Nordics Told to Go Global for Future Growth

Nordics Told to Go Global for Future Growth

By Xuefei Chen Axelsson
Stockholm, 26 November 2013(SCBR) –Platinum Circle’s
community of top Nordic and global business and government
leaders have called on the Nordics to be bold enough to go global,
according to a statement from Platinum Circle on Tuesday.
They expressed shared sentiments that the Nordics is still
hesitating to go global and they stressed the need for greater
cooperation and understanding between Nordic neighbours to get
back on track for future growth.

Collective input from leaders who gathered last month at Platinum
Circle’s flagship Future Global 100 (FG100) Nordic Meeting in
Stockholm and initial findings of the FG100 Nordics Report,
expressed much positivity about the Nordics economy and
business landscape in 2014, but also highlighted some
key concerns in the region.
Small Market is one– The Nordic market is very small which makes
it extremely dependent on its export-driven economy and unable
to support future expansion.
Getting out to the global marketplace and becoming good at
global collaborations is often the way out for Nordic companies to
experience growth.
Secondly, lack of Cooperation among Nordic Neighbours – The Nordics
are not a cohesive market and the platforms available for regional
conversations are not meeting leaders’ expectations. Leaders’
knowledge of the Nordic countries remain low and developing greater
Nordic cooperation will enable a bigger potential for growth and
improve the current economic situation in the region.
Thirdly, fine-tune the Consensus Culture – Leaders shared that the
consensus culture present in the Nordics needs to change as
homogeneity can stifle progress and innovation. This similarly
applies to management styles where leaders have to be
more decisive and arrive at a conclusion after collaborative
Working with global teams can further help inject diversity in
The fourth is lack of Capital for Start-ups. There is still insufficient capital
support from Nordic governments to fund local start-ups with great
innovative ideas. There is
“The Nordic countries are highly integrated in the global
economy… We need to be where the growing markets are…
and become more diversified in our mindsets going forward,”
Mr Håkan Agnevall, President of Volvo Bus Corporation
also a lack of assistance for Nordic businesses to enter emerging
markets beyond local shores. Leaders echo the need to grow Small
and Medium Enterprises (SMEs) into the next generation of global
companies out of the Nordics.
Emerging Markets – Going global requires leaders to
watch out for emerging markets with untapped pockets of opportunity,
and these include Africa, Eastern Europe, Sri Lanka, Indonesia,
Latin America and the Middle East.
Leaders further shared that key sectors of growth in the Nordics
include healthcare, ecoindustries, environmental and sustainable
transport solutions, infrastructure and education.
“To achieve a sustainable global footprint, our Nordic leaders
understand that the region cannot ignore the future global markets
which offer invaluable trade opportunities that benefit Nordic corporations
and governments. The key insights shared by our leaders
from business, government and intergovernmental organizations
in our upcoming FG100 Nordics Report will be a valuable reference
for all stakeholders who would like a place in the Nordics future,”
said Mr Lionel Lee, Chairman of Platinum Circle.
Platinum Circle, host of the FG100 Initiative, is a leading global
business grouping of corporations, each with annual revenues
exceeding USD$100 million, governments and intergovernmental
organisations. DHL, the logistics company for the world
headquartered in Bonn, Germany has been the strategic partner
since 2011.
Mr. Peter Hesslin, Managing Director Sweden of DHL Freight, said,
“We have been working closely with Platinum Circle to put the Nordics
region on the radar of international corporations and governments.
Platinum Circle and its FG100 Initiative offer an ideal platform for
our region to engage what will become the world’s largest
customer community of global multinationals, large national companies,
governments and intergovernmental organizations, and be a part of it.”
Supported by more than 700 leaders representing 55 markets, from
over 400 organizations and 80 government and intergovernmental
organizations, the FG100 Initiative has established the world’s first
authoritative agenda and documented reference on the future of
economies, business and industries since 2011. What is simply termed
the ‘Future Global Agenda’. And the Nordic region has increased
visibility in this Agenda.
“Nordics have to look at emerging markets as their next step,
and Sri Lanka has great potential for investment from this region…
we have made progress in our IT, manufacturing and tourism –
I invite you to look at Sri Lanka very positively.”
Faiszer Musthapha, Deputy Minister of Investment Promotion &
President’s Counsel of Government of Sri Lanka.

“The challenges (in Africa) are tremendous but that is good
news as when you have issues, you have something to solve
and address, and therefore create value. You don’t need to
reinvent the next Google to own the market… but you need
to reinvent the way that you’re selling to be in a stronger
position in these markets”

Eric Mboma, CEO of Standard Bank DRC Detailed findings will be
revealed in the FG100 Nordics Report set to publish early 2014,
and will include exclusive insights and collective views of the leaders,
and serve as an important forward-looking reference for foreign
business and government leaders regarding Nordics economic
outlook and operating environment.

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