Finland: Market Overview
Table of content
Source: Statistics Canada
2015 Trade and Investment between Finland and Canada (C$, Millions)
|Trade and Investment||(C$, Millions)|
|Canadian Merchandise Exports to Finland||$640.3|
|Canadian Merchandise Imports from Finland||$971.2|
|Canadian Service Exports to Finland||$129.0|
|Canadian Service Imports from Finland||$137.0|
|Finnish Direct Investment in Canada||$1,332.0|
|Canadian Direct Investment in Finland||$1,699.0|
Why Finland Matters
- Finland is Canada’s 9th largest market in the EU for exports. In 2015, bilateral trade between Canada and Finland was valued at over $1.6 billion.
- Finland is the 13th largest economy in the EU.
- Finland is the 11th largest recipient in the EU of direct investment from Canada.
- According to the World Economic Forum's Global Competitiveness Report 2015-2016-2017, Finland had the tenth-most competitive economy in the world and the third-most competitive economy in Europe, after Switzerland, the Netherlands and Sweden.
- The main pillars of the Finnish economy are ICT, especially software solutions, industrial equipment manufacturing, and forestry-sector-related activities such as bio-energy from wood biomass and pulp and paper.
- Finland stands out among OECD member countries for its innovation, highly skilled workforce, and a well-regarded education system. Innovation, entrepreneurship, and research and development are crucial contributors to Finland’s economic growth.
How to export to Finland
Read the guide Exporting to the EU.
Sectoral Opportunities in Finland
Finland has leadership in biomass (according to STI and FDI). Wind technology is also a strong sector – Finland exports to Canada many parts, is the home of Moventus and WinWind, and doubled its amount of wind power generated from 2014 to 2015. Water and wastewater treatments are advanced markets which may offer niche opportunities. Finland is a world leader in forestry-based renewable energy technologies such as cellulose-based energy.
Education marketing in Finland is a Canadian priority. Young Finns in general are positively disposed towards Canada, but the number of Finnish students enrolled in Canadian universities is low given lack of information on Canada and high international student fees. As Finnish students are ideal recruits for Canadian universities – they graduate from one of the best high school education systems in the world and often have an excellent command of English – Canada’s trade mission in Helsinki is working to promote Canada’s image and its educational reputation among young Finns.
Forestry and Wood Products
Finland is one of the world’s leading wood producers; the Finnish government has long played an active role in regulating tree-cutting, sponsoring technical improvements, and establishing long-term, sustainable plans for the industry. Finland is also a leader in forestry-based products and technologies including pulp, paper, and wood-based energy technologies (such as cellulosic-based energy).
Information and Communications Technology (ICT)
Finland is known for having a market of many ‘early adopters’ in ICT. The workforce is highly technologically-savvy and well-educated, giving an incentive to firms who want to establish an office in Helsinki. Finland is the home of NOKIA and several other famous ICT companies.
Finland is a mining-friendly country with similar topography to Canada. It is also situated close to major markets and has processing facilities for many minerals. In 2014, mining assets held by the ten Canadian mining firms active in Finland approached C$ 2.5 billion (Source: Natural Resources Canada).
For more information on trade and investment in Finland, contact your Trade Commissioner in Helsinki, Finland.
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