In 1966, the first Ambassador of Sweden took residence in the country, one year after Singapore became independent. Since then, relations between the two nations have flourished, especially when it comes to business and industry ties.

The 2023 Business Climate Survey showed a paradigm shift in the economy – for instance, how Swedish businesses have shifted from prudent cost-savings to a sales-driven directive over the course of the year. Despite headwinds, most Swedish companies expect revenue growth for their industries.

Although the forecasted performance for 2023 is lower than 2022, Swedish companies expect to continue investing in Singapore. With Swedish companies continuing to recognise the abundance of opportunities in the region, they expect to invest significantly in their desired countries of operations and Singapore as their regional base.

The Swedish brand creates a more significant impact for mature and large companies. This year, 60 per cent of respondents stated that the Swedish brand has a positive impact (Much/Very much) on their business, up from 57 per cent last year.

Singapore’s new focus on sustainability and developing Singapore’s circular eco-economy may create more opportunities for Swedish companies, especially with many firms leading in sustainable development within their sectors. Time is of the essence for Swedish companies to leverage this opportunity.

Please download the report to fully overview the results with a detailed analysis. 


This Business Sweden Climate Survey provides a closer look at Swedish companies’ perspectives on Singapore’s macroeconomic conditions, opportunities, challenges, and sustainability goals.

The survey was conducted from 13 March to 12 April this year, with 90 participants composed of executives representing Swedish firms. Most of the questions in the survey are similar to those used in previous surveys, which allows for comparisons over time.

We would like to extend our gratitude to the 90 participating companies and respondents who shared their time and insights with us. Your contributions will support not only the success of this report but also Team Sweden’s efforts to continue accelerating business growth and sustainable development. Thank you!