Report on Finland in the Global Economy: Competence, Openness, and Renewability

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Helsinki, 13 July, 2005 — Report on Finland in the Global Economy: Competence, Openness; and Renewability

The Prime Minister’s Office launched the ‘Finland in the Global Economy’ -project at the initiative of Prime Minister Matti Vanhanen in January 2004. The aim of the project was to investigate the challenges and opportunities of the ongoing transition in the global economy on the Finnish econ-omy. The final report, ‘Finland’s Competence, Openness and Renewability’, was submitted to Prime Minister in November 2004.

The final report presents a strategy for ensuring the competitiveness of the Finnish work and pro-duction in the face of increasing global competition. The strategy and key proposals for action are based on high level of competence, R&D and innovations. The key for Finland to succeed in global competition is to focus on being an economy and a society based on a high level of expertise. Al-though Finland's education and innovation systems are world leaders in many respects, there are shortcomings that must be tackled urgently to maintain international competitiveness. Determined investments in improving competence and in the functioning of the innovation system will enable Finland to exploit the new potential of large, rapidly emerging markets. Increasing openness, well functioning product and labour markets and above all the ability to transform and renew itself are also crucial elements of the strategy.

In addition to the final report the Prime Minister's Office published numerous background studies and a summary report covering over 20 sector-specific dialogues organised between social partners as an input to the project.

The Report is available in pdf form.

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