Canada and Sweden are joining forces to strengthen their economic resilience and pave the way for a “green” and digital future.
On Thursday, Canadian Minister of Innovation, Science and Industry, François-Philippe Champagne and Swedish Minister for Energy, Business and Industry Ebba Busch said in a collaborative statement that the countries are forming a robust partnership aimed at promoting innovation, research, and cleaner technologies while fostering economic growth and job creation.
This collaboration between two nations, known for their leadership in decarbonization and technological innovation, comes at a crucial time in the face of geopolitical shifts and the urgent need for sustainable solutions.
This announcement comes following Minister Busch’s visit to Canada and her participation at the Sweden-Canada Innovation Days in Quebec, where both ministers pledged to collaborate and leverage their respective strengths in critical minerals, clean energy, and talent to lead the way in the green and digital future.
Their joint efforts are aimed at fostering economic growth while generating well-paying jobs and achieving ambitious climate goals.
The two nations recognize the complementary nature of their industries and knowledge centers, boasting innovative companies that are at the forefront of technological advancements. As part of their commitment to further develop bilateral cooperation, both Canada and Sweden will promote innovation, research, and the deployment of cleaner technologies, including Small Modular Reactors (SMRs), and their associated supply chains.
This collaborative effort is expected to create increased opportunities for business partnerships and the development of robust ecosystems with innovative firms from both countries.
Delighted to join Minister Champagne @ISED_CA and Sweden's Deputy Prime Minister @BuschEbba yesterday in Montreal for 🇸🇪-🇨🇦 Innovation Days to talk about our dynamic bilateral relationship and how we are collaborating to lead the green and digital transition. pic.twitter.com/S61zm8IJPJ
— Jason LaTorre (@JasonALaTorre) October 5, 2023
In a joint statement, Ministers Champagne and Busch emphasized the importance of enhancing their partnership in light of current global challenges. The geopolitical and geoeconomic shifts resulting from Russia’s unprovoked war against Ukraine, coupled with the accelerating impacts of climate change, have fundamentally altered the global energy landscape.
As a result, the need for collaboration between like-minded and trusted partners has become increasingly urgent. Sweden and Canada are committed to deepening and broadening their bilateral engagement to address these challenges now and in the future.
Both nations have positioned themselves as global leaders in decarbonizing various sectors, including steel production, critical raw materials, electric vehicle (EV) batteries, and nuclear technologies like Small Modular Reactors (SMRs).
Both countries share a responsibility to encourage the global adoption of advanced technologies that can pave the way for a cleaner and more sustainable future.
Read more: Canada launches $40M research fund for critical minerals value chains
Read more: Government of Canada establishes $1.5B fund for critical minerals projects
Canada and Sweden have seen rapid growth in their trade and investment relations
In the past year, several Swedish companies have made significant commitments to expand their operations in CanadaIn the past year, several Swedish companies have made significant commitments to expand their operations in Canada.
Telefonaktiebolaget LM Ericsson (STO: ERIC-B) —for instance– has announced a $470 million expansion in partnership with the Government of Canada, while the private company Northvolt is collaborating with Canadian firms and pension funds to develop the world’s greenest EV batteries in Canada.
Additionally, the Centre for Commercialization of Regenerative Medicine (CCRM), headquartered in Toronto, recently launched its Nordic Hub in Sweden, further strengthening ties between the two countries.
“We reaffirm our commitment to further collaboration with other like-minded states around the world to accelerate the creation and deployment of innovative technologies that will create jobs and growth, and help us achieve our shared goals of a thriving net-zero future,” reads the joint statement.
