UK supports Sweden, Finland investment drive

UK business secretary Vince Cable has just completed a four-day mission to build closer trade and investment ties with Sweden and Finland. The minister visited Swedish and Finnish companies investing in the UK including Skanska, a Swedish construction company and UPM, a Finnish paper making and energy company which has made approximately £750 million worth of investments in the UK.

He also met British firms which are successfully growing their businesses overseas in the Nordic markets including TelecityGroup in Helsinki.

Mr Cable took part in discussions with Swedish and Finnish Ministers and representatives from business and industry on opportunities for the UK and the Nordics countries to further increase cooperation, business and trade.

"Growth remains the UK’s top priority, as it does for both Sweden and Finland," he said.

"The UK is committed to creating growth for the whole of the EU through a liberal, outward-facing Europe and counts on Sweden and Finland as like-minded nations, strong advocates of free trade and valued trading partners."

A particular focus of the trip was to reaffirm the UK’s commitment to driving progress on the negotiations for a Free Trade Agreement between Europe and the US. Britain is keen to promote the Transatlantic Trade and Investment Partnership (TTIP), which could be worth billions in foreign direct investment.

"Crucial to our future success will be the Transatlantic Trade and Investment Partnership which will be central to our discussions. It has the potential to bring as much as £100 billion to the EU economy, £80 billion to the US economy and £85 billion to the rest of the world," said Mr Cable.

The UK is the 4th largest market for Swedish FDI, behind the US, Finland and the Netherlands, with a value of SEK185 billion (£18 billion). 

Meanwhile, total exports in goods and services from the UK to Finland totaled £2.79 billion in 2012. Finland is the UK’s 27th largest export market, while Britain is Finland’s eighth largest import market.

TMF Group experts 
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