Governor's Trade Mission Update: Day Five in Finland
The Governor's trade mission wraps up its final day in Finland before returning to Minnesota.
November 22, 2021
Today's events were focused on bringing the opportunities for growth in and trade with Minnesota to business leaders in Finland. Finland remains a critical and growing market for American trade of goods and services and foreign direct investment.
Total trade between Minnesota and Finland was valued at $58 million in goods in 2020 – where Minnesota imported $39 million from Finland and exported $19 million to Finland.
Minnesota's major exports to Finland in 2020 were electrical equipment ($6 million, accounting for 30% of exports), machinery ($3 million, 18%), vehicles ($3 million, 15%), and mineral fuels and oils ($3 million, 15%). These four areas represented over three-quarters of the state's exports to Finland. The state's main imports from Finland were machinery ($22 million, mainly diesel and semi-diesel engines), optic and medical goods ($5 million), and electrical equipment ($3 million).
Finland could also serve as a gateway to other markets in the Nordic region. Denmark (35th), Sweden (37th), Norway (44th) are larger markets than Finland for Minnesota, while Iceland is smaller (86th). The Nordic region provides a combined economy of $1.5 trillion in GDP, supported by 27.5 million highly educated consumers with high purchasing power – their average GDP per capita is over $56,000. These discerning consumers are accustomed to high-quality innovative goods.
The Minnesota Department of Employment and Economic Development (DEED) recently launched a first-of-its-kind coordinated campaign with businesses and economic development partners across the state, Build What Matters. The goal is to share with the world why Minnesota is a phenomenal place to build a business or advance your career, a point that was reiterated through today's events.
Minnesota is the problem-solving capital of the United States, we build businesses here we're passionate about, and work hard to make them succeed. In fact, if you start a business in Minnesota, it has a better chance of surviving beyond five years than in any other state in the nation, a compelling reason for businesses in Finland to grow their investments and expand in Minnesota.
The trade mission to the United Kingdom and Finland occurred from November 13-19, 2021, with stops in the major business centers of London and Helsinki. The mission focused on increasing state exports, promoting Minnesota as a premier destination for business investment, developing new business opportunities, and strengthening existing ties.