Resources

The Brazilian economy is the second largest in the Western Hemisphere, accounting for more than half of Latin America's GDP; the IMF projects that by the end of 2024, Brazil will boast the world’s 8th largest economy. Geographically, the country is larger than the contiguous U.S., and business environments differ regionally. There is a large concentration of population and economic activity in Southeastern Brazil, including the states of São Paulo, Rio de Janeiro, and Minas Gerais. Brazil's financial capital and prime international business hub is São Paulo. Brazil may be a challenging market for many U.S. exporters at first, but those willing to invest time and resources in understanding and overcoming the challenges of doing business within this geographically diverse, resource-rich, and economically dynamic country will have a great opportunity to succeed.

Finland has a strong industrial base with key sectors including electronics, machinery, vehicles, and other engineered metal products. Finland is highly dependent on international trade. Imports amounted to $123 billion in 2023 (goods: $82 billion; services: $41 billion). The largest exporters to Finland included Germany, Sweden, China, Netherlands, and the U.S. Imports mainly consist of energy products, raw materials and investment goods, machinery and transport equipment, fuel, and chemicals. Finns are “fluent in international trade” and have good English language skills.

Sweden is one of the most industrialized countries in Europe. In recent years, Sweden has seen a notable expansion in high value-added sectors such as biotechnology, life sciences, advanced engineering, nanotechnology, and information technology, including software development. The service sector accounts for approximately 70% of GDP, reflecting the country's advanced stage of economic growth. In 2024, Sweden’s GDP is expected to be $624B, a 0.2% increase from the year prior. Having local representation who speaks the Swedish language is a significant advantage for U.S. companies, as local contractors and suppliers with daily operations in the market, access to valuable information, and connections with key decision-makers can more effectively identify and respond to business opportunities.

Turkey’s strategic location at the crossroads of Europe, Asia, and the Middle East makes it a crucial trade and energy transit hub. The country serves as a bridge between Western markets and emerging economies, which enhances its geopolitical influence. The country is a leading global producer of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. It is also the 5th most visited destination in the world. Since 2021, Turkey’s GDP has shown steady recovery and accelerated growth, reaching its highest levels by the end of 2023. U.S. companies should benefit from local support. Market insight and connections of local representatives provide a major advantage for entering the business world and gaining market access in Turkey.

VEDP’s Global Network Consultant in Spain has prepared a report on the cybersecurity market in Spain including market statistics, key markets for services, regulations, and other useful information. The cybersecurity market in Spain has an annual revenue of approximately two billion euros and is predicted to grow almost 15% annually in future years. Initiatives in the European Union, advancing technology, geopolitical events, and the rising number of cybersecurity incidents in Spain have all increased the demand for cybersecurity services in the country.

VEDP’s Global Network consultant in Saudia Arabia has prepared a report on the country's economic outlook and sector opportunities. Virginia businesses across various industries can expect demand in Saudi Arabia for their products and services as Saudi Arabia looks to diversify its economy. The report identifies industries expected to grow in the country as well as the considerations Virginia businesses should take when entering the market. Key sectors include construction and infrastructure, hospitality and tourism, healthcare, education, defense, manufacturing, ICT, renewable energy, and gaming.