Nordic business presents first joint initiatives to strengthen the region in an uncertain world

Nordic Compass – The Nordic Round Table for Industry with more than 40 leading Nordic companies, foundations and organisations, presents its first concrete initiatives to strengthen the region’s competitiveness and resilience.

Developed over recent months by participating companies and experts across four tracks – Capital Markets, Deep Tech, Defence and Energy – the initiatives have been selected for their credible paths towards implementation.

President of the Republic of Finland Alexander Stubb opens the Summit at a time of growing geopolitical uncertainty and mounting challenges to European competitiveness.

In a world shaped by geopolitical and technological rivalry, the Nordic countries have the means to build at greater scale and mobilise their collective industrial and economic strengths.

“The Nordics can no longer afford to let their shared strengths remain fragmented. Today, we move from ambition to action by putting forward concrete initiatives to unlock Nordic scale, strengthen our resilience and contribute to a more competitive Europe. Now the task is to turn them into actual change,” says Jyrki Katainen, Chair of Nordic Compass, Group Head of Public & Regulatory Affairs at Nordea, and former Prime Minister of Finland and Vice-President of the European Commission.

Together, the five Nordic countries represent 28 million people and an economy that would rank as the world’s 12th largest. The region has outperformed the eurozone on GDP per capita and productivity growth since 2000, but has fallen behind the United States. Nordic Compass is based on the premise that greater Nordic scale and cooperation can help turn the region’s existing strengths into stronger competitiveness and resilience.

The initiatives of Nordic Compass are designed to be carried forward by groups of pan-Nordic companies and foundations. Some can be advanced by industry alone, while others will require cooperation with governments and public institutions.

“The starting point for Nordic Compass is that strengthening competitiveness is a shared responsibility, not only a task for governments,” says Kristin Skogen Lund, Vice-Chair of Nordic Compass and Chair of the Board of INSEAD.

The Summit is intended as a working meeting. Participating companies, political leaders and experts will discuss and further develop the initiatives, identify relevant partners and explore opportunities for investment and implementation.

Nordic Compass is intended to spearhead efforts on Europe’s competitiveness and resilience. It represents support for – not an alternative to – European action and cooperation.

The Summit marks the first major milestone for Nordic Compass since its launch in May 2026.

Quotes from other Nordic Compass Board members

Øyvind Eriksen – Norway, Nordic Compass Board member
CEO of Aker ASA

“The challenges we face today, from geopolitical shifts to technological transformation, require deeper regional cooperation. Put simply, we cannot afford not to move closer together. Nordic Compass provides a practical alliance for aligning business and political leadership around solutions that strengthen the region’s competitiveness and resilience.”

Ásta Fjeldsted – Iceland, Nordic Compass Board member
CEO of Festi hf.

“The size of our countries should not set the limits of our ambition. Iceland’s experience shows what is possible when industry, government and innovators work closely together and move quickly. Nordic Compass gives us the opportunity to combine that agility with the strength of the wider region. As business leaders, our responsibility is to turn collaboration into investment and innovation — building sustainable industries, advancing breakthrough technologies and ensuring that responsible business delivers tangible benefits for society.”

Antti Herlin – Finland, Nordic Compass Board member
Chair of the Board of Directors of KONE Corporation

“Finland and the Nordic region have world-class industrial and technological capabilities, but to compete globally we need to move from a national to a Nordic scale. With this initiative, business leaders across the entire region will work together with governments to deliver concrete initiatives in critical areas.”

Lars Rebien Sørensen – Denmark, Nordic Compass Board member
Chair of the Board of Directors of Novo Nordisk Foundation

“Scientific excellence and technological capability are key advantages for the Nordics. Aligning capital, research, and industry across borders strengthens our capacity to find solutions at scale. Together with our similar societal models, the Nordics can use this position and serve as an inspiration for other regions across Europe.”

Jacob Wallenberg – Sweden, Nordic Compass Board member
Chair of the Board, Investor AB, Vice Chair of the Board, Wallenberg Investments AB

“Nordic Compass is a response to the need to boost our economies. As the Nordic countries are home to some of the world's most innovative companies, we have the potential to make better use of our strengths and create stronger economic growth together. I believe more structured Nordic collaboration can also inspire and be an important component in strengthening competitiveness in Europe at large."

Christian Frigast – Denmark, Nordic Compass Board, Secretary-General
Chair of the Board of the Enterprise Think Tank

“The Nordics are home to some of the world’s strongest companies and most responsible investors. If we coordinate our industrial strengths and investment capacity more effectively, we can compete at an entirely different level globally.”

Henrik Skovby – Denmark, Nordic Compass Board, Secretary-General 
Founder of Dalberg Group

"The Nordic opportunity will only be realised if we deliver as one. We now need to build strong coalitions around each initiative, establish clear ownership and mobilise the investment needed to move from proposals to implementation"