Nordic nations will work together to increase security and competitiveness

May 14, Stockholm During a Nordic summit in Sweden, the chiefs of the five governments signed a common declaration on the future of prosperity, security, and competitiveness in the area.

The prime ministers of Sweden, Finland, Norway, Denmark, and Iceland said in a joint statement on Monday that the economies in the Nordic area need to become more robust and competitive due to the security situation in Europe, as reported by the Xinhua news agency.

The Prime Ministers said that by 2030, they also want to establish the Nordic area as the world’s most interconnected and sustainable region.

“It is imperative to facilitate cross-border operations for businesses and individuals in order to enhance Nordic competitiveness and expansion,” said Swedish Prime Minister Ulf Kristersson in a news release.

The announcement states that four important areas for growth have been identified.

Initially, it is imperative to utilize crucial and developing technologies like artificial intelligence, 5G/6G mobile communications, and quantum technology, as they possess “the potential to significantly boost productivity, transform industries, and contribute to the green transition and our economic security,” according to the statement.

The signatories said that the European financial markets needed to expand as well.

The statement also said that, in order to increase Nordic competitiveness, an expedited green transition would be required.

It further said that favorable circumstances for investments in collective defense and common security must be established.

Federal Chancellor Olaf Scholz of Germany as well as the leaders of state from the five Nordic nations attended the two-day meeting.

On Tuesday, Kristersson and Scholz are due to have bilateral meetings.