Economic relations between Sweden and Russia

Economic relations between Sweden and Russia

Sweden's export to Russia amounts to approximately USD 3,3 billion, and is increasing. Trade rose by 600% from 1998 to 2008 and has recovered after the economic crisis in 2009. Exports increased by 49% 2010. Important export products are automobiles, equipment for the telecommunications industry, and pharmaceutical products. The interest in Russia within the Swedish business community is steadily on the rise. Approximately 400 Swedish companies are currently present in the Russian market.

Imports from Russia consist mainly of raw materials, in particular crude oil. The value of Swedish imports amounted to USD 8,4 billion in 2010. Increases in Swedish imports from Russia are partly the result of oil price increases. Crude oil represents 72% of Sweden's total import from Russia.

Swedish investments in Russia are also increasing. Sweden is among top ten foreign investors in Russia and was one of few countries increasing it's investments during the global regression in 2009.

Government agencies supporting Swedish trade

The Swedish Trade Council, with offices in Moscow and S:t Petersburg, promotes and facilitates trade between Sweden and Russia. With its extensive network and experience in Swedish industry and commerce, the Swedish Trade Council can quickly identify the right suppliers and provide quick answers to questions about Swedish exports. The Swedish Trade Council also assists Swedish companies seeking to establish a presence in Russia.

Invest Sweden is the government agency promoting business and investment opportunities in Sweden to foreign investors. The objective is to stimulate an increased flow of foreign direct investments (FDI) to Sweden. Invest Sweden is responsible to the Ministry for Foreign Affairs. Since 1995, Invest Sweden and its regional partners have contributed to a large number of investments in Sweden. Examples include new investments, expansions, venture capital funding, joint ventures and strategic alliances in key areas such as R&D, business services and core industrial sectors.

Last updated: 18.07.2011