Success calls for courage and choices
Finland needs to change the rhythm of its economy. Our productivity growth has been treading water for more than a decade, and the share of exports in our GDP is significantly smaller than in most of our competitor nations. At Business Finland, we believe that by bold investments in the renewal of industries and smart targeting of investments we can, however, reach the path of sustainable economic development again.
It is possible to speed up structural change in support of growth and strengthen the competitiveness of the national economy through strategic industrial and innovation policies. At their core, they require close cooperation between companies and the public administration in identifying and developing new promising growth areas. This year, Business Finland introduced a thematic strategy process for identifying particularly promising opportunities for sustainable growth in Finland by listening to our customers, stakeholders, and international experts.
We have now selected the themes in which Business Finland can have a particularly large impact.
We will publish our thematic focus areas so that the various players within society can participate extensively in the debate on their importance and implementation. We believe that our impact will be greater when we hand over the results of our thematic strategy, carried out in cooperation with our stakeholders, to society at large. Significant changes in the national economy require determined and wide-ranging cooperation.
Global challenges create new market opportunities
Finns have an excellent starting position for addressing many global challenges. Our know-how, companies, and operating culture provide us with a good opportunity to seize significant growth opportunities around the world.
In our thematic strategy work, we looked at global market changes and the new opportunities they bring. We assessed these in relation to the strengths and characteristics of the Finnish business and research field. From the intersections of market opportunities and Finnish capabilities, we then discovered our thematic focus areas:
- Digitalization based boost for productivity
- Comprehensive health & wellbeing
- Carbon neutral & resilient energy system
- Zero waste & circular economy
- Engaging & immersive experiences
Strong choices give rise to a more predictable rdi policy and boost sustainable growth
Our thematic focus areas will not only show up in our presentations: in the coming years, we will allocate around half of Business Finland’s RDI funding through missions and programs related to the thematic focus areas. This means that during our strategy period, our financial contribution to the implementation of our thematic strategy could be in the range of billions of euros. Despite the strong focus areas, all other good ideas will naturally be taken into account, of course. We will continue to support the most promising actors and projects, regardless of their field or location.
Business Finland cannot succeed alone. In practice, the benefits we aim to achieve are entirely generated by our customers’ successes and their spill-over effects in society.
Therefore, to implement our thematic strategy, we need a large number of Finnish companies and researchers, as well as many other actors, who often play a valuable role in taking advantage of new opportunities.
The aging Finland needs sustainable economic growth to safeguard its wellbeing. A strong knowledge base and new innovative products, services, and growth sectors that emerge from it are a necessary precondition for the sustainability and future wellbeing of the national economy. The choices we make now will speed up our journey towards sustainable growth.