Sweden welcomes sovereign wealth funds but demands transparency

Sweden welcomes investment from sovereign wealth funds, but will demand transparency from any potential investors, the country's financial markets minister said in an interview published on Tuesday.

“Our position is that we welcome sovereign wealth funds as investors into Sweden,” Mats Odell told the Financial Times in Dubai. “We have had very good experiences with them so far; they are long-term, committed investors.

“But we will look at them (sovereign wealth funds) on a case-by-case basis. … We demand transparency, that’s for sure.”

Odell was in Dubai to discuss business opportunities there, and to brief Dubai’s officials on upcoming privatizations in Sweden, such as those of Nordea Bank and TeliaSonera.

EU Trade Commissioner Paul Mandelson said Monday that the European Union wanted a global code of conduct for sovereign wealth funds, as such funds rapidly raise their profiles with a series of massive acquisitions in developed Western markets.