Swedish firms eye more investment in Philippines
Swedish companies are interested in investing more in the Philippines, given the country’s strong economic performance. Harald Fries, Swedish ambassador to the Philippines, said that while Swedish firms are already involved in the country’s engineering, waste management, urban transportation, and bus system, they are also considering infrastructure ventures, with the government’s “Build, Build, Build” program. Among the companies that have expanded their business in the country are the Volvo Group, which is engaged in urban transportation; ABB, in energy; and Saab, in port and airport management and surveillance. Fries added that small and medium-sized Swedish companies are also establishing their presence in the country’s business process outsourcing, information technology, software engineering, and software development sectors, signifying their confidence in the Philippines. The ambassador said large multinationals and small and medium businesses are striving to gain a foothold in the Philippine market. There is also a need to expand trade between Sweden and the Philippines, according to Fries, adding that while trade has risen by 65% two years since Sweden it opened its embassy in the country, there remains great potential for it to increase.