Business opportunities in Finland – For Whom

Business opportunities in Finland – For Whom

Business opportunities in Finland are available on various business sectors. Historically Finland is competitive in manufacturing. Particularly in the wood, metals, engineering, telecommunications and electronics industries. Finland excels in export of technology as well as promotion of start-ups in the information and communications technology, gaming, cleantech, and biotechnology sectors.

Economic performance of Finland

According to the economic survey of OECD (2019) Finland has had a long period of lackluster economic performance. However, a strong rebound in exports is boosting the economy. Despite slow income growth, private consumption remains healthy and both business and residential investment are buoyant.

Past economic performance of Finland

Finland has been one of the best performing economies within the EU before 2009 and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in that year, causing Finland’s economy to contract from 2012 to 2014. The recession affected general government finances and the debt ratio. The economy returned to growth in 2016, posting a 1.9% GDP increase before growing an estimated 3.3% in 2017, supported by a strong increase in investment, private consumption, and net exports.

Conducted structural reforms of Finland

Competitiveness is being restored through ambitious and comprehensive structural reforms and an agreement between social partners on wage moderation. Employment is expanding, but the fall in the unemployment rate is slowed by the return of people who had given up job search to the labour market.

Finland one of the most competitive country in Europe

World Economic Forum’s the Europe 2020 Competitiveness Index places Finland as the most competitive country in Europe. According to a 2016 study by European Commission, Finland astounds as the most attractive EU country for Foreign Direct Investment. Finland earns praise for its highly skilled work force, ranking first in knowledge and innovation capacity.

Investors in Finland

According to data provided by Statistics Finland, the majority of the investment stock to Finland comes from Sweden (32%), Luxembourg (19%), the Netherlands (17%), Denmark (5%) and Germany (4%). Finland’s economies weak points are the small size of its market, a high vulnerability to the international situation, substantial labour costs and a high degree of dependence of the country’s banking sector on the Swedish and Danish financial sectors. Finland ranked 20th out of 190 countries in the World Bank’s 2020 Doing Business report.

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LKOS Law Office is an internationally recognised high-quality boutique business law office established in Helsinki, Finland. We provide legal services to foreign and domestic companies. Furthermore, our NewLaw -concept secures that we serve all of our clients individually and by way of exceeding their preliminary expectations regarding business law services. Further to this, we are a reliable partner in a rapidly changing business environment.

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*This article is for general information purposes only and does not constitute a legal advice.