Sweden’s ambassador to Malaysia, Niklas Wiberg, who presented his credentials to the Yang di-Pertuan Agong on Oct 21, expressed optimism about the upward trend in the wake of a post-pandemic economic rebound.

“Sweden’s economic ties in Malaysia are diversified through robust trade, investment and collaboration in various sectors,” Wiberg told Bernama.

He said the trade relationship between the two nations showed a healthy balance in 2023, with exports to Malaysia totalling US$388 million, and imports from Malaysia reaching US$449 million.

“This trade (balance) reflects a diversified exchange, with Swedish exports to Malaysia largely consisting of machinery and mechanical appliances (29%), vehicle parts including railway parts (13%), equipment within vehicle sectors (12%), and pharmaceutical products (11%),” he said.

Swedish imports from Malaysia included electrical machinery and equipment (19%), rubber and related products (14%), vegetable fats and oils (13%) as well as chemical products (13%).

“We have a robust economic exchange in industries such as manufacturing, technology, green energy, and telecommunications.

“After the pandemic, we have seen increased economic ties with cooperation in green technology, digital innovation and high-tech manufacturing,” Wilberg said.

He also identified the semiconductor sectors as a key area for future growth, citing Sweden’s rising demand for Malaysian semiconductors and integrated circuits.

He said Swedish companies are eyeing Penang for further investments due to its semiconductor cluster.

Looking ahead, Wiberg expressed optimism about renewed negotiations on the stalled free trade agreement between the European Union and Malaysia.

“We believe that this is a crucial step that can lead to mutually beneficial negotiations on sustainability and other important issues,” he said, asserting that Swedish companies are well-prepared to lead this transition within a European trade framework.