P 161213Z JAN 09
FM AMEMBASSY STOCKHOLM
TO SECSTATE WASHDC PRIORITY 4040
USDOC WASHDC 2550
DEPT TREASURY WASHDC
CIMS NTDB WASHDC 0203
INFO EU MEMBER STATES COLLECTIVE
AMEMBASSY OSLO

UNCLAS STOCKHOLM 000034 
 
 
DEPT. FOR EB/IFD/OIA 
 
DEPT. PASS USTR 
 
E.O. 12958: N/A 
TAGS: ECON EINV KIDE KSPR OPIC KTDB USTR SW
SUBJECT: 2009 INVESTMENT CLIMATE STATEMENT: SWEDEN 
 
REF: 08 STATE 119784 
 
 
NOTE REGARDING CABLE FORMAT: THIS DOES NOT FOLLOW REGULAR CABLE 
FORMATTING REQUIREMENTS; INSTEAD IT CONFORMS TO THE STRUCTURE FOR 
THE ICS GIVEN IN REFTEL. 
 
THE FOLLOWING IS THE INVESTMENT CLIMATE STATEMENT FOR SWEDEN FOR 
¶2009. 
 
A.1.  OPENNESS TO FOREIGN INVESTMENT 
 
General Conditions 
 
Sweden is generally considered to be an attractive country in which 
to invest.  There are few countries that can match Sweden's 
potential to benefit from the intensifying, technology-driven global 
competition.  Sweden already hosts one of the most internationally 
integrated economies in the world.  The nation's competitiveness is 
manifested by large flows of trade and foreign investment.  Sweden 
offers access to new products and technologies, skills and 
innovations, as well as an attractive location and gateway to 
Northern Europe/the Baltic Sea region.  Low levels of corporate tax, 
the absence of withholding tax on dividends and a favorable holding 
company regime combine to make Sweden particularly attractive for 
doing business.  The Swedish growth rate is in the EU's upper range; 
trade is at record levels; and there is an international confidence 
in the long-term viability of the Swedish economy. 
 
The General Government Attitude Toward Foreign Direct 
Investment 
 
Until the mid-1980s, Sweden's approach to direct investment from 
abroad was quite restrictive and governed by a complex system of 
laws and regulations.  Sweden's entry into the European Union (EU) 
in 1995 has greatly improved the investment climate and attracted 
foreign investors to the country. 
 
Swedish authorities have implemented a number of reforms to improve 
the business regulatory environment that benefits investment 
inflows.  The Moderate Party-led coalition government elected in 
September 2006 set a goal of selling some $31 billion is state 
assets during the time period 2007-2010 to further stimulate growth 
and raise revenue to pay down the federal debt.  To date, the 
Swedish government has sold V&S (Vin & Sprit AB) to French Pernod 
Ricard for some $8.3 billion and the Swedish OMX stock exchange to 
Borse Dubai/Nasdaq for $318 Million.  The ongoing financial crisis 
may require some deals to be postponed, but aside from that, 
privatization should continue.  Sweden is also seeking ways to 
ensure wider ownership in Swedish industry, which it believes will 
increase competition and lead to greater efficiency.  As a result, 
foreign ownership in Sweden has increased rapidly in the last 
decade.  Approximately 50% of them are acquisitions, and 30% are new 
establishments.   Foreign-owned firms now employ almost 25% of the 
work force in the business sector.  To an increasing extent, those 
employees work in service industries.  Foreign ownerships are 
dominated by other EU countries. 
 
The Swedish Moderate Party-led coalition government elected in 
September 2006 has pursued a macroeconomic policy that is favorable 
to the business sector.  In a 2003 public referendum on whether or 
not to joint eh European Monetary Union (EMU), a majority voted for 
Sweden to remain outside the monetary union. In 2008, public opinion 
shifted somewhat and a majority of Swedes viewed the Euro positively 
for the first time ever.  However, Sweden is not likely to join the 
Euro area in the next three years. 
 
Conditions for doing business in Sweden have improved under the 
Moderate Party-led coalition government that was elected in 
September 2006.  Corporate income taxes have decreased to 28% and 
are now among the lowest in Europe.  Combined with a well- educated 
labor force, outstanding telecommunications network, and a stable 
political environment, Sweden has become more competitive as a 
choice for American and foreign companies establishing a presence in 
the Nordic region.  Sweden is the largest market in the Baltic Sea 
region, and is ranked among the most competitive and corruption-free 
economies in the world, with a major share of both consumers and 
economic activities.  It is seen as a frontrunner in adopting new 
technologies and setting new consumer trends.  Products can be 
tested in a market with demanding customers and high levels of 
technical sophistication. 
 
FDI inflows to Sweden surged in the second half of the 1990s, a 
trend fueled by accelerating globalization, deregulation in Sweden, 
the devaluation of the Swedish krona in 1992 and the country's entry 
into the European Union 1995.  As an example, the number of foreign 
subsidiaries in Sweden has increased sharply from the mid 1990s, 
from just over 3,000 to over 10,000 ten years later.  Despite the 
substantial FDI inflows, the stock of Swedish assets held abroad 
still exceeds the stock of foreign assets in Sweden. 
 
The value of Swedish holdings of international portfolio shares 
decreased during the first six months 2008 by nearly SEK 333 billion 
($50.5 billion) to SEK 1,514 billion ($230 billion). It should be 
noted that Swedes continued to purchase foreign shares for the 
equivalent of SEK 46 billion ($7 billion) during the period. (Note: 
The U.S. Federal Reserve 2008 average exchange rate of $1 = SEK 6.6 
has been used throughout this document. End Note). 
Foreign holdings of Swedish portfolio shares decreased in value by 
approximately SEK 344 billion ($52.1 billion) to SEK 965 billion 
($146.2 billion) during this period.  Aside from the fall of the 
Swedish stock exchange, the decrease was due to foreign investors 
also selling Swedish shares for approximately SEK 10 billion ($1.5 
billion) during the first half of the year. 
 
In 2008, foreign companies in Sweden employ about 570,000 employees. 
About 1,300 U.S. companies with 110,000 employees are established 
in Sweden, many of which are active in computer software or 
hardware, pharmaceuticals, the automotive industry, telecom or 
finance.  This makes the U.S. the largest country of origin (around 
20% of the work force employed by foreign-owned firms and the trend 
is rising) among foreign-owned companies in Sweden. 
 
Surveys conducted by investors in recent years ranking the 
investment climate in Sweden show rather uniform results:  positives 
mentioned are competent employees, low corporate tax rates, 
excellent infrastructure and good access to capital.  On the minus 
side are high cost of labor, rigid labor legislation, high 
individual tax rates, and the overall high costs in Sweden. 
 
Financial Crisis 
 
Although conditions in Sweden are better than in many other 
countries, Sweden and Swedish banks have been affected to an 
increasing extent by not having access to long-term funding. 
Sweden has not been affected by the ongoing financial crisis to the 
same extent as the U.S., since Swedish banks have been more 
restrictive with loans because of the lesson learned from the 
financial crisis in Sweden 1990-1994.  The design of the U.S. rescue 
package was allegedly inspired by the Swedish "Bank Emergency" from 
the 1990s. 
 
However, the global economic downturn will have significant effects 
on the real economy in Sweden.  GDP is predicted to decrease by 
almost 1% in 2009.  Inflation was 2.5% in November 2008, but had 
climbed as high as 4% in fall 2008. The government is expected to 
propose further fiscal policy measures to stimulate the economy, and 
the Central Bank will lower the repo rate to 1%. Unemployment, which 
was 6.2% in October 2008, is expected to rise sharply in the next 
two years. 
 
The exposure of Swedish banks to financial turbulence in the Baltic 
states is of particular concern, although Central Bank Governor 
Stefan Ingves is confident in the Swedish banking sector.  Ingves 
commented that Swedish banks are sufficiently strong to be able to 
manage increasing credit losses in the region. 
 
Sweden's economy is set to resume its growth trend in 2010 as the 
ongoing financial crisis tails off in 2009, according to a new 
prognosis from Sweden's central bank.  Inflation is expected to 
continue to drop during 2009.  Swedish Central Bank forecasts, and 
those of most other experts, indicate that growth will recover in 
2010 but inflation will increase. 
 
In October 2008, Sweden joined other European countries in taking 
steps to stabilize its financial system by guaranteeing up to $205 
billion of new bank borrowing and creating a fund to take direct 
stakes in banks.  The state deposit insurance was doubled to include 
savings of up to $61,600 per customer and bank.  During the period 
July 2007 to October 2008, the Stockholm Stock Exchange index OMXS30 
fell by 57.8%.  The Swedish krona has dropped sharply in value both 
against the dollar and euro.  The auto industry (Volvo has announced 
that 5,200 people in Sweden may be laid off) and its subcontractors 
and the construction sector are predicted to be most affected. 
 
Sweden's total net International Investment Position (IIP) showed a 
net debt of SEK 321 billion ($48.7 billion) at the end of June 2008. 
The net debt has thus increased by SEK 112 billion ($17 billion) 
compared with the end of the year 2007.  Debt increased from 7 to 9% 
when calculated as a percentage of GDP. 
 
Laws/Rules/Practices Affecting Foreign Investment 
 
During the 1990s Sweden made considerable progress deregulating its 
product markets.  In a number of areas, including electricity and 
telecommunication markets, Sweden has been on the leading edge of 
reform.  These reforms have resulted in more efficient sectors and 
lower prices.  Nevertheless, a number of practical impediments to 
direct investments remain in Sweden.  These include a fairly 
extensive, though non-discriminatory, system of permits and 
authorizations needed to engage in many activities and the dominance 
of few, very large players in certain sectors, such as construction 
and food wholesaling. 
 
Regulation on foreign ownership in financial services has been 
liberalized.  Foreign banks, insurance companies, brokerage firms, 
and cooperative mortgage institutions are permitted to establish 
branches in Sweden on equal terms with domestic firms, although a 
permit is required.  Swedes and foreigners alike may acquire shares 
in any company listed on the Stockholm Stock Exchange. 
 
Government monopolies: Despite extensive deregulation, foreign and 
domestic investors are still barred from retail sale of 
pharmaceuticals and alcoholic beverages. 
 
Legal Aspects: Swedish company law provides various forms under 
which a business can be organized.  The main difference between 
these forms is whether the founder must own capital and to what 
extent the founder is personally liable for the company's debt.  The 
Swedish Law, Act (1992:160) on Foreign Branches, applies to foreign 
companies operating some form of business through a branch and also 
to people residing abroad who run a business in Sweden.  A branch 
must have a president who resides within the European Economic Area 
(EEA).  All business enterprises in Sweden (including branches) are 
required to register at the Swedish Companies Registration Office. 
An invention or trademark must be registered in Sweden in order to 
obtain legal protection.  A bank from a non-EEA country needs 
special permission from the Financial Supervision Authority to 
establish a branch in Sweden. 
 
Taxes: Sweden's taxation structure is straightforward and corporate 
tax levels are low. Sweden has a corporate tax of 28% in nominal 
terms.  Companies can make pre-tax allocations to un-taxed reserves, 
which are subject to tax only when utilized.  Availability of this 
allocation makes Sweden's effective corporate tax rate about 26% of 
undistributed profits.  Certain amounts of untaxed reserves may be 
used to cover losses.  Personal income taxes are among the highest 
in the world.  Since public finances have improved due to extensive 
consolidation packages to reduce deficits, the government has been 
able to reduce the tax pressure as a percentage of GDP.  Currently, 
it is below 50% for the first time in decades.  One particular area 
has been tax reductions to encourage employers to hire long-term 
unemployed people.  The additional cuts for personal income taxes 
initiated by the conservative government entered into force in 2008 
and were followed by an additional step in January 2009. 
Expectations are that the taxes will stay at this level during the 
year and will not increase or decrease because of the financial 
instability. 
 
One tax reform to help bring foreign experts to Sweden is a 
reduction of key foreign personnel's income tax.  The tax is based 
on 75% of his or her income.  This applies to foreign key personnel, 
such as executives, researchers and experts, employed by a Swedish 
company.  The tax relief is not applicable to individuals assigned 
to Sweden by a foreign company that has no operations in Sweden. 
 
Dividends paid by foreign subsidiaries in Sweden to their parent 
company are not subject to Swedish taxation.  Dividends distributed 
to other foreign shareholders are subject to a 30% withholding tax 
under domestic law.  Profits of a Swedish branch of a foreign 
company may be remitted abroad without being subject to any other 
tax than the regular corporate income tax.  Sweden has no foreign 
exchange controls or restrictions. 
 
The Swedish system of allowing A/B preferred stock has been 
identified by some, both in and outside of the EU, as an obstacle to 
takeover efforts of Swedish companies and the free flow of capital. 
A and B stocks differ from common and preferred stocks in that 
owners of A stocks have a greater number of votes than owners of B 
stocks.  Both A and B stocks have the same right to dividends. 
 
Incentives: The Swedish government offers certain incentives to set 
up a business in various targeted depressed areas.  Loans are 
available on favorable terms from the National Board for Industrial 
and Technical Development (NUTEK) and from regional development 
funds.  A range of regional support programs, including location and 
employment grants, low rent industrial parks, and economic free 
zones are also available.  Regional development support is 
concentrated in the lightly populated northern two-thirds of the 
country.  There are also several European funds that offer subsidies 
for starting enterprises and a range of incentives to research and 
development programs provided by the Swedish Government. 
 
Stock options: There is no exit taxation and no specific rules 
regarding the tax of stock options received before a move to Sweden. 
 Instead, cases of double taxation are solved by applying tax 
treaties and cover not only moves within the EU but all countries, 
including the U.S. 
 
A.2.  Conversion and Transfer Policies 
 
There are no foreign exchange controls in Sweden, nor are there any 
restrictions on remittances of profits, of proceeds from the 
liquidation of an investment, or of royalty and license fee 
payments.  A subsidiary or branch may transfer fees to a parent 
company outside of Sweden for management services, research 
expenditures, etc.  In general, yields on invested funds, such as 
dividends and interest receipts, may be freely transferred.  A 
foreign-owned firm may also raise foreign currency loans both from 
its parent corporation and credit institutions abroad. 
 
A.3.  Expropriation and Compensation 
 
Private property is only expropriated for public purposes, in a 
non-discriminatory manner, with reasonable compensation, and in 
accordance with established principles of international law. 
 
A.4.  Dispute Settlement 
 
There have been no major disputes over investment in Sweden in 
recent years.  The country has written and consistently applied 
commercial and bankruptcy laws, and secured interests in property 
are recognized and enforced. 
 
Sweden is a member of the International Center for the Settlement of 
Investment Disputes and is a signatory to the New York Convention on 
the Recognition and Enforcement of Foreign Arbitration Awards.  The 
Arbitration Institute of the Stockholm Chamber of Commerce is one of 
the leading arbitration centers in the world, with many of its cases 
originating in East-West business relations.  An agreement between 
the American Arbitration Association and the Russian Federation 
Chamber of Commerce, stemming back to the 1990's, provides for 
arbitration to take place in Sweden under the rules of the United 
Nations Commission on International Trade Law, with the Stockholm 
Chamber of Commerce administering the cases and acting as appointing 
authority if needed. 
 
A.5.  Performance Requirements/Incentives 
 
Sweden imposes no performance requirements on presumptive foreign 
investors. 
 
A.6.  Right to Private Ownership and Establishment 
 
Rights of this kind are not specifically written into Swedish law, 
but individuals and Swedish entities are well protected by the legal 
system.  Private and public enterprises enjoy equal access to 
markets necessary for conducting business operations. 
 
A.7.  Protection of Property Rights 
 
Swedish law generally provides adequate protection of all property 
rights, including intellectual property.  As a member of the 
European Union, Sweden adheres to a series of multilateral 
conventions on industrial, intellectual, and commercial property. 
 
Patents - Protection in all areas of technology may be obtained for 
20 years.  Sweden is a party to the Patent Cooperation Treaty and 
the European Patent Convention of 1973, which both entered into 
force in 1978. 
 
Copyrights - Sweden is a signatory to various multilateral 
conventions on the protection of copyrights, including the Berne 
Convention of 1971, the Rome Convention of 1961, and the WTO's trade 
related intellectual property (TRIPS) agreement.  Swedish copyright 
law protects computer programs and databases.  Sweden has, however, 
to deal with a serious internet piracy problem.  The Parliament is 
expected to pass a bill which will implement EU's Intellectual 
Property Rights Enforcement Directive (IPRED) 2004/48/EC.  The new 
law is expected to enter into force on April 1, 2009.  Industry in 
Sweden and abroad state that this legislative measure will be 
insufficient to come to terms with the piracy problem.  They argue 
that the Swedish government should also allocate additional 
enforcement resources to address it. 
 
Trademarks - Sweden protects trademarks under a specific trademark 
act (1960:644) and is a signatory to the 1989 Madrid Protocol. 
 
Trade secrets - proprietary information is protected under Sweden's 
patent and copyright laws, unless acquired by a government ministry 
or authority, in which case it may be made available to the public 
on demand. 
 
A.8.  Transparency of the Regulatory System 
 
As an EU member, Sweden has altered its legislation to comply with 
the EU's stringent rules on competition.  The country has made 
extensive changes in its laws and regulations to harmonize with EU 
practices, all with a view to avoiding distortions in or impediments 
to the efficient mobilization and allocation of investment. 
 
A.9.  Efficient Capital Markets and Portfolio Investment 
 
Credit is allocated on market terms and is made available to foreign 
investors in a non-discriminatory fashion.  The private sector has 
access to a variety of credit instruments.  Legal, regulatory, and 
accounting systems are transparent and consistent with international 
norms. 
 
The Stockholm Stock Exchange is a modern, open, and active forum for 
domestic and foreign portfolio investment.  It is an official 
institution and operates under specific legislation. 
 
The balance sheet total of Sweden's banking sector increased 
dramatically during 2008, but the expanded balance sheet items have 
not increased the revenue risk in the bank sector. 
 
The banking crisis of the early 1990s changed the structure of the 
banking sector.  A large number of savings banks were converted into 
commercial banks.  Several foreign banks have established branch 
offices, and several niche banks have started to compete in the 
retail bank market.  A deposit guarantee system was introduced in 
1996, whereby individuals received protection of up to SEK 250,000 
($37,900) of their deposits in case of bank insolvency.  As 
mentioned earlier, this guarantee was doubled in fall 2008 in 
response to the crisis in the financial systems. 
 
A.10.  Political Violence 
 
Sweden is politically stable and no changes are expected. 
 
A.11.  Corruption 
 
Sweden has comprehensive laws on corruption, which are fully 
implemented.  It has ratified the 1997 OECD Anti-bribery 
Convention. 
 
¶B.  Bilateral Investment Agreements 
 
Sweden has concluded investment protection agreements with the 
following countries: 
 
Albania, Algeria, Argentina, Belarus, Bolivia, Bosnia and 
Herzegovina, Bulgaria, Chile, China, Cote d'Ivoire, Croatia, Czech 
Republic, Ecuador, Egypt, Estonia, Guatemala, Hong Kong, Hungary, 
India, Indonesia, Kazakhstan, Kirgizstan, Kuwait, Laos, Latvia, 
Lithuania, Lebanon, Madagascar, Macedonia, Malaysia, Malta, Morocco, 
Mexico, Mozambique, Montenegro, Oman, Pakistan, Peru, Poland, 
Republic of Korea, Romania, Russian Federation, Senegal, Serbia, 
Slovakia, Slovenia, Sri Lanka, South Africa, Tanzania, Thailand, 
Tunisia, Turkey, Ukraine, United Arab Emirates, Uruguay, Uzbekistan, 
Venezuela, Vietnam and Yemen. 
 
There is a bilateral taxation agreement between the U.S. and Sweden, 
but no bilateral investment protection agreement. 
 
¶C.  Labor 
 
Sweden's labor force of 4.5 million is disciplined, well- educated, 
and experienced in all modern technologies.  About 80% of the 
workforce belongs to labor unions.  Swedish unions have helped to 
implement business rationalization and strongly favor employee 
education and technical progress.  Management-labor cooperation is 
generally excellent and non-confrontational. 
 
The cost of doing business in Sweden is generally comparable to most 
OECD countries, though some country-specific cost advantages are 
present.  Overall salary costs have become increasingly competitive 
due to relatively modest wage increases over the last decade and a 
favorable exchange rate.  This development is even more pronounced 
for highly qualified personnel and researchers.  The leverage in 
terms of high productivity and skills is substantial and offers 
investors good value for money. 
 
There is no fixed minimum wage by legislation.  Instead, wages are 
set by collective bargaining.  The traditionally low wage 
differential has increased in recent years as a result of increased 
wage setting flexibility at the company level.  Still, Swedish 
unskilled employees are relatively well paid, while well-educated 
Swedish employees are low-paid compared to those in competitor 
countries.  The average increases in real wages in recent year have 
been high by historical standards, in large due to price stability. 
Even so nominal wages in recent years have been slightly above those 
in competitor countries, about 3% annually.  Some U.S. companies 
have encountered high costs due to the need to pay overtime during 
non-regular hours regardless of how many hours the employee worked 
during so-called regular hours. 
 
Employers must pay social security fees of about 38% for workers and 
41% for other professions.  The fee consists of statutory 
contributions for pensions, health insurance and other social 
benefits.  For employees under 25, the fee is about 22%. 
 
Sweden has co-determination legislation, which provides for labor 
representation on the boards of corporate directors once a company 
has reached a certain size.  This law also requires management to 
negotiate with the appropriate union or unions prior to implementing 
certain major changes in company activities.  It calls for a company 
to furnish information on many aspects of its economic status to 
labor representatives.  But in the end, management has the final 
say.  Labor and management usually find this system works to both 
sides' benefit. 
 
Sweden has ratified most ILO conventions dealing with workers 
rights, freedom of association, collective bargaining, and the major 
working conditions and occupational safety and health conventions. 
 
¶D.  Foreign Trade Zones/Free Ports 
 
Sweden has foreign trade zones with bonded warehouses in the ports 
of Stockholm, Goteborg, Malmo, and Jonkoping.  Goods may be stored 
for an unlimited time in these zones without customs clearance, but 
they may not be consumed or sold on a retail basis.  Permission may 
be granted to use these goods as materials for industrial operations 
within a free trade zone.  The same tax and labor laws apply to 
foreign trade zones as to other workplaces in Sweden. 
 
¶E.  Statistics 
 
In the first half of 2008, there was a surplus of SEK 13.4 billion 
($2.1 billion) in the current account balance, compared with the 
corresponding period last year.  The trade balance improved by SEK 
2.5 billion ($378.8 million) to a surplus of SEK 71.2 billion ($10.8 
billion), and the service balance deteriorated by SEK 4.5 billion 
($681.8 million), yielding a surplus at SEK 49.5 billion ($7.5 
billion). 
 
Total Swedish merchandise exports increased in value by 10% and 7% 
in volume, in the first half of 2008.  Medicines, iron ore and cars 
declined in volume, while paper pulp, oil products, 
telecommunications, food and trucks increased in volume. 
 
Foreign Direct Investment Statistics 
 
Direct investment abroad resulted in an outflow of SEK 171.4 billion 
($25.9 billion) during first half of 2008.  Foreign investment in 
Sweden resulted in an inflow of SEK 131.2 billion ($19.8 billion) 
thus a net direct investment outflow of SEK 40.2 billion ($6.1 
billion). 
 
Table I: Flow of FDI into Sweden (SEK Million) 
------- 
A positive value indicates that investment is larger than 
disinvestment. (Note - figures for 2008 are until September) 
 
Selection of countries  2006  2007  2008 
---------------------- ----  ----  ---- 
EU15     64,675 64,495 84,692 
EU27     73,856 63,022 84,089 
United States    73,806 -3,358 -4,009 
 
Total    177,406 168,599 131,407 
 
Source: National Board of Trade 
 
Table II: Stock of FDI in Sweden (SEK Billion) 
------- 
 
Selection of countries  2004  2005  2006 
---------------------- ----  ----  ---- 
OECD     1,267 1,297 1,482 
EU     877  899  1,073 
United States    256  247  225 
 
The Nordic countries 282  293  345 
 
Total    1,302 1,363 1,552 
 
Source: Statistics Sweden 
 
Table III: Swedish Stock of FDI Abroad (SEK Billion) 
------- 
 
Selection of countries  2004  2005  2006 
---------------------- ----  ----  ---- 
OECD     1,291 1,479 1,584 
EU     917  1,058 1,200 
United States    214  246  216 
The Nordic countries 428  506  543 
 
Total    1,379 1,625 1,760 
 
Source: Statistics Sweden 
 
Major Foreign Investors 
 
Major foreign investment in the past few years has been in the 
chemical and pharmaceutical industry, as well as in the energy and 
automotive sectors.  Other sectors that figure prominently are the 
IT-sector, consulting services, staffing services, and the defense 
industry.  Major U.S. investors, in terms of number of employees in 
Sweden, include:  Volvo Car Corporation (Ford), Manpower, SAAB 
Automobile (General Motors), IBM Corporation, McDonald's, Hewlett 
Packard and Lear Corporation. 
 
COMMENT 
 
In Swedish public debate there is sometimes a tendency to fear 
foreign ownership, but surveys show that foreign companies have in 
general been beneficial to the Swedish economy and employment 
market, since multinational corporations usually pay higher 
salaries. 
 
WOOD