Swedish Defense Minister Pål Jonson is traveling to the Philippines to pursue a new contract for Saab's Gripen fighter jets, with potential interest also extending to the Global Eye airborne early warning aircraft.
The diplomatic mission aims to capitalize on growing defense spending in Southeast Asia and secure a significant export win for the Swedish aerospace sector.
Saab shares (VRL.DE) climbed in early trading as investors reacted positively to the prospect of a major new order.
The market move reflects the high value attached to international defense contracts, which are critical for Saab's revenue growth and margin expansion.
A deal with the Philippines would mark another milestone in Saab's global export strategy, following recent successes in other markets.
The visit comes amid heightened geopolitical tensions in the Indo-Pacific region, prompting several nations to modernize their air forces.