People, corporations, and governments have suddenly began taking steps on a level which outside of war could not be justified. The market is taking a plunge in a conscious effort to stop what is happening.
This humanitarian crisis and its implications will result in changes to global geopolitics and to the way we conduct international business.
Russia, a historically large trade partner to Finland, has in the past few weeks seen countless sanctions, all in an effort to stop the offensive war. The conflict will create a shockwave that is felt all throughout the global economy, impacting global economic growth and forcing Finnish companies to seek alternative export markets. Even though trade with Russia has declined since the fall of the Soviet Union, the exports of goods amounted to some 5 percent and the service exports to 3 percent of total exports in year 2020.
Over the years we have had great opportunity to meet a great number of innovative Finnish ICT companies. During the recent conflict, we have all experienced digital infrastructure to become our most critical one.
It’s painfully clear that all technologies can instead of good also be used for bad. As part of hybrid warfare fake news, extremism, as well as cyber warfare are almost instantly spreading in the interconnected world.
Shutting down critical infrastructures such as energy, transportation, water, or communication may cause significant harm to any modern digitalized society. This emphasizes the need for active cyber defense measures by trusted partners in all levels of society. Finland has an amazing concentration of ICT companies with unique innovativeness, know-how and digital innovations to tackle particularly the technological and cybersecurity problems.
Shutting down critical infrastructures such as energy, transportation, water, or communication may cause significant harm to any modern digitalized society.
Finland is the ideal country for cyber security businesses: Flourishing ecosystem of both larger companies and innovative startups combined with national cybersecurity strategy, stable and ICT-savvy government, and sound regulatory framework. The ecosystem has also greatly benefitted from world class research at several universities and research institutions and active grass root level work at several associations.
Currently, there are about 300 Finnish companies that actively develop and sell cybersecurity solutions or services or are doing business closely related to it. Finnish companies can provide a comprehensive digital resilience capability to even the most demanding customers. Finnish companies’ offerings cover all the main technological and service domains. Fields of expertise include data privacy, vulnerability identification, threat identification and prevention and lastly building trust and authentication infrastructures.
Customers of Finnish cybersecurity companies also include large variety of business verticals, ranging from the energy sector and heavy manufacturing industry to the telecom sector and banking. Offerings range from software and hardware products to digital services and partnerships.
Business Finland provides support to those companies whose business is affected by the sanctions that have been imposed as a consequence of the war.
Our extensive international network with 42 locations worldwide can help companies in need of export services to plan their go to market operations and develop their business. We can support in scouting for new, alternative markets.
Our international network helps to get information about the markets, local contacts, introductions to the potential buyers, match making events and guidance on suitable private experts. You can also apply Market Explorer funding to buy expert services that help in gaining new information and know-how regarding a new international market.
Several companies have part of their development team in Ukraine. For the relocation purposes the employees can apply for a residence permit through the EnterFinland online service. The European Commission has agreed granting automatic temporary protection issued for an initial one year to people fleeing the war in Ukraine, including a residence permit and access to employment and social welfare.
You can gain new competitive edge by investing in R&D. By using Business Finland's R&D funding, companies seeking international markets can update their products, services, production methods or business models, or develop completely new ones. Our R&D loan can be used to test and demonstrate the effectiveness of a solution close to the commercialization phase in a real environment through a piloting project.
Business Finland is ready to help Finnish innovative solutions to global markets. Don't hesitate to contact us through our online service!