77 percent of Swedish companies in Saudi Arabia aim to increase investment over 2025
Date
11/7/2024 7:49:31 AM
(MENAFN) Up to 77 percent of Swedish companies operating in Saudi Arabia plan to increase their investment over the next year, according to Camilla Mellander, Director General of Trade Policy at the Swedish Ministry of Foreign Affairs. This insight comes from a recent study by Business Sweden, reflecting the strong confidence Swedish businesses have in the Saudi market. Mellander, who attended the third meeting of the Saudi-Swedish Joint Committee, noted that Saudi Arabia is Sweden’s largest trading partner in the Middle East and North Africa, with a 72 percent rise in commerce since 2018.
Mellander highlighted that there are currently around 60 Swedish companies active in Saudi Arabia, and 77 percent of them intend to boost their investments in the country. This optimism is particularly pronounced among small and medium-sized companies, with 100 percent of those surveyed expressing plans to increase their investments. This signals a high level of confidence in the growth potential of the Saudi market.
The positive outlook for Swedish companies in Saudi Arabia is further emphasized by recent diplomatic engagements. Mellander’s visit came just days after Sweden’s Minister for Foreign Trade, Benjamin Dousa, met with Saudi Minister of Commerce Majid Al-Qasabi at the Future Investment Initiative in Riyadh. The meeting underscored the strengthening of economic ties between the two nations.
The surge in Swedish investment reflects the broader appeal of Saudi Arabia's Vision 2030 and the country’s commitment to diversifying its economy. As Swedish companies continue to expand their footprint in the Kingdom, the partnership between Sweden and Saudi Arabia looks set to deepen, benefiting both economies.
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