Singapore and Sweden are set to deepen their collaboration not only in advanced technological fields but also in the broader realms of social cohesion and economic competitiveness, according to Singapore’s President Tharman Shanmugaratnam. Speaking on Oct. 21 in Gothenburg at the conclusion of his state visit to Sweden, President Tharman highlighted that both countries share a commitment to inclusive economic progress and can gain insights from each other’s approaches to maintaining social unity amid global challenges.
During the visit, which marked the 60th anniversary of bilateral relations, President Tharman underscored Sweden’s reputation for its egalitarian “horizontal culture,” emphasizing a national ethos aimed at collective advancement. He cited a visit to Fryshuset in Stockholm on Oct. 20, an organization dedicated to empowering youth from diverse backgrounds, including those facing social difficulties, by fostering confidence and societal engagement.
Sweden’s ability to balance broad social inclusivity with high entrepreneurial ambition also drew the President’s attention. He noted the country’s disproportionate number of “unicorns”—start-ups valued at over US$1 billion—relative to its population. Swedish corporate culture, he said, has evolved from transactional interactions to a more collaborative ecosystem where successful entrepreneurs frequently reinvest and mentor emerging founders, creating a dense and supportive business community.
President Tharman drew parallels between Sweden and Singapore regarding government roles in supporting companies. Both nations aim to enable businesses to compete globally by maintaining predictable regulatory frameworks and promoting overseas opportunities, rather than directly influencing corporate strategies. Sweden’s robust system of funding emerging enterprises, including a vibrant network of angel investors who reinvest their returns into start-ups, was identified as an area where Singapore hopes to draw valuable lessons.
The state visit produced a joint declaration focused on strategic cooperation in trusted and innovative technologies. The agreement includes plans to collaborate in semiconductors, Internet of Things (IoT), artificial intelligence models and applications, quantum technologies, and next-generation 5G and 6G communications.
In addition to formal meetings, President Tharman toured Swedish companies Spotify, Ericsson, and Volvo during his five-day trip. He also pointed out Sweden’s distinctive model of business and trade union collaboration, which extends beyond wage negotiations to investment in workforce development and job transition strategies. Large corporations reportedly facilitate internal redeployment, while smaller firms assist workers in finding new opportunities—an approach Singapore also seeks to emulate.
Reflecting on the depth of the bilateral relationship, President Tharman noted that initial cooperation focused on defense technology but has since expanded into diverse areas such as education, energy, and research and development. He described the visit as productive not only for advancing agreements in emerging technology sectors but also for fostering mutual understanding on maintaining social cohesion and competitiveness in an increasingly complex global environment.