Interview with Finnish Minister of Economic Affairs, H.E. Sakari Puisto
Bilateral relations between Saudi Arabia and Finland have entered a promising new chapter of success and collaboration. His Excellency Sakari Puisto, Finland’s Minister of Economic Affairs, made his inaugural official visit to Riyadh, highlighting the increasing significance of Finnish-Saudi relations. As both nations have strengthened their cooperation in various areas – including clean and renewable energy, digital transformation, education, health technology, and sustainable innovation. I had the opportunity to sit down with His Excellency to discuss Finland’s future vision for this vibrant, diverse, and opportunity-rich diplomacy.
Please highlight some of the most substantial achievements in Saudi-Finnish relations as part of Saudi Vision 2030.
Among the key points to emphasize is the role of artificial intelligence (AI) and smart cities, particularly through Nokia’s significant contributions. Nokia is actively engaged in vital AI projects and collaborations in Saudi Arabia, supporting the country’s digital transformation goals for 2030 with a focus on network optimization, automation, and the development of future technologies. Another noteworthy achievement is Finland’s involvement in the implementation of Global Expo 2030 in Riyadh. During my visit, I met with representatives from Finnish companies responsible for training staff and volunteers from around the world to support this ambitious initiative. They are leading vocational, educational, and technical training and are also engaged in environmental and scientific projects aligned with Vision 2030 and Global Expo 2030. In addition to these accomplishments – ranging from soil moisture management to automated waste collection in Mecca – Finland has much to offer in realizing the goals of Vision 2030 in Saudi Arabia.
Finnish companies are known for their commitment to sustainability. From an economic perspective, what makes the Saudi-Finnish partnership sustainable and trustworthy?
First, it’s important to highlight the long-standing economic and diplomatic relationships between Saudi Arabia and Finland. Some Finnish companies have been operating in Saudi Arabia for several decades, establishing a strong foundation of trust. A key factor in this partnership is the reputation of Finnish products for their quality and environmental sustainability. In Finland, we promote the concept of a green economy and continually strive to enhance our production processes to minimize environmental impact. In our cooperation with Saudi Arabia, sustainability remains a guiding principle, regardless of the sector – operating smartly and efficiently to protect the environment. For instance, I would like to mention the world’s largest automated waste collection system being developed by the Finnish company MariMatic in Mecca. Another example is KONE Corporation, a global leader in the elevator and escalator industry, which has been appointed as the “vertical mobility partner” for the Jeddah Tower project.
What makes Finland an attractive market for Saudi investors?
Finland is a stable society with a well-developed legal framework, providing Saudi investors with numerous opportunities to develop tech startups. However, our capital markets can be relatively small, and these startups often require foreign funding to scale and succeed. During this visit, I look forward to meeting with Saudi ministers and leaders from various fields, which could lead to exciting initiatives both within and beyond investment. Most importantly, I am grateful to be present in person at the Future Investment Initiative conference in Riyadh.
Any concluding remarks?
I’d like to share that 20 years ago, I lived and worked in Shenzhen, southern China, and I revisited it a few years ago. I was amazed by its rapid transformation. Now, I see similar growth and dynamic changes happening in Riyadh, which is very encouraging.
