Top companies team up to face coronavirus

Prominent Finnish companies have joined forces to increase their lead in digitalisation and the green economy, said the Confederation of Finnish Industry (EK) in a press release on Monday.

Their shared vision and innovative cooperation aim to pave the way to billion-euro investments in the digital customer and service experience, industrial processes, productivity, remote work, and climate solutions.

The cooperation was launched at the initiative of Pekka Lundmark while he was the CEO of Fortum. Lundmark is now the CEO of Nokia Corporation and the chairman of the EK Board.

In addition to Nokia, the cooperation involves the following companies: ABB, Cargotec, Finnair, Fortum, Konecranes, Kreab, Neste, OP Financial Group, Varusteleka, VTT, and Wärtsilä.

Together, they have outlined a digital vision for the future and prepared significant investments.

Increased public innovation funding would enable investments in a wide range of areas. These include, but are not limited to, world-class customer experience, climate-neutral industry and transport, remote industrial operations in the 5G environment, and autonomous maritime logistics.

In addition, cyber security for remote operations as well as digital work and leadership would also benefit from the funding. Furthermore, analyses were carried out to investigate the impact on business and change in customer expectations in the wake of the COVID19 pandemic.

It is in our common interest for Finland to seize new and emerging opportunities, said OP Financial Group President and CEO Timo Ritakallio. He said, “The COVID-19 pandemic showed how digital solutions help in ensuring secure and easy availability of services even in extreme circumstances. This is the time to further accelerate digitalisation – and to do it through cooperation between all companies and in the society as a whole.”

Digitalisation, climate solutions, and sustainability are closely linked, stressed Neste Corporation President and CEO Peter Vanacker:

“There is not only room for all of the alternative solutions – there is a gigantic need for them. At Neste, digitalisation is an important enabler, such as in increasing energy efficiency in production and enhancing sustainable supply chain management of our low-carbon solutions.”

The best innovations are often created under pressure, said Finnair CEO Topi Manner:

“Investing in digital development is essential for improving Finland’s competitiveness. This also applies to service industries. Human interaction continues to be vital, but it needs to be supported by innovative technology.”

“Now is the time for Finland to invest in future economic growth. Substantial innovation funding is required from the Government Budget Session this September. Our aim is for Business Finland’s Veturiyritys Programme (a challenge competition for leading companies) to receive EUR 100 million in funding. The Artificial Intelligence 4.0 Programme requires EUR 40 million, and the Digital Leap Programme requires EUR 20 million. In addition to industry, the trade, finance, and service sectors must also be considered,” said EK Director Taina Susiluoto.

It is, however, equally important that the EU recovery funding allocated to Finland is used to advance digitalisation and green transition, emphasised Susiluoto.