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China-Sweden: Good partners

China Daily | Updated: 2013-12-10 07:35

Dec 10 marks the formal awarding of the annual Nobel Prizes in science and literature in Stockholm, capital of Sweden, for the 118th anniversary of the awards established by Swedish inventor Alfred Nobel in 1895.

The eyes of the world will celebrate its greatest achievements on that day.

The friendship and cooperation between Sweden and China is based on a solid foundation. Sweden was the first Western country to establish diplomatic relations with China, back in 1950.

Still, Sweden's relatively small market size and distance from China has resulted in many Chinese businessmen being still unfamiliar with the Nordic kingdom.

Bilateral relations, nonetheless, have been relatively close over the past five decades, during which trade volume between the two countries has gradually increased.

The past few years, in particular, have shown that the relationship is reaching a new stage- the year 2011 marked a historic high in trade volume between Sweden and China. The visit of China's former premier Wen Jiabao, to Sweden in 2012 - the first time for a Chinese leader to visit Sweden in 28 years - has set a new tone for this evolving partnership.

The investment relationship between the two countries is complementary and ripening.

Li Guangjun, the economic and commercial counsellor at the Chinese embassy in Stockholm, explains: "China's long-term strategy is to develop and invest in emerging and upcoming industries. Sweden continues to be a cluster of innovation now and in the future." Indeed, much of the most growth-oriented investment activity from Chinese investors to Sweden has been in the ICT, cleantech, and life science sectors.

For instance, one company is introducing metal alloy technology to China that promises to decrease bacterial infections in hospitals and reduce medical costs.

"R&D cooperation between Sweden and China is developing very well," said Li.

" The success of the Chinese telecommunications giants ZTE and Huawei in Sweden is further proof of this."

Owing to Sweden's relatively small domestic market, with a population of 9.5 million, its industry is heavily export-oriented. A multitude of cleantech startups are gearing up to service China's commitment to reducing its dependency on fossil fuels, while the export of high-end technology in machines and electronics remains high, accounting for roughly 50 percent of trade volume. China remains Sweden's top trading partner in Asia. The country will also remain a major source of technology as the Asian giant modernizes further. Wen's visit to Sweden last year was about more than just signing bilateral trade deals and agreements with Chinese companies. It was an acknowledgement that Sweden is and always will be an essential partner for China.

World Eye Reports provided the story

China-Sweden: Good partners

Stockholm continues to be a hub for innovation, technology and economic growth. Photos provided to China Daily

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