Europe is facing a new investment situation in the field of defence and security. When Judith Gough and Gunnar Wieslander from the Advisory Board of the SEB European Defence & Security Fund met SEB's institutional clients, political decisions, industrial transformation and European cooperation were in focus.
“A key issue is how the willingness to invest in defence differs between European countries. Geography matters – it shapes both the threat landscape and how quickly countries are prepared to adapt," said Judith Gough, former British ambassador to Sweden, Ukraine and Georgia.
At the same time, the speaker's picture was clear: defence issues are taking on greater weight in European politics. The transition affects politicians, authorities and companies, but inertia in parts of Europe risks slowing down development. Gunnar Wieslander, who has a background in Saab/Kockums' group management and as State Secretary at the Swedish Government Offices 1991–94, emphasized the need for faster adaptability, both institutionally and industrially.
From an investor perspective, technologies that strengthen resilience in vulnerable sectors were identified as particularly relevant, such as sensors, surveillance and other security solutions. Faster research and development was also emphasized.
Energy storage, batteries and rebuilt European production capacity were mentioned as important for reducing vulnerability and increasing autonomy. Cooperation within Europe was described as crucial. Despite different historical, political and industrial conditions, common solutions are required, as well as interaction between political decisions, funding and institutional support.
"Europe's political will is there, but implementation requires innovation, new hardware, stronger institutions and deeper cooperation. For investors, the development can create new opportunities as security issues become increasingly important in Europe, summarized Robert Vicsai, portfolio manager for SEB European Defence & Security Fund, who moderated the conversation.
Read more: Investing for a stronger and more secure Europe
