03.02.2014
Finland is known for its thousands of lakes, sauna, high tech and Angry Birds. With a careful look to the country there is more than meets the eye. This Nordic country has quickly expanded from traditional industries to a modern high tech service society. Nevertheless, the traditional paper and pulp, forestry, machinery and metal industries still bring a fair share to the table. In the ever changing world these industries have been re-inventing their products and services.
For example, the pulp & paper industry has been facing decline in sales Europe, therefore companies are investing on more efficient production and have diversified to new business fields. Now, companies in the field are developing biomaterials, advanced composites, bioenergy, biofuels and even medicine from wood. Companies offering materials, solutions and services in these fields can find plenty of business opportunities from Finland.
As resources become more expensive and scarce, machinery and metal industries require more efficient material processing methods, better components and ways to cut down costs in the competitive environment. Finnish companies are strong in building ship and power plant engines, pulp and paper machines, ore and mineral handling equipment, elevators, cranes and lifts as well as forestry and agriculture machines.
Due to its northern location, Finnish retail sector is dependent on imports of many goods. For example, 25 % of food and agricultural products are imported to Finland. There is especially demand for organic products, as the market grew 25 % in 2012 and the growth is expected to be over 10 % during 2013. Other growing market segments include functional and gourmet foods. Retail and food industry also provide opportunities in material handling and logistics because of long distances between Finnish cities.
Finland is a stable economy with high standards of living. As a Nordic welfare state people have good purchasing power and they value high quality goods. Finnish companies usually look for long lasting partnerships, but they are open to new ideas and partners. As Finland is very dependent on export and import of goods, Finns are fluent in international trade and have developed good English language skills. The most significant trade partners can be found from the Baltic Sea region and Finland acts as a route to the Russian market, as many companies dealing especially with healthcare products, groceries and consumer products trade towards it.
In the future, Finland has to tackle with ageing population which sets new requirements for health care products and services. ICT technologies will spread out even further to different fields. Already, there are substantial investments to renewable energy production, bioenergy and biofuels as Finland wants to improve its energy self-sufficiency. Thus, Finland offers various opportunities for foreign companies.
For further information and market entry services contact:
InnoConnections
Managing Director
Mr. Markus Pitkänen
+358 40 562 3855
markus@innoconnections.com