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Team Sweden in Hong Kong
There are around 120 Swedish companies in Hong Kong, some are new to the market, but many have been present in the city for a long time and made important contributions to the development of Hong Kong.
We know from the Business Climate Survey 2023, conducted by Team Sweden in Hong Kong (The Consulate General, Business Sweden and the Swedish Chamber of Commerce) that many Swedish companies remain profitable and see important advantages in doing business in Hong Kong, in particular highlighting its free market and the city’s role as a gateway to the mainland China market.
Despite clear improvements from last year’s survey in terms of financial performance as well as general perception of the business environment among respondents, we still see that some challenges remain. The Business Climate Survey 2023 pointed to uncertainties related to the impact of Covid-19, difficulties in recruiting and worries about the political development, including the implementation of the National Security Law and its effects on the business climate.
The total trade between Hong Kong and Sweden before the pandemic amounted to US$ 0.9 billion (2019). In the same year around US$ 0.8 billion of the total trade between Sweden and mainland China was routed through Hong Kong. Sweden’s main export products and services to Hong Kong include telecommunications, vehicles, manufacturing equipment, chemicals, and measurement equipment. Hong Kong is still an important business hub for Swedish companies with players active across a multitude of industries, including financial services, retail, and creative industries. Team Sweden is here to support the business community.
Consulate General of Sweden in Hong Kong
The Consulate General of Sweden is the official representation of Sweden in Hong Kong and Macau. The main task for the Consulate General is to promote Sweden and Swedish interests in Hong Kong SAR and Macau SAR. Consular services to the Swedish community is an important part of the work. The consulate is also engaged with a number of partners and in a wide variety of activities to promote Swedish business interests, exchanges, culture and tourism. Furthermore, the consulate provides the Swedish Government with information on political and economic developments in Hong Kong and Macau.
Business Sweden (the Swedish Trade & Invest Council) is commissioned by the Swedish Government to help Swedish companies grow global sales and international companies invest and expand in Sweden. Business Sweden offers both hands-on support, strategic and practical expertise and a unique capability to create access where access is hard to get, both in Sweden and through 44 offices across Europe, Americas, Middle East & Africa, and Asia Pacific. Business Sweden’s expertise, presence and exclusive access to networks and stakeholders in both the public and private sectors in these markets gives them a supreme ability to help clients navigate regional business structures in order to expand their business and unlock growth.
Business Sweden have been in Hong Kong since 1982 and co-founded Nordic Innovation House in 2018. Nordic Innovation House is a global initiative to support Nordic companies to enter global innovation hubs by offering a strong community, connections to the local ecosystem, and programs for acceleration.
Swedish Chamber of Commerce in Hong Kong
The Swedish Chamber of Commerce in Hong Kong (SwedCham) is a non-profit, nongovernmental organization with over 200 Swedish and Swedish related companies and individuals as members. SwedCham was established in 1986 with a mission to promote and advance Swedish businesses and values while providing a broad spectrum of services to its members including networking events, company visits, branding and partner opportunities. SwedCham continuously seeks to understand and channel issues in legalisation, policy, and other areas of high importance, working closely with the other members of Team Sweden in Hong Kong, as well as the European Chamber of Commerce and International Chambers of Commerce.
Swedish businesses have a long withstanding relationship with Hong Kong and the mainland. SwedCham Hong Kong is a natural hub to bring both established companies and newcomers on the market together.