Sweden Eyes Stronger Ties With Qatar; Invites Greater Investments

In an interview with Gulf Times in Doha, Benjamin Arif Dousa, Minister for International Development Cooperation and Foreign Trade of Sweden underlined the “clear prospects for even closer collaboration” between the two countries, particularly in implementing the memoranda of understanding (MoUs) signed during the visit of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani to Sweden last year.

“We already have several MoUs in place—now the focus is on operationalising them,” Dousa said.

“I would urge Qatari companies to invest in Sweden, as my country is among the world’s top-ranked in technology and innovation. 

We have a much diversified industrial profile and base compared to our neighbouring countries in the Nordic region. In Sweden, we have global leaders in fields such as artificial intelligence, financial technology, life sciences, quantum computing and manufacturing of course.”

Dousa noted that the bilateral trade between Sweden and Qatar stood at $800mn in 2024. While, the bilateral trade has been increasing, the minister noted, “there are prospects to enhance it further”.

“We see lots of opportunities on both sides,” Dousa said.

Sweden mostly imports oil and oil-related products from Qatar. Swedish exports to Qatar include iron ore, telecommunications equipment and machinery.

“It may be interesting to note that nearly 25% of the steel used in Qatar’s construction industry originates from Sweden’s northern iron ore deposits. We have been part of Qatar’s industrial journey for a long time,” Dousa observed.

He said many Swedish companies are active in Qatar and have been in the country for many decades. They look to serve Qatar for many more decades to come.

Qatar and Sweden have recently entered into an agreement to establish a joint business council (JBC), which aims to strengthen collaboration between the private sectors, open new channels for investment and partnership, and contribute to building a more sustainable future.

Highlighting Sweden’s strength and expertise in green technology and sustainable practices, Dousa said, “We want to be very much part of Qatar’s transition to a greener future. From logistics to production and manufacturing, we are producing everything from electric buses to large gas turbines in Sweden.”

He also highlighted the alignment between Sweden’s vision and Qatar National Vision 2030, which provides diverse opportunities for cooperation, trade development, and addressing shared challenges.

Dousa also pointed to “untapped potential” in linking small and medium-sized enterprises (SMEs) in both countries.

“While large companies in Sweden and Qatar know each other well, the SME sector remains relatively unfamiliar in both directions,” he said.

On Sweden’s capital markets, Dousa stressed that the country offers one of the most dynamic ecosystems in the European Union. Sweden probably has the European Union’s “most well-functioning capital structure and capital markets.”

“After Silicon Valley, Stockholm, our capital, produces the highest number of ‘unicorns per capita’ than any other global city. If you look at IPOs for the last 10 years, we have had more initial public offerings in Sweden than in Germany, France, Spain and The Netherlands combined.

“Although we are not the largest country in Europe, we have the most listed companies in all of Europe. Prospects for collaboration exist even more in this area,”

Dousa, who led a large delegation of Swedish companies to Qatar, said firms in his country explored new avenues of trade and investment cooperation with their counterparts in Qatar.

He noted Sweden “is a vibrant country” when it comes to entrepreneurship and growth.

“We have quite a few Fintech companies – including the large ones like Klarna, who just had a high-profile IPO on NYSE, to smaller ones and in very specific technologies.”

Dousa stressed the need for enhanced collaboration and cooperation between Sweden and Qatar, which are trade-dependent countries.

“At a time when some countries are pivoting away from the WTO system, I think it is absolutely super important that we collaborate even more. We have to support the WTO. We have to trade more with each other. 

Actually, one of the reasons for my trip to Doha is to seek a free trade agreement with Qatar together with the EU.”

Asked whether an FTA between Qatar and the EU would become a reality soon, he said, “I hope so. We have been in talks for many years now. When the United States is raising tariffs, we have to find new partners. 

We have to trade more with each other. An FTA will give a boost to overall trade. Especially, the SME sector in our countries will stand to benefit from a free trade agreement.”

The Swedish Minister also supported more direct flights and enhanced connectivity between Sweden and Qatar.

“Of course, it is people-to-people exchanges than can also lead to more business. Yes, we will love to see that.”

Dousa said he will be leaving Doha “very satisfied”.

“My visit to Qatar has been very successful. This is a country, which is open and frank...open to the world...trade dependent just like Sweden. Between Qatar and Sweden, we share many similarities, and I am confident our already excellent bilateral relationship will continue to grow,” Dousa added.