Sweden and Australia have a long tradition of trade. Similarities in business climate and social culture, combined with that Australia is an English-speaking country, increase the ease of doing business. Today there are over 150 Swedish subsidiaries present in Australia and around 500 Swedish companies doing business through local partners. Swedish enterprises have a good reputation and are known for delivering a high-level standard of quality. In total, the Swedish export to Australia exceeded 15 billion SEK in 2017.
Australia’s economy has been strong for several years with an annual growth rate at 2-3%. The economic outlook looks bright as well. OECD predicts that Australia’s economy will continue to grow.
Business Sweden has been established in Australia since 1974 with the objective to promote Swedish competitiveness. The office, which also covers the Pacific Islands, is located in Sydney with eight staff members. Many years of experience in the region has contributed to a strong and successful network of local business leaders and other important decision makers.
Australia offers business opportunities linked to a variety of industries. Main industries (not limited to) are mining, oil & gas, medical technology, food processing, agtech, defence/security equipment and e-commerce.
The service industry remains the backbone of Australia’s economy, where the mining industry is the catalyst for economic growth. The country has approx. 400 operational mines and is the largest producer of bauxite/alumina in the world and one of the top five producers of iron ore, zinc, gold, uranium, nickel, coal, diamond and copper. Extraction of gas is experiencing strong growth, where Australia is predicted to become the world’s greatest exporter of LNG (liquefied natural gas). Swedish companies in the medical technology sector is highly regarded in Australia and is associated with quality and reliability. Agriculture and Food processing is the largest manufacturing sector in Australia. On a global scale, the country is today the fourth largest exporter of dairy products in the world and Australia is one of the ten largest producers of wool, cotton, beef, wheat and almonds. The average farm is more than 100 times larger than the average Swedish farm and innovative solutions and agtech is becoming more and more important within the industry. Defence has always been a prioritized sector and Australia is the fourth largest weapons importer in the world. Australia has been an important customer to Swedish companies of defence and security equipment for many years.
Do not hesitate to contact us to talk about Australia as a potential export market for your company and how Business Sweden can assist you to further investigate the market potential, entry strategies and/or how to develop existing business.