Nordic states to jointly boost competitiveness, security

A joint declaration on the future of competitiveness, security and growth in the Nordic region was signed by heads of the five states in connection with a Nordic summit held in Sweden on Monday, reported Xinhua.

Due to the security situation in Europe, the economies in the Nordic region have to become more resilient and competitive, the prime ministers of Sweden, Finland, Norway, Denmark and Iceland said in a joint statement.

Their aim is also to make the Nordic region the most sustainable and integrated region in the world by 2030, the prime ministers said.

"Making it easier for companies and people to operate across national borders is crucial to boosting Nordic competitiveness and growth," Swedish Prime Minister Ulf Kristersson said in a press release.

Four key development areas have been identified, according to the statement.

Firstly, critical and emerging technologies such as artificial intelligence, 5G/6G mobile communications, and quantum technology must be harnessed, as they have "the potential to significantly boost productivity, transform industries and contribute to the green transition and our economic security," said in the statement.

European capital markets must also grow, the signatories said.

Further, an accelerated green transition will be needed to boost Nordic competitiveness, the statement said.

Favorable conditions to invest in common security and collective defense must also be created, it added.

The two-day summit was attended by heads of government of the five Nordic countries and Germany's Federal Chancellor Olaf Scholz. Kristersson and Scholz are scheduled to hold bilateral talks on Tuesday.