Early in the start of the millennium, Finland was majorly known for its two industries, i.e. paper manufacturing and mobile devices. Nokia had become a synonymous name to cell phones. It was one of the most popular brands in mobile devices, but after a decade, the mobile industry in Finland is under pressure and trouble, thanks to the other competitors that have entered the market and negated the opportunities for older players to capitalize.
In a recent interview, the Prime Minister of Finland, Alexander Stubb expressed that both the paper industry and cell phone industry have succumbed under the pressure of other contemporaries. He said, “One could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry, but we’ll make a comeback,”
Standard & Poors have downgraded the Finland’s sovereign debt from AAA to AA+ and it indicates that the nation’s base for industries is not as strong as it used to be. The sanctions against the neighbor Russia also impacted the downgrade of sovereign debt for Finland.
Technology has flourished in the current times, but Nokia has not been able to keep up the pace with its contemporaries. It has struggled very hard in order to stake its market position. With its dwindling sales, the company was acquired by Microsoft at the price of $7.2 billion.
The Prime Minister is still hopeful of the fact that his country will come back well after all the troubles.
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