Stockholm is
the economic, financial and business
centre of Sweden, with most major business transactions
and major Swedish companies, such as Ikea, Electrolux, Ericsson,
Saab and Volvo, all based in the capital.
Further afield, Stockholm is also a main
regional player, principally in the merging Baltic markets
and within the EU. Although Sweden has opted to stay out of the
European Monetary Union (EMU) and consequently not adopt the Euro
as its currency, the city’s major trading partners are all
European. The offices around Hamngatan and Sergelstog manage 1 of
the most powerful economies in Europe.
Both Stockholm and the larger Swedish economy have adapted to the
decline in its traditional engineering base by expanding into telecommunications
and other ideas, and design based industries, especially mobile
communications and information technology (IT).
In 2000, an IDC survey placed Sweden ahead of the United States
as the world’s leading IT nation. However, 2001 was a less
positive year for the economy than expected, with Gross
Domestic Product growth of only 1.5% compared to 3.6% in 2000.
Sweden is heavily dependent on exports and the
rapid downturn in the IT and telecom sectors affected the economy,
mainly in the Stockholm region. Among the countries of the Organisation
for Economic Cooperation and Development(OECD), Sweden devotes the
highest percentage of its Gross Domestic Products to research and
development.
Standing at 2.4%, unemployment in Stockholm is considerably lower
than the national average of 3.8%. The main employers in the city
are Stockholm’s municipal authorities and county council,
with 67,600 employed, followed by Ericsson with 12,375, the post
office (Posten) with 10,575 and AstroZeneca with 8275.
Roughly 75% of the Swedish information and electronics industry
is situated in the Greater Stockholm area. Global companies with
a presence in Stockholm include Sheraton and KPMG. Stockholm’s
place in the top 10 of international congress and conference
venues further reinforces its position in the global trade
circuit.
Translation services are available from Activator
RW-Consult AB,
Storhagsv 23 (telephone: (08) 749 0925).
The Stockholm Chamber of Commerce, Vastra Tradgardsgatan can
provide information on many aspects of business in Stockholm:
Telephone: (08) 5551 0000
Facsimile: (08) 5663 1600
Website: www.chamber.se
Business Etiquette
Swedes pride themselves on their cooperative, unrestricted
spirit in the place of work. In theory, issues of status
and hierarchy are far less important than in many other countries,
most people use their 1st names in the workplace and elaborate
deference is definitely out of fashion. Management style is consensual
rather than controlling.
Since it is the capital, Stockholm sees itself as setting the
tone and pace for the rest of the country. Nevertheless, however
relaxed Swedes are about power and authority, they are strict
timekeepers and punctuality is expected for both work
and play.
Swedes also tend to stick to the point, personal
chat is generally left until the real business is done and dusted.
Smart dress is still the norm, although more casual attire is
being adopted in the new industries such as IT and Internet businesses.
Most business socialising is done away from the home, at restaurants
and bars. Dinners tend to be quite boozy affairs, although at
lunches water is often a replacement for alcohol.
Note: Standard working hours are Monday to Friday
9.00 am to 6.00 pm, however flexible hours are common practice.
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