Nokia CEO: Europe should not be afraid to support innovation leaders

Great ideas know no borders. Nokia employees come from more than 160 nationalities and work in 130 countries. We're an international organisation with a global approach to innovation, but with our Finnish roots and strong presence in Europe, we also have a strong interest in the future of the Old Continent.

Historically, Europe has been a powerhouse of innovation, its ideas and inventions driving great scientific, economic and social advances. But in recent years, that powerhouse has been losing momentum.

While Europe remains home to the world's leading companies, the European Union is lagging behind the United States and China in key technologies, endangering the EU's climate, digital and defence goals and making it harder to achieve strategic autonomy.

Europe needs to master new technologies to regain its economic competitiveness and ensure a prosperous and secure future for its people.

Artificial intelligence is already changing the way we work and is poised to transform industries, labor markets, and the global economy. According to McKinsey, generative AI, when combined with other digital technologies, could boost productivity growth by 0.5 to 3.4 percentage points per year, worth $2.6 trillion to $4.4 trillion. The IMF estimates that AI will impact nearly 40% of global employment and up to 60% of employment in developed countries.

While AI is the main technology, the two elements behind it are just as important: Data processing is the fuel that powers the Generative AI engines, and that processing power is currently only provided through cloud computing and networks (5G and fiber broadband networks), with 6G coming around 2030.

It is clear that if Europe wants to regain its economic competitiveness, it must become a better hub for innovation more generally by mastering AI, cloud and networks, encouraging investment in research and development, deepening the EU single market and creating a more favourable business environment.

Speed ​​up with digital

The European Industry Roundtable's latest competitiveness report described its findings as an “ice bath” and said the EU was losing global market share and industrial competitiveness.

To accelerate digitalization, Europe needs secure, reliable, and high-performing connectivity. European policymakers should allow carrier consolidation where appropriate, allowing European carriers to gain scale and increase the return on their investments. Poor connectivity will ultimately be borne by consumers. Europe is investing per capita in digital infrastructure less than half that of the United States.

The allocation of radio frequencies also needs to be better coordinated among member states and done faster. The rollout of 5G cannot be delayed, so this issue needs to be resolved well before the arrival of 6G. European operators should be supported in their efforts to incorporate AI into their networks, as this will help them meet the increasing performance and energy efficiency demands placed on them and improve their profitability, boosting much-needed investments.

Another way to accelerate digitalisation is to make green finance available for connectivity solutions through their inclusion in the EU Taxonomy System.

Finally, we need to ensure that only trusted equipment is used in all parts of the network, not just the 5G network.

Empowering innovation champions

Europe may not have Big Tech, but it does have world-class companies in innovative sectors such as aerospace, pharmaceuticals, information technology, semiconductor machinery and telecommunications.

The EU should support drivers of innovation on the global stage by challenging unfair trade practices and, where necessary, using trade tools to ensure a level playing field.

Businesses invest more in research and development of new technologies than governments or academic institutions, but they only do so if they are confident that they can profit from commercializing the new innovation and bringing it to market.

Nokia spends more than $4 billion on research and development each year and has filed patent applications for more than 2,300 new inventions in 2023 with major technological advancements in optical networks and 6G.

Europe can better support technology creators through a more integrated and strategic rule-making approach, including ensuring fair licensing of patents to encourage business investment, strengthening public-private partnerships to focus investment in priority areas, and completing the EU Single Market to expand the commercial potential of new innovations.

Viewing economy and security as two sides of the same coin

The technologies that underpin strong economic growth are also increasingly permeating the foundations of modern defense and security solutions.

For example, Nokia provides 5G private wireless networks to factories, mines, ports and the defense sector. Whatever sector or industry, our customers want secure, reliable and scalable connectivity.

In technology, trust is more important than ever before. For leading European companies, building trustworthy technology should always be the starting point when innovating and creating anything.

Further must-read commentary published by Fortune:

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