Finland is the underdog of the financial world. Whilst countries like the United States of America are very vocal about their achievements, Finland operates with quiet determination and, as a result, has created one of the most successful business empires in the world.
What’s more, this Nordic country always at the top of the list when it comes to global social rankings, meaning its residents are some of the happiest people you will ever meet – even though 150 years ago, the population was impoverished.
This leads us to the question of our article today. How exactly has Finland become one of the richest countries in the world? Let’s find out by looking at some of the biggest industries that have contributed to its success.
Motor Industry
One of the biggest sectors in Finland is the motor industry. However, unlike other countries (such as Germany or Japan), they concentrate on building parts for industrial machinery, as opposed to commercial cars. For example, they make the motors for tractors, trucks, military vehicles and so on.
But the Finnish motor industry is most famous for shipbuilding, a business which has attracted an assortment of wealthy investors. Now, eight shipyards have been established in the country and they have over 20,000 employees.
iGaming Industry
The iGaming industry has significantly grown in Finland over the last couple of years. There has been an exponential increase in the number of online gambling companies setting up business in the Nordic country – at least, based on the Finnish portal Bonusetu.com and how many different operators you can find on their website.
iGaming has always been a lucrative industry and so it will be interesting to see how this sector continues to grow in Finland.
Forest Industry
It shouldn’t come as a surprise that Finland has a powerful forestry industry. After all, the climate in Europe is notoriously wet, allowing verdant woodlands to grow in abound.
The Finnish forestry industry actually accounts for 1/5th of the country’s overall imports, which is a staggering amount. As such, 15% of the population is employed by this business sector.
Producing everything from paper to pulp, Finland is a key player in the global forestry market.
Renewable Energy
Renewable energy is becoming increasingly important now that we are facing a climate crisis. In this regard, Finland is one of the leading countries in the world.
Their hydroelectric power stations supply electricity to more than 15% of the Finnish population, while their nuclear stations provide a quarter of households with power.
Finland hasn’t always been big in the energy industry, however. As the country isn’t home to huge reserves of fossil fuels (such as natural gas and crude oil) like other nations, it had fallen behind. Thanks to its innovations in renewable energy, this is no longer the case.
These are some of the biggest industries in Finland right now. They are all big contributors which are helping the Nordic country to establish itself as one of the greatest nations in the world.
