Nordic companies form new industrial alliance

Nordic Compass, formally known as The Nordic Round Table for Industry, is a pan‑Nordic platform for collaboration among companies, foundations and organisations across the Nordic region. The goal is to more rapidly turn Nordic strengths into tangible results initially in capital markets, deep tech, defence and energy. 

The first joint initiatives will be presented at the Nordic Compass Summit in Gothenburg in November. 

The alliance has been established as an association and is chaired by Jyrki Katainen, former Prime Minister of Finland. The Vice Chair is Kristin Skogen Lund, business leader and former CEO of Norway’s largest employers’ organisation. The board consists of senior leaders from Norway, Sweden, Denmark, Finland and Iceland. 

“Europe is engaged in an important debate on competitiveness and renewal. When processes at European level take time, the Nordic countries can act faster and demonstrate how cooperation can be translated into practical implementation,” Jyrki Katainen said at the launch. 

Initially, Nordic Compass will focus on four areas deemed crucial for long-term growth. Experts from the participating organisations will identify initiatives that can be delivered jointly and scaled through increased Nordic coordination. 

According to Kristin Skogen Lund, the private sector plays a central role. 

“Closer cooperation across national borders can help innovations reach the market faster and strengthen the Nordic economy,” she said. 

Partners include companies, foundations and organisations from industry, finance, energy and technology. The alliance will also work with trade associations and other stakeholders to build on existing initiatives and avoid duplication.