With an eye on fighter jets, Sweden points out that Swedish companies have generated €4.2 billion for the Portuguese economy

Awaiting the opening of the process for the purchase of new fighter jets for the Portuguese Air Force, Sweden points out that Swedish companies in Portugal have generated 4.2 billion euros for the national economy over the last five years. Securitas is the largest employer and Boliden Somincor has invested the most — 430 million euros in four years.

“Sweden and Portugal share a strong belief in free trade and a joint commitment to global security. As we celebrate milestones in our membership of the European Union (30 and 40 years, respectively), our partnership is increasingly focused on the future: innovation, sustainability and further European integration. Portugal offers an attractive landscape for Swedish investment, with a highly skilled workforce, a dynamic entrepreneurial environment and a strong commitment to renewable energy”, says Elisabeth Eklund, Swedish Ambassador to Portugal, quoted in a statement.

The trade relationship between the two countries, says the ambassador, reflects this alignment, with exports of Portuguese goods to Sweden growing by 113% over the last five years. During this period, the approximately 260 Swedish companies in Portugal generated a total of €4.2 billion for the Portuguese economy (Gross Value Added), having invested more than €1.1 billion in the country.

The data, produced by the Portuguese-Swedish Chamber of Commerce, the Swedish Embassy in Portugal and Business Sweden, also indicates the impact of these companies with Swedish capital or identity on employment: they employed 18,133 people in 2024, generating an aggregate turnover of €13.1 billion in five years.

“The focus of Swedish investment is concentrated in labour-intensive and high-value sectors”, the statement said. Securitas is the largest employer (4,470 employees), followed by retailer Ikea (3,200), Ikea Industry (1,752), Diaverum (1,618) and Boliden Somincor (1,324).

“Boliden Somincor represents the largest capital injection, contributing €430 million in aggregate investment from 2020 to 2024, followed by significant investment from Ikea Industry and Volvo Financial Services”, it added.

With an eye on fighter jet renewal

“These priorities confirm that Swedish companies are actively seeking partnerships in advanced technology, life sciences, digital infrastructure and, particularly, in the defence and security sector, an area where Swedish know-how can support Portugal’s modernisation and strengthen European industrial capacity”, the same note points out.

Sweden, it should be remembered, is one of the countries that has been positioning itself as a potential supplier of future fighter jets for the Air Force, with Saab’s Gripen fighter jets. The process of renewing the F-16s has not yet begun, nor is the purchase of this type of equipment planned under the “SAFE” programme, for which Portugal formalised its application at the end of November.

The return of military purchases to the national economy is one of the “decisive” criteria for choosing future suppliers, as Defence Minister Nuno Melo has emphasised. And companies have been busy announcing memoranda of understanding aimed at evaluating possible partnerships with Portuguese industry. In the case of Saab with AED Cluster Portugal, OGMA and Critical Software are already well-known names.

Lockheed Martin and the Eurofighter consortium (which includes Airbus) are companies that have also positioned themselves in the fighter jet race.