In Finland the answers are being sought to the big questions: How do we succeed in global competition? How do we attract foreign investment to Finland?

"The attraction consists of a highly-skilled workforce, competitive cost level and taxation, an efficient infrastructure and cooperation networks, an R&D environment and economically stable and safe operating environment," lists Tarmo Korpela from the Confederation of Finnish Industries (EK), who is also the Chairman of the Board of Directors of the Invest in Finland foundation.

Invest in Finland, which is owned by the Ministry of Trade and Industry, markets Finland as a target country for investment. The aim is to bring new and growth-oriented foreign-owned companies to Finland.

Challenges to attraction

In spite of the good positions achieved in comparisons of competitiveness, Finland is not, says Korpela, particularly competitive, although Finnish expertise and the high technological level are highly rated abroad. Finland's success as an investment target is crucially dependent on the operating conditions for corporate activity and doing work.

"We can improve these with our own decisions. In the expertise we need higher quality, lighter personal taxation, a more efficient labour market and more incentive-based social security than at present. Productivity must be improved especially in services and the public sector."

The markets in Finland and its neighbouring regions are particularly attractive for companies in the service sector. The research and technological expertise are the most important attraction for international industrial countries.

The foreign investment portfolio in Finland is almost 40 billion euros. More than 60 billion euros have been invested abroad by Finland.

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