The Asia-Pacific region holds a substantial share of the world’s largest and fastest growing economies. So many, in fact, that it currently is the growth engine of world, generating over 50 percent of global growth, a number set to increase further. APAC is also home to 22 of the world’s 37 megacities and by 2020 it will hold the largest middle-class population in the world, a population that has already as surpassed Europe in consumption. It will become the world’s largest market within the next five years.
Ripe with opportunity
So, for many companies it has become crucial to establish a foothold in the region simply because it is so ripe with opportunity. Many large Swedish industrial companies already have a strong heritage there, having entered the market several decades ago. As a result, Swedish products and brands have an established reputation of quality and cutting-edge technology. But entering APAC can also be seen as a particularly tough task, and Swedish SME export to the region are presently lagging behind its European peers. Studies have shown that they find it challenging because of the distance, cultural differences, perceived business risk, and also their own bottlenecks in terms of limited resources, etc.
An appetite for sustainable innovation
But the potential is truly massive, not least because environmental sustainability remains the region’s greatest competitiveness constraint, leading to a large appetite for new, sustainable innovation. And this, of course, is the hallmark of Swedish companies. However, penetrating a region such as APAC will always be a challenge that requires a unique approach.
Our presence in Asia-Pacific
After all, more than 20 countries make up the Asia-Pacific market – a gigantic region with a diverse set of cultures, religions, languages and social trends that differ from city to city. This is where Business Sweden can help. We have an APAC desk in Sweden and business developers on the ground throughout the region itself, all with in-depth and inside knowledge about each corner of the different markets.