Finnish companies need strong cooperation, shared concepts and government support to start business in the Arctic area. “We need a ‘Team Arctic Finland’,” says CEO Mikko Niini from Aker Arctic Technology.
Niini led a study called Sustainable Business Opportunities in the Arctic for The Federation of Finnish Technology Industries. The study looked for ways to help Finnish companies benefit from the opportunities of the Arctic region in a sustainable manner. The final report, produced by Gaia, will be published during the fall.
The business potential of the Arctic has been anticipated but the utilization of the area’s oil and gas supplies, in particular, has progressed slowly. Experimental sea transport has strongly increased, in particular on the Northern Sea Route, which indicates that northern logistics is becoming increasingly important.
”Finnish companies are well-positioned to do business in the Arctic but it is a challenge for them to access these enormous projects in a cost-effective way. We lack our own direct investors and strong project leaders that large projects require,” says Niini.
The study proposes strong cooperation between companies, investments in developing joint concepts as well as governmental support with opening new doors and uniting resources.
”We need a long-term development program that concentrates on business, markets and a national model for cooperation, a ’Team Arctic Finland’. Finland’s strong role in developing the Northern Sea Route is an important part of this goal and requires a long-term investment plan and commitment. We also need to tackle trade barriers according to the principles of the World Trade Organization,” says Niini.
According to Gaia’s Pekka Pokela, who was the project leader of the study, the Arctic region has much to offer. ”Based on this study, the total value of the Arctic market from now until the year 2020 is approximately 240 billion euros. Finland and Finnish companies need to tap into this growth potential. The Arctic region offers new and tangible business opportunities for a large group of Finnish companies, provided that they can innovate and create strong cooperation,” says Pekka Pokela.
The study was conducted by Gaia for The Federation of Finnish Technology Industries. Fifteen frontline Finnish companies also participated in the project: ABB Marine Oy, Aker Arctic Technology Oy, Arctia Shipping Oy, Cargotec Oyj, Destia Oy, Fortum Oyj, Konecranes Oyj, Metso Automation Oy, Outotec Oyj, Pemamek Oy, Rolls-Royce Marine Oy, Rautaruukki Oyj, Terramare Oy, Vaisala Oyj and Wärtsilä Oyj.
- Pekka Pokela, Project Leader, Gaia Consulting Oy, tel. +358 40 544 1582, email: firstname.lastname@example.org