Opinion piece: The Nordic region must act as one

Jyrki Katainen, Chair of Nordic Compass and Group Head of Public and Regulatory Affairs, Nordea, Kristin Skogen Lund, Vice-Chair, Nordic Compass and Chair of the Board, INSEAD, Antti Herlin, Chairman, KONE Corporation, Ásta Fjeldsted, CEO, Festi hf., Jacob Wallenberg, Chair, Investor AB and Vice-chair, Wallenberg Investments AB, Lars Rebien Sørensen, Chair, Novo Nordisk Foundation, Øyvind Eriksen, CEO, Aker ASA, Christian Frigast and Henrik Skovby, also acting as Secretary Generals of Nordic Compass.

Last week, we launched Nordic Compass - a new industry alliance with one clear purpose: to turn our strengths into action.  

The world is facing a new economic reality. Geopolitical tensions have intensified, trade frictions multiplied, and new technologies are disrupting and replacing businesses with record speed. Together, the Nordics make up the world’s twelfth-largest economy, yet we act as separate, small markets. We must utilize our societal, innovative and industrial strengths jointly and in new ways to pool resources, invest in innovation, and build the next generation of industries - together. 

Over the past few years, we have seen the Nordic governments accelerating cooperation to navigate new challenges. As some of the largest industrial companies and foundations in the Nordic region, we aim to complement that development by entering a new phase of collaboration.  

We are establishing Nordic Compass – the Nordic Round Table for Industry to implement initiatives that can develop and secure jobs and economies contributing to the long-term financing of our Nordic societies and ways of living. This will be done in close dialogue with relevant political actors, while building on existing initiatives and efforts to ensure broad anchoring, alignment, and complementarity.  

Nordic Compass will identify and implement initiatives and public-private partnerships that none of our countries can address at the necessary scale alone. At present, we will focus on four strategic areas that require an ambitious uplift to increase our competitiveness and resilience in a global market: Defense, capital markets, deep tech, and energy. 

Four areas. One coordinated push. 

In defense, Nordic industries lead globally in their niches, but fragmentation limits our ability to compete in an era defined by scale, data, and AI. Closer cooperation can build a unified security ecosystem, reduce reliance on external suppliers, and position Nordic defense firms in the buildup of European resilience.  

In capital markets, the Nordics have deep pools of capital, especially institutional capital. But individually, our markets are too small. Stronger integration can mobilise risk capital, close the scale-up gap, and incentivize our most promising companies to stay in the region. 

In technology, the Nordics are at the forefront with a unique foundation for deep tech leadership, including high-quality data and world-class research. But this infrastructure, data, and investment required to compete in areas like AI and quantum technologies are difficult to scale country by country. Unlocking the Nordic potential requires strategic prioritisations and closer collaborations in our region. 

In energy, the Nordics benefit from a unique mix of wind, hydro, geothermal and nuclear, competitive prices, and strong potential to scale production. Closer coordination could optimise resources, accelerate cross-border infrastructure, and support green industry. This could also reinforce the region’s position as a low-cost, low-carbon energy provider in Europe. 

A contribution to European action 

As Nordic industry leaders, we have entered the board of Nordic Compass together. Because we share a conviction: the time has come to turn complementary Nordic strengths into joint action.  

Nordic Compass brings together more than 25 committed partners across the region. We will work in close dialogue with Nordic governments and other stakeholders and will be guided by an advisory board representing all eight Nordic countries, including union perspectives and the Nordic Council of Ministers. 

Nordic Compass is not an alternative to European cooperation, but a contribution to it. A more integrated Nordic region means stronger common standards, deeper capital markets, more resilient energy systems, and a more capable defense industry. These are European goods, not just Nordic ones. We believe a smaller group of like-minded countries with trust in each other can move faster, and in doing so, contribute to the broader European project.  

The opinion piece above was published in translated versions across Berlingske (Denmark), Kauppalehti (Finland) and Morgunbladid (Iceland), end of May 2026.