The premier market for the country is in food products. Because of the climate of the country, agriculture and food production is severely limited. Winter to spring is considered as the key seasons for the food industry especially for alcohol, fresh produce, processed foods and confectionaries. There is a current health trend in the country encouraging the consumption of natural food products. According to the US Commerce Service, “Consumers are placing more and more emphasis on quality and there is considerable consumer awareness in the area of food safety and healthy eating habits.
Swedish consumers are moving away from their culinary traditions as they become more open to new and exotic cuisine (“Sweden”, 2006) Because of its contribution to the Swedish economy, companies are encouraged to create business to support the country’s service industries. Particular focus is encouraged towards technology, financial services and banking. Since the country has one of the extensive social services in the world, businesses directed for this sector are also key investment ventures. Research and development focusing on industrial and telecommunications is also a primary market.
Other key industries are as follows: Travel and Tourism – travel and tourism is one the largest revenue earner for the US. Swedish visitors to the US 2004 reached 242,000 whose spending reached approximately US$1. 67 Billion. The most popular destinations among Swedes are Thailand, Malysia and the US. The most popular US tourism businesses are Sun & Beaches, Big City Breaks, National Parks, Soft Adventure and FIT travel Safety and Security Equipment – the safety and security equipment has acurrent turnover reaches USD 4. 8 billion with a growth rate of 12%.
Security concerns such as BCP, airport and hotel security and protection against biological agents are among the most in demand. The competitors of the US in the industry are limited with only German and U. K. suppliers as competition. The key sectors for investment are biometrics, border control and high threat target security, digital passports and identity cards. Power – Sweden is concentrating on improving and establishing renewable energy resources, including new plant construction, R and D, incentives funding and industry harmonization.
The best prospects are for equipment and plant technology for nuclear, hydropower and CHP plants, wind power turbines, natural gas network technology and power grid infrastructure. Pollution Control Equipment – environmental technologies and services firms are active in the areas of air pollution, water and waste water treatment, waste management and recycling. Competitors in the market are significant from domestic companies though foreign companies are highly thought of. The most promising for the industry are air pollution control, soil remediation and waste management products
Health care – products and services for aging population are particularly in demand. Major players in the industry are the US, Germany, Denmark, Finland and the UK. Key sectors have been identified as telemedicine, medical informatics, non-invasive surgical equipment, orthopedic and prosthetic equipment and home health care equipment and supplies. Computer Software – the software market is the most sophisticated with skilled domestic software development companies. Market size is estimated at USD 2. 8 billion with a growth rate of 4%.
New technology have a ready market, is stable and competitively priced. Key sectors for the industry are network security applications, CRM products, business intelligence products and storage management applications Drugs and Pharmaceuticals – the pharmaceutical industry is one of Sweden’s most important growth industries. US market share is estimated at 42%, the highest among foreign suppliers. Sectors that afford the best opportunities for new entrants are antibiotics, anti-asthmatics, impotence treatment, treatments for Alzheimer, AIDS and cancer.