The island nation’s 121 million inhabitants are young, well-educated, and increasingly affluent. Household consumption currently accounts for 77 percent of GDP, one of the highest figures in Asia. This makes the economy less vulnerable to trade disruptions and fuels demand for business systems and retail solutions.  

The world’s largest IKEA store, with six floors and 68,000 square meters, is now located in the Philippine capital, Manila. IKEA’s success highlights the growing importance of emerging markets for global companies.  

The country’s economy is growing at a rapid pace, with growth projected at 6.2 percent this year. With a strategic location along Southeast Asia’s major shipping routes, the Philippines offers an ideal hub for trade with large markets such as China, Japan, and the United States.  

The Philippines offers many opportunities for Swedish companies in areas such as infrastructure, green energy solutions, retail, and business processes. Around 40 Swedish companies are currently established in the country.  

The Philippine government has launched an ambitious infrastructure program, Build Better More (BBM), which presents opportunities for Swedish companies in areas such as construction, green energy, and sustainable transport solutions.  

The Philippines also aims to increase its renewable energy capacity and reach a 35 percent share of renewable energy in its energy mix by 2030. The country now allows 100 percent foreign ownership for direct investments in renewable energy, creating opportunities for companies in solar, wind, and hydropower. 

Want to know more about how we support companies expanding into Asia? Read more here!