Stockholm Chamber of Commerce - The Capital Region risks falling behind

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International Trade

The Capital Region risks falling behind

Stockholm is the engine of growth but the region is not as international as many believe. – We need to become much more global, chief economist says Andreas Hatzigeorgiou.

Cities drives the economy, not just part of the economy. A report, written by the Brookings Institute shows that the world's 123 largest cities generate one third of global production, that is only one-eighth of the world's population.

In September, Maria Rankka and Andreas Hatzigeorgiou visited the Global Cities Summit. The summis highlighted the importance of global competition, commitment and the urban innovations and catalyzed the next wave of initiatives arising from the global economic challenges. About 40 leaders were invited to represent different global regions.

During the summits, Brooking Institute launched a new report, Redefining Global Cities: The Seven Types of Global Metro Economies. The report introduces a new typology of what constitutes a global city today, demonstrates how a global city vary in how they attract and collect economic drivers and contribute differently to economic growth. Also, The Making of Global Cities: Stories from the Global Cities Exchange was launched. A compendium of stories and examples of metropolitan regions that advanced in the global trading and investment strategies through the Global Cities Exchange.

Maria Rankka participated in a panel discussion on the importance of cities in the treatment of some of the world's most pressing issues. Four takeaways from the panel were:

The Stockholm Chamber of Commerce proposes a series of measures to Stockholm to continue to compete with other cities. Some of them are expanding the harbor, the airport and other infrastructure. Improve opportunities for global talents by making it easier for both people with jobs or businesses to come to Stockholm, Sweden to try their wings. This can be arranged, for example, with a talent visa. 

The Chamber of Commerce also proposes that Stockholm will have its own trade minister. Cities are playing an important role in the global economy. It is especially cities like Stockholm and Uppsala, cities in the middleweight class that drives development. Companies focusing more on cities, instead of countries, when choosing where to operate. It is reasonable that Sweden's export engine Stockholm gets its own trade minister who can promote the city abroad.

Read Christine Lagarde wants to jumpstart inclusive growth: Why she should enlist cities

Read more about Global Cities Summit och watch videos from the summits here

Read Stockholm Chamber of Commerce's strategy to internationalize Sweden's Capital region. 

Photo: Paul Morigi