All things “Nordic” have become globally popular, whether it is minimalistic design, simple comfort, or down-to-earth lifestyle. However, the Nordic countries Sweden, Finland, Denmark, Norway, and Iceland also deserve more attention from the business world.
While Nordic countries may look small by population, they are home to a large number of multi-billion euro businesses in various industries. Precisely due to their small local population bases, Nordic companies have always needed to be export-oriented in order to grow. Indeed, a large number of them have succeeded with this, not only the household name ones. This is important for any company, which is producing manufacturing technology, advanced components, or materials. A small population base also means that Nordic companies have few domestic suppliers to choose from and are thus very open to international sourcing.
Starting from the most obvious, the Swedish IKEA is the leading furniture and home goods brand in the whole world. The Finland-headquartered Nokia and Swedish Ericsson are still major actors in the communications equipment industry. In pharmaceuticals, Sweden-headquartered Astra Zeneca and Danish Novo Nordisk belong to some of the largest and most innovative companies in the world. Those who work in any hospital are probably using some equipment made by the Swedish Getinge.
Denmark, as a major international food producer, has also a large number of food machinery manufacturers, which are global leaders in their niches. Norway, thanks to its hydrocarbons riches, has a strong oil and offshore machinery and equipment industry. Sweden has a large automotive industry, with Volvo and Scania being the most famous brands. SAAB no longer makes cars, but remains a globally significant defence system supplier. In the same industry, BAE has also major operations in the country. Sweden and Finland are also major bases for the global engineering giant ABB.
Thus, selling production technology, components, and materials to Nordic companies means that one is selling to the whole world.
Author: Kari Mäkeläinen, Senior Consultant, Columdae
Interested in a free 1-2-1 Exploratory session with Kari?
Book on the link below a slot. This is free for members and non-members!
Comments