Sweden: a successful economy open to the world presented to MEB members

Promotion body Business Sweden was in Monaco to present the advantages of doing business in the largest Scandinavian country on 17 March in the Castelroc Restaurant. Later that day the Bar of Sweden’s international section was welcomed, before visiting the main Monegasque institutions.

The conference was organised in collaboration with the Swedish Honorary Consul in Monaco, Sophie Krafft, and Jan Frydman, Monaco Consul in Stockholm and was attended by the Minister of Finance and Economy, Jean Castellini. Some 50 entrepreneurs turned out to learn more about Sweden’s not inconsiderable assets.

Northern Europe’s main economy has long had its sights set on global trade, with exports representing 50% of GDP, half of which comes from foreign companies established there. Its capital Stockholm has the world’s second largest concentration of head offices per capita.

Thanks to its long industrial history renowned for innovation, Sweden has successfully made the digital transition. Alongside iconic brands like Volvo, Ikea, H&M and Ericsson, the likes of Spotify, Skype and King (Candy Crush publisher) have also emerged to play their role.

Sectors such as energy, transport, the 4D smart industry, life sciences, health and IT contribute to the country’s current growth. Digitisation and sustainability are at the heart of strategies in every area, with the result that the country has a 98% carbon-free electricity network and is home to Europe’s first “gigafactory” of batteries, the greenest in the world.

All these features have brought Monaco closer to Sweden. In 2018, Monaco Economic Board led a productive Trade Mission to Stockholm with 15 entrepreneurs. The recent sequence hosted by Business Sweden could inspire new vocations in the Principality.

Later, Monaco hosted a delegation from the Bar of Sweden’s international section comprising some 100 lawyers from all over the world, thanks to the involvement of Jan Frydman, himself a lawyer. After a word of welcome from the Monegasque President of the Bar, Thomas Giaccardi, MEB Executive Director General Guillaume Rose and his deputy Justin Highman presented Monaco’s advantages and international outlook. After a networking lunch attended by local business lawyers and other professionals, the delegation visited the National Council, Palace of Justice, Ministry of State and the Prince’s Palace. A way to introduce the realities of the Principality to a discerning audience likely to recommend Monaco as an exceptional place.