(Photo via Business Sweden)
MANILA – Swedish Business may soon come to the Philippines as a pioneer report from Business Sweden, deem it “open for business.”
The report, to be launched at the Embassy of Sweden in Manila on April 8, highlights Business Sweden’s points of view on the Philippine market. It also puts a special focus on the on-going infrastructure push and how Swedish companies can partake in the infrastructure development, as well as selected high-growth industries relative for Swedish businesses.
The timeliness of the report should be noted, as Business Sweden is of the view that the Philippines has been neglected too long by Swedish companies. Contrary to less optimistic scenarios, the Philippine economy continues to thrive, growing at 6-7% per year which is among the fastest in Southeast Asia and Asia in general. The report also highlights how the Philippine market has the potential to play a crucial role in Swedish companies’ strategy in growing their respective international operations.
This also serves as a snapshot of what Swedish companies already present in the Philippines are thinking in terms of the market’s future potential, as well as their impact. Presently, there are over 20 large Swedish companies present in the Philippine market, with majority planning for long-term business expansion in the country. Swedish exports also continue to expand at an annual rate of over 30% in the past 2 years, with no indications of any major deceleration.
The “recipes for success” proposed in the report for Swedish companies, both large corps and SMEs, suggest for newer strategies and bolder approaches to leverage on emerging trends in the Philippine market. The view is to “be in it for the long haul”: it is not easy to do business in the Philippines, but the opportunities are definitely worth pursuing.