Canada and the Nordic Nations: Shared values and shared experiences
Question: What do Kongsberg, Lego, Varme Energy, Epiroc, Ericson, Mentimeter, Atlas Copco, Lundbeck, ABB, Unike, Ikea, Spotify all have in common?
Answer: They are some of the more recognizable names among the more than 200 Nordic companies currently doing business in Canada that employ thousands of workers across the country. These companies also provide good and services to Canadian businesses and to all Canadians.
At the same time, close to 100 Canadian companies of various sizes and industries currently have a presence in the Nordic countries of Denmark, Iceland, Finland, Norway and Sweden.
Together Canada and the Nordic countries represent billions of dollars of trade and direct foreign investment. But until recently, the business, defence, resource, cultural and athletic ties between Canada and the Nordic countries were perhaps one of the best kept secrets on both sides of the Atlantic. But recent world events have brought a renewed focus and attention to the benefits this long-standing connection can bring to all countries.
As this CBC tracker indicates, US tariffs have sparked changes in trade with many countries, including the Nordic nations.
Canada in particular has woken up to the risks of ignoring our north and the opportunities thinking of ourselves as a northern nation and cooperating with other northern nations brings.
The most notable example is the recently signed Cooperation Agreement that sees Canada establish formal ties with these countries recognizes their mutual history, connection and shared experiences and expertise as Arctic Nations.
This agreement followed Prime Minister Mark Carney’s Davos speech, in which he noted that middle powers like Canada and the Nordic Nations, needed to recognize a changed world and work together to forge new relationships. Relationships that are formed by common values, not just borders.
The countries wasted no time in signing on to this agreement, which states:
“The Nordic countries and Canada are robust, open economies, and together we represent a substantial market” and commits the signatories to:
- expand bilateral trade and investment ties,
- commit to enhancing our cooperation on economic security.
- explore increased cooperation in technological development, including in the areas of quantum, connectivity, artificial intelligence, satellite and space technology.
- work together to secure enhanced access to critical minerals and reliable global supply chains, rooted in our shared commitment to fair and open trade, and high environmental and labour standards.
This will build on the long history of investment in such things as mining, pharmaceuticals, retail, technology, telecommunications and manufacturing. Just last week, Canada awarded a large shipbuilding contract to Norway to build coast guard vessels.
Global Public Affairs has considerable experience working with Nordic firms so we’re uniquely positioned to help Nordic firms navigate what one Finnish friend described as “government Himmeli” which is a complicated Finnish ornament and an apt description of the complex that is the Canadian government(s).
Perhaps it is our shared northern roots, but beyond the business connections, Canada and the Nordic countries also share a common understanding that you need to just get on with things in order to survive, but at the same time need to cooperate to succeed.
The Global team is ready to help Nordic firms succeed in Canada.
Ted Gruetzner is a Vice President with Global Public Affairs and a Board member of the Swedish Canadian Chamber of Commerce. He’s worked with a number of Swedish firms and is a frequent speaker at Swedish Business events.
