Sweden and Finland, separated by a distance no more than 556 kilometres, are two of the most renowned Nordic nations. Even as from a cultural point of view, the two are unique given divergent cornerstones such as language, beliefs, customs and ways of being, the two Northern European nations are closely interlinked where it comes to economic co-operation.
As a matter of fact, both Sweden and Finland exude a semblance of having similar economic institutions. Ties between the two nations carry an imprint of close economic co-operation and mutual respect that’s ever been the essence of the Nordic nations.
While to the world, both Sweden and Finland, the latter more specifically may seem cold or indifferent since they have never been garrulous talkers anyways, there’s this understated appeal in the way the two nations go about doing their business and convening over diplomatic and pathbreaking ties and developments in their ecosystem.
One of the reasons why Sweden and Finland enjoy a familiarity about one another could also be traced to the time they both joined the European Union, aka the EU.
It was back in 1995, where countries with a penchant for motor-racing and ‘bastu‘ (i.e. the sauna), had joined the EU together.
And where they’ve come together ever since can be understood by a glorious economic stat pertaining to 2020, the year where the COVID pandemic truly took a stronghold over the world.
It was exactly a year back in time, circa 2020, where exports from Finland to Sweden, just to give an idea about how closely the two nations are involved in trade, measured to $1.35 billion USD.
You read exactly right. $1.35 billion US dollars. Let that sink in.
Whether it is Iron and Steel, machinery, mineral fuels, distillation products and whatnot, one of Finland’s leading export destinations is the land of Volvo, Dolph Lundgren, and the famous Stockholm and Lund Universities.
Having said that, Sweden and Finland, in a renewed bid to increase their industrial ties have come to a conclusion toward forging a path for renewed focus. So how is that and how are the two planning to get more involved than before? First up, the Swedish Minister for Foreign Trade and Nordic Affairs, Ms. Anna Hallberg (SDP) offered enthusiasm about the growing ties between the two nations.
Having said that, he following is important to note where it comes to envisaging how Sweden and Finland are planning to increase industrial co-operation with one other:
“We need each other to make tenders as strong as possible. Competition in the world, including inside Europe, is hard. Now, when there is a lot of recovery money available, we need to do more right things together and also in new ways,” said the Finnish Minister for Development Cooperation and Foreign Trade, Ville Skinnari (SDP).
The strategy will seek to boost novel technologies such as Nordic green solutions, including electrification of traffic and hydro energy. It will also encourage universities to collaborate, attract new investments and thus spark innovations and breakthroughs. According to Anna Hallberg, the countries need “thousands of new engineers”.