Several 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.
