Major industry leaders launch new Nordic alliance to implement joint initiatives in four critical areas

PRESS RELEASE

Nordic Compass – The Nordic Round Table for Industry is a new industry alliance uniting several of the largest Nordic companies and foundations to implement and scale concrete initiatives within Capital Markets, Deep Tech, Defense, and Energy. The ambition is to strengthen Nordic and European competitiveness and resilience. 

Today, leading Nordic companies, foundations and organisations announce the establishment of Nordic Compass, a new pan-Nordic industry alliance. Through deeper collaboration, the ambition is to boost European processes and turn Nordic industrial strengths into measurable results. The first set of initiatives will be presented at the Nordic Compass Summit in November in Gothenburg, Sweden. 

Nordic Compass is established as an Association with a Board, bringing together senior leaders from across the Nordics. It is chaired by former Finnish Prime Minister Jyrki Katainen, with Kristin Skogen Lund as Vice-Chair, and includes Øyvind Eriksen (Norway), Ásta Fjeldsted (Iceland), Antti Herlin (Finland), Lars Rebien Sørensen (Denmark) and Jacob Wallenberg (Sweden), as well as Christian Frigast and Henrik Skovby also serving as Secretary-Generals. 

Utilizing the Nordic potential 

Combined, the Nordic region ranks among the world’s largest economies, yet cooperation across the region remains underutilised.  

“Europe is engaged in a timely debate about competitiveness and renewal. But while European-level processes will take time, the Nordics are able to move faster and demonstrate effective implementation. Nordic Compass has been established to realize the opportunity for the Nordic countries and corporates to act together, shape markets, set standards, and power innovation in the most critical sectors of our time” said Jyrki Katainen, Chair of the Nordic Compass Board, Group Head of Public & Regulatory Affairs at Nordea, and former Prime Minister of Finland, and former Vice-President of the European Commission for Jobs, Growth, Investment and Competitiveness.  

During its first year, Nordic Compass partners will focus on four strategic areas that require an ambitious uplift if the Nordics are to remain competitive and resilient globally: Capital Markets, Deep Tech, Defense, and Energy. Experts will identify industry-backed initiatives in each priority area that can be scaled and implemented through Nordic coordination.  

Kristin Skogen Lund, Norway, vice-chair of the Nordic Compass Board, and chair of the Board, INSEAD, said: “The private sector has a unique role in reinforcing long-term resilience and competitiveness here in the Nordics. I believe that when this group of leading businesses in the Nordics join forces, we can really succeed in building stronger cross-border alignment. This in turn will enable us to scale innovation faster and build a more competitive and resilient region.” 

More than 25 Nordic industry partners 

Nordic Compass gathers more than 25 leading Nordic companies, foundations and organisations as partners in various capacities*, including Aker ASA, Aker Solutions, Alfa Laval, atNorth, Carl Bennet AB, Chr. Augustinus Fabrikker, Danfoss, Embla Medical, EQT, Ericsson, EY, The Finnish Innovation Fund Sitra, KONE, Kromann Reumert, McKinsey & Company, Nasdaq Nordic, Nokia, Nordea, Nordic Innovation, Novo Nordisk Foundation, Nscale, Saab, SEB, Vattenfall, Wallenberg Investments, and Ørsted. As co-initiators, Dalberg and the Enterprise Think Tank oversee day-to-day operations. 

A Nordic Advisory Board will provide national insights through eight prominent representatives of the Nordic countries plus the Secretary-General of the Nordic Council of Ministers. Also, Nordic Compass will collaborate with industry associations, interest organisations, and other stakeholders across the Nordics, building on existing initiatives and efforts to ensure broad anchoring, alignment, and complementarity. 

* see full list of partners

For further information, please contact info@nordiccompass.org.  

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Quotes from Nordic Compass Board and Advisory Board members  

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 stronger coordination in our policies. With this initiative, business leaders across the entire region will work together with governments to enhance our joint competitiveness and resilience, transforming Nordic strengths into concrete initiatives in critical areas."

Ásta Fjeldsted – Iceland, Nordic Compass Board Member 

CEO of Festi hf. 

"Iceland’s experience shows how small economies can move quickly when industry, government, and innovators work together. Nordic Compass brings that spirit of collaboration to the regional level, helping ensure that the Nordics remain a leading hub for sustainable industries, digital innovation, and responsible business."

Christian Frigast – Denmark, Nordic Compass Board Member, Secretary-General 

Chair of the Board, Entreprise Think Tank  

"The Nordic region is home to some of the world’s strongest companies, most responsible investors, as well as a long tradition of close political cooperation. Nordic Compass is designed to strengthen Nordic competitiveness and sustain the welfare model that makes this region unique. By working more closely together on industry and investment, we can take on an even greater shared responsibility — together."

Claus Jensen – Denmark, Nordic Advisory Board Member 

President of the Central Organisation of Industrial Employees in Denmark and Danish Metalworkers' Union  

"The Nordic model has shown that competitiveness and strong labour markets can go hand in hand. In a more uncertain global environment, we need to reinforce this model through closer regional cooperation. Nordic Compass creates an opportunity to align industrial development, skills, and innovation in a way that strengthens the entire region."

Jacob Wallenberg – Sweden, Nordic Compass Board Member 

Chair of the Board, Investor AB, Vice Chair of the Board, Wallenberg Investments AB

“Nordic Compass is an initiative 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, collaborate, and thereby 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."  

Karen Ellemann – Nordic Council of Ministers, Nordic Advisory Board Member 

Secretary General, Nordic Council of Ministers 

“In a more fragmented and uncertain world, the Nordics cannot afford to act as eight separate markets. Our competitiveness and resilience depend on our ability to align faster, invest smarter, and operate more as one region at home and internationally. I welcome the Nordic Compass initiative and the kind of closer cooperation it represents, and we need to turn our shared Nordic strengths into lasting strategic advantage.”  

Lars Rebien Sørensen – Denmark, Nordic Compass Board Member 

Chair of the Board of Directors of Novo Nordisk Foundation 

“As Chairman of the Novo Nordisk Foundation, Lars Rebien Sørensen said: “Scientific excellence and technological capability are defining advantages for the Nordics. Aligning capital, research, and industry across borders strengthens our capacity to develop and deploy solutions at scale. The Nordic countries share similar institutions, values, and societal models, enabling us to move faster together and positioning the Nordics as a credible inspiration for other regions across Europe.” 

Maliina Abelsen – Greenland, Nordic Advisory Board Member 

Professional Board Member, Former Minister of Finance and former chair of Royal Greenland. 

“The future of the Nordic region is closely connected to developments in the Arctic. Greenland brings important perspectives on sustainable resource development, resilience, and regional cooperation. Through Nordic Compass, we have an opportunity to ensure that Arctic voices are part of shaping the region’s economic and strategic future.” 

Mats Löfström – Åland, Nordic Advisory Board Member 

Member of the Finnish Parliament 

“The Nordic region has long demonstrated how cross-border cooperation can create stability and prosperity. Nordic Compass builds on this tradition by strengthening collaboration between industry and policymakers, helping ensure that the region continues to lead in competitiveness, sustainability, and open cooperation.” 

Turið F. Arge – Faroe Islands, Nordic Advisory Board Member 

CEO of Føroya Banki (Bankivik in Greenland) 

“The Faroe Islands show how small, outward-looking economies can thrive through innovation, strong industries, and international collaboration. Nordic Compass creates an important platform for connecting these experiences with the broader Nordic ecosystem and ensuring that the whole region contributes to shaping our shared economic future.” 

Øyvind Eriksen – Norway, Nordic Compass Board Member 

CEO of Aker ASA 

“The Nordic countries have built some of the world’s strongest companies and most trusted institutions. But the challenges we face today, from geopolitical shifts to technological transformation, require deeper regional cooperation. Nordic Compass is an initiative driven by leading Nordic companies, providing a practical alliance for aligning business leadership around solutions that strengthen the region’s competitiveness and resilience.”