Apr 3, 2006
Swedish deputy minister of trade bullish about the UAE
There are 120 Swedish companies active in the UAE, many of them well-known to the general public including Ericsson, IKEA, Saab, Volvo, Tetra Pak, and ABB and the Swedish government is encouraging more companies to take advantage of the opportunities here.
Speaking to Khaleej Times this week, Swedish deputy minister of trade Lars-Olof Lindgren, said: “We have a very good relationship politically and economically with the emirates, but we feel there is a lot more that can be done on the economic side. Our exports [to this region] are 0.1 per cent of our total exports and we feel that in an area which has such great economic development and growth, it should be more especially because Swedish companies are very competitive in areas which are in demand here.”
He cited environment protection, healthcare and telecommunications, as sectors where Swedish companies have a strong presence already but where more could be done, and energy transmission as a sector offering future opportunities.
For the 2005 calendar year, Swedish exports to the UAE exceeded imports from the region, despite more than a 10-fold increase in the value of imports. Exports increased 14 per cent between 2004 and 2005, from $367 million to $420 million for year- end 2005 while imports increased from $22 million in 2004 to $337 million in 2005.
The main reason for the surge in exports to the region was the huge demand for machinery and equipment used in the construction of power projects and oil plants. Demand for transportation equipment, including trucks and cars from companies like Volvo and telecommunication equipment from companies such as Ericsson was also strong.
Lindgren said Swedish companies had considerable experience developing the concept of a sustainable city and cited the example of Hammarby Sjöstad, a new district in Stockholm where the city has imposed tough environmental requirements on buildings and technical installations.