Is Sweden a good country to do business in now?
Yes, we believe it is.
Here?s why
Conversis? business briefs are a series that give you a quick summary of the social, political, economic and cultural news that you need to be aware of if you?re doing business in a foreign country.
Here?s a snapshot of the information you get in a business brief.
Is Sweden a good country to do business in now?
Yes, we believe it is.
Here?s why
Sweden is a prosperous northern European democracyknown for its economy based on manufacturing and technology.Sweden is an egalitarian nation where its citizens enjoyfreedom and the security of a broad social welfare system.Sweden has a well-educated and highly-skilled workforce.While the country has a relatively small population, as a major exporter,it plays a large role in the global industrial economy.Swedish automobiles, telecommunication and pharmaceuticalbrands are known worldwide. Likewise, many of the world?s largest multinational companies have flourished inside the country.
Fast Facts
Population: 9.3 million
Language/s: Swedish
Religion/s: Christian
Land area: 449,964 square km
Currency: Swedish kronor
Capital: Stockholm
Internet domain: .se
International dialing code: +46
Innovation ranking[1]: 5 (out of 82 countries)
Digital economy ranking[1]: 1 (out of 70 countries)
Economic indicators: 2011
Real GDP growth: 4.5
GDP per capital (US$): $41,180
Economy
The Swedish economy experienced a severe recession in 2008-09 following the global financial crisis, although GDP has now fully recovered its pre-crisis level, according to the OECD. Vigorous growth is expected to continue throughout 2011-2012 as external demand remains solid. Employment growth will also be robust and unemployment will decline.
Politics
Sweden is a democratic monarchy governed by the parliament, or Riksdag, and a prime minister. The Swedish King serves as head of state and royal power is limited toofficial and ceremonial functions. The unicameral Riksdag has349 members who are popularly elected every four years. The majority party appoints a prime minister who then appoints 20cabinet heads to complete the executive branch. There is alsoan independent judiciary. Sweden has one of the world?s highest proportion of women in parliament.
The current prime minister, Fredrik Reinfeldt, came to power under a centre-right coalition in 2006, thereby unseating the Social Democrats who had ruled Sweden for much of the period since World War II. His party failed to win a majority in 2010 elections, but he still leads after forming a minority coalition government.
Doing business
- Swedish egalitarianism is clearly manifested inbusiness settings. Visiting business people must becareful not to seem to elevate themselves or claim to be better orsmarter than others. Maintaining a modest attitude, respectfullistening and patience are crucial to successful business dealingsin Sweden.
- When greeting people, a handshake is appropriatebetween men and women, but it is usually firmer between two men. Gloves should be removedbefore shaking hands.
- Personal space is important in Sweden, and people maintaingreater distances than in many other countries. Likewise,touching, except for a handshake, is avoided. While Swedeslike to establish relationships on an informal level, forinstance using first names when addressing businessassociates, they will maintain a separation between businessand personal lives.
- Swedish egalitarianism manifests itself in dress as well. Whenvisiting Sweden, men and women should dressconservatively in quality business attire. Avoid wearing anything flashy. Executives and rank and file employees dress the same.
- First meetings will typicallybe low key and formal. Decisions are never made on the first meeting.
- Meeting appointments should be made at least two weeks inadvance. Always be punctual to meetings and call ahead ifrunning late.
- Swedes communicate in a direct and open manner, whichcan come across as abrupt, but is not meant to be. Theydo not lavish praise or apply harsh criticism. In meetings it isimportant to listen carefully to everything that is said andnot to interrupt. Eachperson must have a turn to offer an opinion.
- Avoid showing emotion. Remain cool, calm and logical. When negotiating, do notfocus energy and effort on impressing or swaying topexecutives. All decisions will be made based on consensusand middle and lower managers will likely have equal saywith top management.
Read more:
Read Business briefs:?Sweden plus 16 other business briefs here
HINT:
These business briefs may become very useful within the next few weeks in helping you to become a #GlobalGuru
Source: http://internationalbusinessblog.conversisglobal.com/2011/08/12/business-brief-sweden/
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