The Philippines is fast becoming a hub for Swedish businesses, with an average of five companies exploring investments or partnerships in the country every month, according to Johan Lennefalk, Trade Commissioner of Sweden to the Philippines.
Many Swedish firms are seeking local distribution or business partners, while others are considering setting up regional offices.
“Every day, I receive inquiries from Swedish companies interested in the Philippine market. Currently, over 50 Swedish companies operate in the Philippines, spanning industries such as energy, IT-BPO, pharmaceuticals, transportation and consumer goods,” Lennefalk said during the 2024 Market Report for the Philippines Thursday.
The report showed the disparity of bilateral trade, with Swedish exports to the Philippines reaching $159 million in 2023, while imports amounted to $64 million. Trade between the two countries has grown at an average of 3.3 percent annually over recent years, with a sharper growth of 11 percent observed in the past three years.
