The recent years’ turbulence hasn’t made as much as a scratch on Stockholm. The business community, known for international diversity and tech-driven innovation, remains a safe-haven for investors. Stockholm is strengthened its position as the capital of Scandinavia.
Stockholm’s cosmopolitan energy is a magnet for talent. Leading universities such as the Royal Institute of Technology and Karolinska Institutet, ranked as one of the world’s best medical universities, have attracted students and researchers for decades. This is one of the keys for understanding the cities strong position.
“We welcome the skills, capital, ideas and culture that new residents and investors contribute to our economy. Our quality of life, which combines a vibrant downtown area with closeness to nature. It offers quite a unique lifestyle.” said Mr Olof Zetterberg, CEO of Stockholm Business Region, the official investment promotion agency.
FDI magnet
This approach seems to make a difference as Stockholm attracts an increasing amount of investments. During 2010, 183 qualified foreign direct investments were made in the region, an increase of 12 percent compared to 2009. Stockholm is strengthened as the first choice for investors in Scandinavia as half of every regional headquarter is based in the city.
The most attractive sector for investors 2010 remained to be ICT, followed by retail, business services and cleantech.
“There is a significant interest for Stockholm as an investment destination. Highly educated people, lots of innovative companies, and an economic growth that is on top in Europe contribute to this strong result. It is important that we continue to support this development, despite increasing international competition, and keep strengthen our ability to attract investments” said Mrs Ulla Hamilton, Deputy Mayor of Stockholm, responsible for the business community.
Innovation hot-spot
The competitiveness could be explained by the creative entrepreneurial climate. Home to only 0,5 per mille of the world’s population, Stockholm has been know as an international innovation powerhouse, literary changing the lives of billions, for centuries. Everyone is of course familiar with the mobile phone, constructed by telecom giant Ericsson and made commercially available to consumers during the eighties.
The Royal institute of Technology, founded in the 19th century as Scandinavia’s largest institution of higher education in technology, quickly became a grow house for innovations. The list of commercially successful category killers related to the university is long: from the refrigerator and the cream separator to blowtorches and the AGA lighthouse.
More recent innovations from Stockholm includes everything from internet breakthroughs like Skype and Spotify to creative fashion retailers H&M and business model game changers such as the free-of-charge morning newspaper.
A tech test-bed
This spirit of innovation is perhaps a result of curiosity. Swedes are often described as test sensitive, early adopters, innovative, curious, tolerant and open to new ideas. There are numerous examples of companies using Sweden as a test market for everything from consumer tech products to musicals and life-style hotels.
“A recent example is the world premier of 4G which took place here. Stockholm is often considered a leader in adopting new technologies and setting consumer trends. ” Said Mr Zetterberg.
The Stockholm region in brief
Inhabitants: 3.4 million
Workforce: 1.8 million
Universities: 28
Researchers: 8,400
Students: 108,000
Companies: 360,000
RGDP: € 130 billion
RGDP/GDP: 42 percent
For more information about Stockholm, please visit:
Invest Stockholm or
The Stockholm Chamber of Commerce
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