• Mon. Jun 24th, 2024

Bold Steps: Protecting Finland’s Competitive Edge in Europe’s Industrial Policy Shift

BySamantha Jones

Mar 26, 2024
An EU Export Support Instrument is Essential for Finland

Timo Harakka writes that Finland’s interests are not being pushed into a corner by nagging, but rather by making bold openings for the future of Europe. The European Union (EU) is freeing up state subsidies and creating joint responsibility funds under the guise of successive crises, leading to publicly financed “industrial policy” for years to come.

Finland must respond to this challenge as it risks losing out on competitive advantages in key industries. The Central Confederation of Business (EK) has called for a reflection of Finland’s EU guidelines in light of the changed situation. Germany and France dominate EU state aid, with Germany committing significant funds to boost its industry compared to Finland’s smaller investments.

To address this competitive situation, Finland is exploring its industrial policy alternatives, including a high-tech export support instrument proposed by the Ministry of Transport and Communications and the Ministry of Foreign Affairs. This instrument aims to benefit Finnish companies and strengthen Europe’s global position against competitors like China.

The focus is on protecting critical technologies and ensuring competitive financing terms for EU-acquired technologies. Finland’s expertise in efficient data processing and data transfer could benefit from EU-level support for future technologies. It is essential for Finland to take bold steps towards securing its competitive edge in the ever-evolving global market.

Finally, Timo Harakka argues that Finland must remain vigilant in defending its interests within the EU and work towards finding solutions that benefit all member states while maintaining an open market environment that allows businesses to thrive.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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