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Business |
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Economy
As a highly industrialised country, Finland produces a wide range
of industrial and consumer goods. Timber and related
industries are a key component of the economy, accounting for over
40 per cent of all Finnish exports, but the country is consequently
vulnerable to fluctuations in the world market prices and demand
levels for timber, paper and finished
products such as furniture. Per capita annual income
currently stands at just under US$25,000.
Agriculture
is relatively important by the standards of most European industrialised
economies and, despite its climatic and geographical conditions,
Finland enjoys virtual self-sufficiency in the basic foodstuffs
such as grain, dairy products
and root crops.
Finland's largest industrial sector is engineering,
where traditional ‘metal bashing’ industries
are relatively important by the standards of most industrialised
countries. Mining is relatively small, although
exportable quantities of gold are produced and
diamond deposits were discovered during 1994. Industry
is dependent on imported components.
The principal exports are machinery and transport equipment,
metal ores and textiles, apart from paper
and woodworking. Engineering products and consumer
goods are Finland’s main imported products. The service sector
is notable for a spectacular growth in mobile communications to
which Finns are now among the world’s highest per capita subscribers.
A number of Finnish companies are also prominent in in the global
telecommunications equipment market.
A sharp decline in GDP growth during 2001 from 6 per cent to under
1 per cent, caused by a collapse in exports, Finland has undergone
a gradual recovery. Estimated annual growth during 2004 was 1.9
per cent. Unemployment rates remain quite high at 9 per cent and
efforts to reduce it now form a centrepiece of government economic
policy. Through its geographical position and political neutrality,
the country has developed unique trading links with East and West.
Its principal partners are now Germany, Sweden
and the UK.
Finland joined the EU along with Sweden
and Austria in January 1995. Since
then, after meeting the required fiscal and budgetary targets, Finland
has joined the European Monetary Union and adopted
the Euro at its inception during 2001. Finland
is also a member of the Nordic Council and the
Organisation for Economic Co-operation and Development.
Business Etiquette
Businesspeople are expected to dress smartly and most Finnish businesspeople
speak English and/or German.
Finnish is a quite complex language related to Hungarian and Estonian.
For further details of courses available contact:
The
Council for the Instruction of Finnish for Foreigners,
Pohjoisranta 4 A 4,
00171 Helsinki
Telephone number: (9) 134 171
Fax number: (9) 135 9335).
Local tourist boards and some travel agents will be able to assist
in finding translation services. Punctuality is essential for business
and social occasions. Calling and Business cards are common. The
best months for business visits are February to May and October
to December.
Office hours are generally: Monday-Friday
0800 -1615 hrs.
Commercial
Information
The following organisation can offer advice:
FINPRO,
Finland Trade Centre,
Embassy of Finland,
177-179 Hammersmith Road,
London
W6 8BS.
UK
Telephone number: (020) 8600 7260
Fax number: (020) 8600 7261
e-mail: uk@finpro.fi
website: www.finpro.fi
Central Chamber of Commerce of Finland
PO Box 1000,
00101 Helsinki
Telephone number: (9) 696 969
Fax number: (9) 650 303
e-mail: keskuskauppakamari@wtc.fi
website: www.kauppakamari.fi.
Conferences and Conventions
Finland is among the world’s top-20 conference destinations.
In addition to the conference centres and hotels, there are luxury
cruise ships and spas offering full convention facilities.
The Finland Convention Bureau helps and advises
conference organisers. for further information contact:
Fabianinkatu 4 B 11,
00130 Helsinki
Telephone number: (9) 668 9540
Fax number: (9) 6689 5410
e-mail: info@fcb.fi
website: www.finlandconventionbureau.fi
Note: Information may also be obtained from the Finnish
Tourist Board, who produce a brochure entitled Meeting
Planner’s Guide to Finland. |
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