 Swedish companies active in the Singaporean market. The respondents represent a diverse range of business profiles and sizes.
We would like to extend our gratitude to all participants for their time and insights, which were instrumental in shaping this report, but also helping Team Sweden’s efforts to continue accelerating business growth and sustainable development. Team Sweden in Singapore is proud to continue fostering strong bilateral relations between Sweden and Singapore and supporting the growth of Swedish companies in both the Singaporean market and elsewhere.
