Pakistan Sweden Economic and Trade relations

(Dr.Mehboob Syed, Karachi)

Pakistan and Sweden are two friendly countries with a history of mutual understanding and cooperating in various fields and issues. There is a great desire at the helm of policy makers as well as general public and business community to further strengthen and cementing ties and to open new vistas of opportunities and to enhance economic and trade relations. The leadership of Pakistan gives very much importance to relations with Sweden.

The Role of Pakistan Business Council in enhancing bilateral relations
Pakistan Sweden Business Council aims to encourage bilateral trade and investment between Sweden and Pakistan by strengthening business relations official alliance. It works to increase commercial opportunities and facilitates access to contacts and networks for closer and positive relationship between the countries. Pakistan Business Council is a trusted and viable platform which is rendering valuable services for direct businesses network contacts building relationship and space for close engagement for member community. It disseminates knowledge and information about investment opportunities, trade regulation and cross cultural businesses. It is also engaged in promoting young talent and entrepreneurship in in Pakistan and Sweden to encourage innovation.

There is a need to further enhance mutual cooperation. Revival of economic growth investment favorable policies and enhancing trade with foreign countries is topmost priority of Pakistani government and policy makers. Sweden investment is invited in Pakistan to take advantage of Pakistan’s investment and business friendly policies.

A keen Sweden desire is witnessed by Ambassador of Sweden in Pakistan her Excellency Ingrid Johansson in her recent talk with members of Chamber of Commerce and Industry. She said that Sweden is eager on investing in information technology, telecom sector , renewable energy , education , academia, business development sector and environmental protection in Pakistan to further enhance the bilateral relations and assistance. She urged Pakistan to train its people with a set of modern skills in new areas like stat ups, innovation of digitalization , which are now major areas of sustainable development. Sweden desires to develop strong business contacts with Pakistan, and also focusing on the promotion of the small and medium enterprises in the country. The bilateral trade volume is around USD 527 million which is still far below than potential exists. If coordinated and well organized efforts are done this volume can be enhanced manifold.

About Sweden
Sweden is a Nordic Country in Northern Europe. It borders with Norway to the west and north, Finland to the East and is connected to Denmark in the Southwest by a bridge tunnel across Oresund Strait. With 450, 295 sq km. Sweden is the largest country in Northern Europe, third largest country in the European Union and the fifth largest country in Europe by area. Its capital is Stockholm. Its population is 10.3 million.

Economy of Sweden
Sweden is the 16th richest country in the world in terms of per capita GDP and a high standard of living by its citizens. Sweden is an export oriented country. Hydroelectric, renewable energy and timber constitute the resource base of economy with a heavy emphasis on exports. Its Engineering sector accounts 50 % of output and exports while telecommunication, automotive, pharmaceutical industries are also of great importance. Sweden is also the 9th largest arms exported country in the world. Sweden also has low income equality. Sweden’s economy is the knowledge based economy. Volvo, Ericsson, Vattenfall, mobile communication.

Sweden is the 4th most competitive economy in the world. According to the book , “ The Flight of the Creative Class by the US economist Professor Richard Florida of University of Toronto , Sweden is ranked as the best creativity in Europe for business and predicted to become a talent magnet for the world’s purposeful workers. Its business success lies in three T’s Talent, Technology and Tolerance.

Combines in public and private sector in Sweden allocate over 3.5 % of its GDP to research and development ( R & D) . An average 27 % of tax payers’ money in Sweden goes to education, 5 % to police and military, and 42 % to social security.
GDP : $ 528.929 billion
GDP per Capita: $ 52, 242
Exports : $ 175 billion
Export Goods: machinery, motor vehicles, paper products, military armaments
Export partners : Germany 11 %, Norway 10.2 % , Finland 6.9 % , USA 6.8 % , USA 6.8 % Denmark 6.8 % , UK 6 % , Netherlands 5. 4 % , China 4.6 %
Imports $ 160 billion
Import goods : machinery, petroleum and petroleum products, iron, cloths
Main Import partners : Germany 18. 7 %, Netherlands 8.8 % , Norway 8.2 % , Denmark 7.2 % , UK 5.2 %, Finland 4. 7 % China 4.6 % , France 3.5 %

Trade Statistics with Pakistan
US$ million
year Export Imports
2008-09 108.319 305.59
2009-10 105.254 424.33
2010-11 124.071 218.73
2011-12 119.718 325.24
2012-13 115.452 208.89
2013-14 140.306 298.37
2014-15 141.962 279.98
2015-16 141.988 221.701
2016-17 156.436 266.783
2018-19 150.031 377.619

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