Sweden has much to learn from Ireland, says analyst

Ireland's ascent to a leading European industrial power, particularly in pharmaceuticals and biotechnology, offers a stark contrast to Sweden's current standing. As Ireland prepares to take over the EU presidency in July, it does so from a position of economic strength that Sweden, despite a stronger starting point two decades ago, now trails.

Over the past few decades, Ireland has undergone a remarkable transformation. It has evolved from a primarily agricultural economy into a powerhouse of advanced manufacturing and life sciences. This shift is vividly illustrated by its pharmaceutical exports, which have grown nearly tenfold in the last twenty years to approximately 100 billion euros annually. This figure is nearly ten times that of Sweden's, highlighting a significant divergence in economic development within the sector.

The analysis, penned by Jakob Tellgren of IKEM, suggests that Sweden must actively work to bolster its appeal to investors. The implication is that current conditions or strategies are not attracting the necessary capital to foster growth in key industries like pharmaceuticals, where Sweden has fallen behind its European counterpart.