Governor's Trade Mission Update: Day Five in Finland

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.