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Sweden unveils "smart industry" strategy

Xinhua, November 25, 2016 Adjust font size:

The Swedish government on Thursday launched a new strategy to boost and expand industries, business investments and research and development spending in Sweden.

Business Sweden -- the Swedish Trade and Invest Council -- will head the program, worth 11.5 million SEK (1.24 million U.S. dollars) and falls within the remits of the government's Smart Industry strategy.

The strategy outlines four main challenges for Sweden: digitalization, sustainability, competence building, and innovation.

"Industries have often taken their business to low-income countries, but now we are seeing more and more companies choosing to place their production in Sweden. There are signs that 2016 could be the first year when more operations move into than out of Sweden," said Minister for Enterprise and Innovation Mikael Damberg in a statement on the Swedish government website.

Damberg added that in attempts to attract industries, Sweden should also actively market itself as an excellent place to carry out research and development, innovations as well as tests and demonstrations.

Part of Business Sweden's task is also to attract "young, innovative companies." The project is to be reviewed in March 2020. Enditem