Singapore, Sweden can learn from each other on social cohesion, competitiveness: President Tharman
Despite having a strong egalitarian culture, Sweden has entrepreneurs who set ambitious goals, President Tharman said.
President Tharman Shanmugaratnam of Singapore visited Sweden in October 2021 to commemorate the 60th anniversary of bilateral relations between the two nations. During his state visit, the Singaporean President emphasized the potential for both countries to learn from each other in areas such as social cohesion and competitiveness.
Singapore and Sweden share a commitment to ensuring that economic progress benefits everyone, a concept known as egalitarianism or a horizontal culture. The Swedish government promotes a deep commitment to inclusive growth, ensuring that everyone moves up together.
During his visit, President Tharman observed Fryshuset, an organization in Stockholm that empowers youth from diverse backgrounds, including those facing difficulties, to gain confidence, develop themselves, and feel that they play a role in society.
Swedish corporate culture has evolved towards more collaboration and mentorship, with successful entrepreneurs often investing in other companies. This "dense community of entrepreneurs" created by Swedish startups is quite impressive.
Singapore and Sweden also share a similar approach to enabling companies to grow and compete internationally. However, they achieve this by maintaining a predictable regulatory environment and promoting overseas business, rather than intruding in corporate strategy. Sweden has a strong system of funding for emerging enterprises, including a thriving angel investor community.
President Tharman noted that both countries have a strong system of funding for emerging enterprises and highlighted their longstanding culture of business-trade union collaboration, which focuses not only on wage bargaining but also on investment in workers.
The Swedish government's approach to job redeployment within and among companies is something Singapore also seeks to achieve. Singapore and Sweden share a trusted and productive relationship built over 60 years, with cooperation in fields such as energy, AI, quantum technologies, and 5G and 6G applications.
Written by urgent.news from Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
