Data published by UNESCO Institute for statistics in 2016 put Finland among the biggest spenders regarding R&D with an expenditure of about 3.2% of GDP. The liberalization of the global markets has dramatically accelerated this growth. Nokia was probably one of the most notable Finnish players in the electronics industry. There are however many other Finnish companies that have achieved significant success in fields such as medical technology, industrial automation, as well as meteorological tech, and these include the companies like Vaisala and Instru.įinland differs from other automobile manufacturing countries such as Germany and Japan in that the focus is on industrial machinery. The motor industry is predominantly composed of manufacturers of forest machines, tractors, trucks, military vehicles, and buses. Finland is also renowned for having a robust shipbuilding industry. Some of the world’s largest and highly reputed cruise ships have been built in Finland. There are at least eight shipyards across the country, and they employ close to 20,000 people. Altogether, the manufacturing industry employs about 400,000. Similar to the growth of the electronics industry, Finland’s motor industry (and particularly shipbuilding) has seen significant growth thanks to heavy investment in R&D. Government support also accounts for much of the growth. Valmet and Wartsila are some of the most notable companies in this industry. Wartsila alone holds a stunning 47% market share and is the producer of the largest diesel engines in the world. 90% of the produce from the shipping industry is exported. This industry traces its roots back to 17th century Finland with tar making being an outstanding business at the time. Presently, the chemical industry produces a wide range of products that are used by other industrial sectors particularly in agriculture and forestry. The biggest players in this industry are producers of plastics, paints, pharmaceuticals, petrochemicals, oil products, chemicals, and biotech products. Neste Oil is the largest and most profitable company in the chemical industry. Finland’s chemical industry supplies roughly 25% of the country’s industrial production and exports. Chemical industry alone accounts for about 34,000 direct employment.įorestry in Finland, at the moment, is responsible for about a fifth of Finland’s exports.

Forest products for years have been significant export items in Finland.

The growth and diversification of the Finnish economy have seen a decline in these exports.

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