Finland’s New Approach to Industrial Policy in the EU: Balancing Competition and Growth

An EU Export Support Instrument is Essential for Finland

Finland has always been a proponent of open competition in the EU internal market. However, recent developments have shown a shift in this stance as the EU is now freeing up state subsidies and creating joint responsibility funds under the guise of successive crises. This has led to publicly financed “industrial policy” for years to come, which poses a significant challenge for Finland.

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. One such alternative is 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.

Finland must not allow itself to be pushed into a corner by nagging but rather make bold openings for the future of Europe. The country must respond to this challenge by exploring its industrial policy alternatives that align with its goals while taking into account the changing landscape in Europe.

Sophia Reynolds

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