Companies in Stockholm have access to the cheapest high-speed broadband in Europe, according to a new report.

The importance of fast internet in knowledge-intensive economies was also outlined in the survey which was conducted on behalf of the City of Stockholm.

The survey compared what businesses pay for 100 Mbit/s bandwidth in twelve cities around the world.

The results showed that companies in Stockholm pay 568 euro per month; almost five times less than firms in New York and Berlin.

At 381 euro per month, Singapore was the cheapest of all the cities surveyed. In stark contrast, Seoul has a monthly rate of 1,876 euro and New York businesses pay 2,218 euro.

"A comparison among all of the surveyed cities indicates that Stockholm has very low rates from an international perspective," the report stated. "Given that the rates of the various actors do not differ significantly, the market appears to be well-developed in relation to other cities."

IT infrastructure company Stokab and strategy consultancy United Minds which conducted the survey also pointed out that access to, and rates for high-speed connections affect both businesses and individuals.

"They are among the factors that shape the business climate, but they are particularly important in cities with a high concentration of knowledge-intensive businesses," the report said.

Sweden's position as a global technological powerhouse was reaffirmed earlier this month when it placed first in the Global Networked Readiness index, published by the World Economic Forum and Insead. The rankings show the influence that information and communications technology have on economic and social growth and competitiveness. Singapore came in at number two, followed by Finland and Switzerland.

"Sweden offers one of the best climates for technological adoption and innovation," the report said. "In Sweden more than anywhere else, ICT improves access to basic services and gives rise to new organizational models as well as new business models, products, and services."

With more than 90 percent of Sweden's population using the Internet on a regular basis, its uptake of new technology is among the world's highest.

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This article was published in collaboration with Stockholm Business Region.

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