Relations between Ukraine and Sweden

by Meifan Honcharuk
Tuesday, December 7, 2021
Relations between Ukraine and Sweden

Sweden — permanent and stable partner of Ukraine.

The deepening of relations between Ukraine and Sweden, as neighboring European countries, continues today. Trade between our countries is growing thanks to the current economic integration of Ukraine into the EU. The volume of investments is also growing every year. More and more Ukrainians and Swedes understand the specifics of our countries on a personal level thanks to the visa-free regime and frequent flights, which have greatly simplified travel between countries.

Today, about 100 Swedish companies are on the Ukrainian market, including Electrolux, Ericsson, Grain Alliance, SEB Corporate Bank, Scania, Sigma Software, Westinghouse Electric Sweden, ABB, IKEA, H&M and many others.

However, it remains clear that we are not fully exploiting our potential. The volumes of trade and investment are increasing, but they are still insignificant compared to many other economic neighbors of Ukraine in absolute terms.

Economic relations

Today the most successful and well-known Swedish company in Ukraine is the Chumak food company in the Kherson region. Today it is one of the largest food companies in Ukraine. It was founded in 1996 by two young Swedish entrepreneurs with financial assistance from Hans Rausing of Tetra Pak.

In recent years, Swedish banks have shown a growing interest in the growing Ukrainian economy.

  • At the beginning of 2005 SEB bought AGIO bank, which was later transformed into SEB Bank;
  • At the end of 2007 SEB bought Factorial bank with offices in Kharkiv and eastern Ukraine;
  • In mid-2007, Swedbank bought TAS-Komerzbank, which in December 2007 changed its name to Swedbank.



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