Finland and the other small but strong economies of the Nordic countries offer many business opportunities to UK companies at a time when the outlook for the rest of the European market is gloomy, according to Christina Schiøtt Liaos, Director of UK Trade & Investment at the British Embassy in Denmark.
Writing on the UK Trade & Investment website, she urges UK companies to take advantage of the economic growth in Northern Europe by doing business with countries which the UK has developed trade through centuries and that are still thriving – even while affected by the global economic crisis.
“Because these countries have all managed to ride the rocky waves of financial instability in Europe considerably better than the rest of Europe, they had a uniquely strong position when the crisis erupted,” writes Schiøtt Liaos. “Public finances were under stricter control, they had low public debt and reasonably low unemployment – all factors contributing to a large capacity for financial resistance.”
This is why the three leading credit rating agencies, Standard & Poor’s, Moody’s Investor Service and Fitch Ratings have all awarded the top AAA grade to the economies of the Scandinavian countries.
Finland has a trade surplus with the UK
Schiøtt Liaos points out that the Nordic countries combined constitute the UK’s 6th largest export market, and that UK exports to the Nordics are at par with UK’s exports to all of the BRIC markets put together. Finland and Estonia are singled out for boasting a trade surplus with the UK.
Schiøtt Liaos specifically advises UK companies to target business opportunities within infrastructure and rail, healthcare, energy, and low carbon.
Source: UK Trade & Investment