Sweden’s population is around 10.4 million, with a GDP (PPP) of $562.

0 billion (The Heritage

Foundation, 2019). Sweden is among rare, advanced economies to show both a current
account surplus and low public debt in Europe. According to provisional data from Statistics
Sweden, in the period January–September 2021, the value of Swedish exports of goods
amounted to SEK 1,181 billion, 

The Population of Sweden is around 10.715 million (IMfThe GDP per capita PPP is USD 59,324,
according to the latest World Bank figures. Swedish people earn USD 47,020 per year on
average,

Sweden’s population is around 10.4 million, with a GDP (PPP) of $562.0 billion –2.8% growth in 2020 5-
year compound annual growth 1.0% $54,146 per capita.
Sweden has a long tradition of collaborating closely with the other Nordic countries. This collaboration
manifests itself in the legislation. The Nordic countries have many similar laws, enacted in the same, or
virtually the same, form. Today, EU law is the most important source of law for Sweden, aside from
domestic legislation. In harmonized areas (i.e., matters which are regulated at the EU level), EU law is
the basic source of both statutory and case law. Thus, Sweden’s membership in the EU has influenced
and reshaped Swedish legislation to a significant extent
The European Union enacts some legislation affecting Sweden directly with no need for the
adoption of new legislation by the Riksdag (parliament).

Some legislation affecting Sweden is enacted by the European Union. Certain laws adopted in
the EU are directly applicable in Sweden without the need for the Riksdag to take a decision on
the matter.

Sweden is a parliamentary system within a constitutional monarchy. Members of the

unicameral Legislature are chosen for a term of four years. The Prime Minister, who is chosen
democratically by members of the unicameral Parliament (Riksdag), oversees the government
affairs (CoR - Sweden, n.d.). The Monarch is the head of state, but he does not exercise political
power. His office is ceremonial system (Global Edge, 2012 (Crédit Agricole Group, n.d.)

Sweden is a unitary and decentralized state; the Constitution recognizes local self-government
in a few areas and assigns local governments several duties. The government is divided into
three levels: central, regional, and municipal (CoR - Sweden, n.d.).
Values and attitudes - Face deference commands respect. It denotes personal dignity, which
may be given, lost, taken away, or acquired. Family and respect for the elderly are extremely
essential. Appraisals are meritocratic, that is, a person’s qualifications, talents, and abilities
(Onward Singapore, 2010).

The Age Structure Singapore like other Asian countries, workplaces are structured in a
hierarchical manner depending on age and rank. Everyone has a certain role inside their
company and must adhere to the ranking of jobs throughout any negotiation. Persons in
positions of authority will not want to interact with someone much younger than them. In Asia,
age is a major sign of prestige, this explains why university graduates are not regarded as useful
or time worthwhile (Cultural Atlas Editors, 2015).

Cultural Context - Singaporeans live in a high context culture, where non-verbal gestures are
generally trusted more than spoken words. How someone feels or thinks may be conveyed by
facial expression, tone of voice, and posture (Ownward Singapore, 2010). In most situations,
maintaining eye contact demonstrates confidence and concentration. Certain Singaporeans
may divert their gaze more frequently, especially while engaging with people superior to them.
Too much eye contact might be perceived as unfriendly or confrontational. In Asian
communication, silence is a significant and strategy. Pausing before responding suggests that
someone has given the question careful thought and attention (Cultural Atlas Editors, 2015).
Singapore from a glance
Singapore is a small nation of about 5.9 million people with diverse inhabitants comprising the
Chinese, Malay and Indians (CIA cited by Crédit Agricole Group, n.d.). In terms of human capital
development, the country ranks the best with a gross national income of US$54,530 per capita,
as of 2017 (world Bank, 2018). It earned its business-friendly environment rating due to its
openness and ease of doing businesses (World bank, 2018). The Department of trade (2016)
regard the country as one of the most politically stable. This aim of this analysis is to unravel
the business opportunities available in this trade hub of the Asian continent.
It has been considered one of the best in terms of ease of doing business. Some of the factors
responsible for positioning the country are:

 Literacy level – education is a cultural value held high in Singapore. Literacy level is as
high as 99% in males and 96% in the female gender. This makes the available workforce
very qualified (Work Bank, 2020 Crédit Agricole Group, n.d.). Educated workforce have
been associated with increased productivity, and lowered cost of production.

 Trading strength- the country traded $967.1 billion worth of goods in 2017, with an
increase of 11.1% compared to the previous year. Singapore exported $515 billion worth
of goods to its export partners and imported $452.1 billion worth of goods all in
2017(Hawksford, 2017)

 Infrastructure: it has an efficient transport system. Well-built roads totals about 9,310
km, 199.6 km of rail and the international Airport which connects over 350 cities, convey
passengers and cargoes in no fewer than 6,000 flights weekly. At the shipping port, over
100 countries and 555 ports are being accessed with their than 180 shipping lines. The
country has very strong and high-speed internet (Hawksford, 2017).

 Strategically located: the country is geographically strategic. Shipping routes to many

makes can be linked through the ports of the country. Thereby positioning it for the hub
it is in regional and international trade (Crédit Agricole Group, n.d.).

 Incentives to attract FDI, tax benefits being offered to businesses by the government
after satisfying the requisite business registration process. Government is constantly
investing and drawing up program to woo investors and enhance the in ease of doing
business. Infrastructural development and upgrading, grants and partnership
opportunities for innovative ideas through Research & Development, loans and other
 economic programs are some of the examples (Crédit Agricole Group, n.d & The World
Bank, 2018).
In conclusion, the Singaporean system is working efficiently and offers great opportunity to
wealth creation for Entrepreneurs. The purchasing power is high as evident in the GDP per
capita. The Singaporean dollar (SGD) has been stable, with and exchange rate of less than SDG
1.5 to the USD 1. Its zero foreign debt since 1995 (Hawksford, 2017) speaks about its stability
both economically and politically. Credible data have revealed the stability and strength of the
economic drivers of the Singaporean market. As such, I believe setting up in this environment
will be profitable.