Business Finland has revealed that almost 800 ICT companies in the country are foreign-owned. Additionally, more than one-third of all overseas investments directed to Finland last year went towards this sector.
This is due to the country being defined as the go-to place for high-quality and exacting product development, as well as a country where elite technology partners are available. Finnish product development teams and centers are hugely respected, leading to many significant references from big international firms. Furthermore, the firms that want to develop new product development operating models are attracted to come here due to the ecosystems within the country.
This is due to the country being defined as the go-to place for high-quality and exacting product development, as well as a country where elite technology partners are available. Finnish product development teams and centers are hugely respected, leading to many significant references from big international firms. Furthermore, the firms that want to develop new product development operating models are attracted to come here due to the ecosystems within the country.
Most of this attention has come from the United States or Sweden, but there has also been interest from Norway, the United Kingdom, and Germany. Northern Ostrobothnia (where Oulu is based) has been highlighted as one of the areas where investment from abroad is going to, alongside Southwest Finland, Pirkanmaa, and Uusimaa.
“There are many high-level specialist areas within the industry…In Oulu, wireless technology know-how such as 5G and 6G is strong.”
Janne Kari, Head of Investment for Finland’s ICT sector, Business Finland
Janne Kari, Head of Investment for Finland’s ICT sector at Business Finland, states: “Finland’s strengths in the ICT sector include excellent technology partners such as VTT and many growth companies that have gained a reputation in their field. For example, the Schaeffler in Germany publicly praised the Finnish operating model.
“The range of partners in Finland is extensive, and there are many high-level specialist areas within the industry. Finnish companies are pioneers in, for example, the application of wireless technologies and AI, which has many applications, but at the same time there is a severe shortage of skilled workers in the field. Attention should be paid to the adequacy of talent when planning training, whilst at the same time facilitating the placement of international talent.
“Outside the capital, Oulu, Tampere, Turku, and Joensuu are good examples of strong ICT regions. In Oulu, wireless technology know-how such as 5G and 6G is strong. Tampere has the ecosystems of imaging, smart work machines and cars of the future. Then there’s the quantum computing ecosystem, which is concentrated in the capital region. Joensuu has strong expertise in photonics.”
Invest in Finland, part of Business Finland, together with regional development organizations, promotes the location of foreign investments in different parts of Finland. You can find out more about them on their website.