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Press release

Finland targets export surge in semiconductors, aims to elevate Europe’s technological competitiveness – New strategy outlines growth opportunities

The Finnish semiconductor industry is poised to triple its turnover to EUR 5–6 billion and expand its workforce to 20,000 by 2035. Unveiled today, Chips from the North, the industry's strategy, encourages businesses and the government to invest in education, attract international talent and investments, and enhance research and development within the sector. The initiative also aims at reinforcing Europe's technological edge.

– The semiconductor sector presents a substantial opportunity for Finland to accelerate export growth and create high-value jobs. Concurrently, we aim to bolster Europe's technological prowess and supply chain resilience amid global uncertainties, says Tomy Runne, Chair of the Semiconductor Branch Group at Technology Industries of Finland.  

With global semiconductor sales projected to reach approximately €1,000 billion over this decade, spurred by advancements in digitalisation and AI, Finnish semiconductor firms are well-placed for even faster growth. The newly released national strategy offers both a current analysis and a forward-looking perspective on Finland's semiconductor landscape. 

– Our growth potential stems from distinctive strengths and extensive prior investments amounting to hundreds of millions. Our sector exemplifies the substantial benefits and competitive edge derived from long-term educational, research, and development commitments by both public and private entities, Runne says.

Six growth opportunities identified 

The strategy outlines six pivotal areas for expansion in the Finnish semiconductor industry: chip design, microelectromechanical systems and sensor technology, photonics, quantum technologies, advanced materials, and sustainable process technologies. 

– By capitalizing on these strategic areas, we anticipate that the Finnish semiconductor sector will not only triple its turnover to EUR 5–6 billion by 2035 but also double its workforce to 20,000, notes Joonas Mikkilä, Senior Advisor at Technology Industries of Finland. 

Furthermore, this growth could indirectly create an additional 15,000 jobs across various sectors and generate an economic impact estimated between EUR 90 and 180 billion in the country. 

Finland's semiconductor strategy


In 2022, the Finnish semiconductor sector comprised roughly 90 companies, employing about 7,000 people and generating nearly EUR 1.6 billion in revenue. Nokia and Microsoft are not included in the employment and revenue statistics. 

Strategic actions needed to realize growth 

To harness the opportunities presented by increasing global demand and shifts in critical technology supply chains, the Finnish semiconductor industry requires focused efforts. 

– We need to strengthen our research and development capabilities, enhance our talent pool, and draw investments to research and design centres and production facilities. Our strategy lays out specific actions for businesses, the government, and academic institutions, asserts Tomy Runne. 

Globally, governments are recognizing the strategic importance of semiconductor technologies for national success and security, with initiatives like the EU's Chips Act demonstrating this trend. 

– We appreciate the Finnish government's pledge to ensure vital funding for collaborative projects under the EU’s Chips Act such as shared pilot infrastructure. Our strategy sets the direction for more effective partnerships between the industry and stakeholders. The decisions we make today will define Finland’s future success in the semiconductor arena, concludes Tomy Runne. 

Additional information: 

Tomy Runne, Chair, Semiconductor Branch Group, Technology Industries of Finland, +358406646194, tomy.runne@murata.com  

Joonas Mikkilä, Senior Advisor, Technology Industries of Finland, +358451296791, joonas.mikkila@teknologiateollisuus.fi   

Read more: 

During the winter of 2023–2024, Technology Industries of Finland and the Boston Consulting Group conducted an independent, fact-based analysis and collaborated with over 200 semiconductor professionals to inform a national semiconductor strategy. This strategy was made possible through funding from TT-säätiö and was published at a hybrid event in Helsinki on April 26, 2024. 

Strategical importance of semiconductors