The US has become Finland’s largest trading partner, outpacing Sweden as the traditional number one, as Finland recently joining NATO is believed to give trade relations an added boost, a report released by Amcham Finland reads.
The report was drafted by Amcham Finland, which defines itself as “a non-profit, member-funded, and politically independent business community promoting a strong transatlantic economy”.
According to the report, Finnish exports to the US in 2022 increased by 38.2%, while exports of goods and services were respectively 68% and 9.7% higher than the previous year.
Growth, in the meantime, was driven by higher export prices and high export volumes in the forest industry and biofuels. A single significant factor was the delivery of a billion-euro cruise ship delivery to the US.
In a subsequent interview with Helsingin Sanomat, the new US Ambassador to Finland, Douglas T. Hickey, reminded us that Finnish exports to the US have been growing by two-digit percentages four years in a row. Also, direct investments from the US have doubled since the 1990s.
However, according to Hickey, Finland’s NATO accession has offered trade and investments an extra boost, especially in the IT sector and clean tech. The country has a higher profile and stronger brand on the other side of the Atlantic.
”Membership will improve trade relations further still, and prospects look promising [..] Investors consider Finland now as a good place to create jobs and develop technologies,” the ambassador told Helsingin Sanomat.
(Pekka Vänttinen | EURACTIV.com)
Source: euractiv.com
