Why are Telco Giants Joining the Nordic Compass Alliance?

A new Nordic business alliance bringing together Ericsson, Nokia and more than 25 major companies and foundations is aiming to strengthen the region’s position in connectivity and industrial growth.

Called Nordic Compass, the initiative will focus on four areas: capital markets, deep tech, defence and energy.

The move places advanced connectivity and digital infrastructure at the core of wider Nordic ambitions around economic resilience and European growth.

The alliance launches at a time when European governments and businesses are increasingly looking to regional cooperation to accelerate investment in data centres, AI and secure communications networks.

Jenny Lindqvist, Head of Business Area Cloud Software and Services at Ericsson, will represent the company within the initiative.

She says: “With its strong innovation ecosystem, the Nordic region can play a key role in strengthening Europe’s competitiveness.

“Together with partners across the Nordics, Ericsson will highlight how technology and advanced connectivity can drive sustainable growth for the region and for Europe.”

Telco and infrastructure in focus

While Nordic Compass spans multiple industries, digital infrastructure is expected to play a key role in several of its planned initiatives, particularly around deep tech, energy systems and regional resilience.

Members say public-private partnerships across the four priority areas are needed if Nordic countries are to remain globally competitive.

Industry-backed projects linked to those themes are now being developed, with the first expected to be unveiled at the Nordic Compass Summit in Gothenburg this November.

The alliance is also designed to strengthen cooperation between Nordic businesses that already hold influential positions in connectivity and energy infrastructure markets.

Ericsson’s involvement comes as telco vendors across Europe push for greater investment in digital sovereignty and AI-ready infrastructure.

The initiative’s board is chaired by Jyrki Katainen, the former Finnish Prime Minister and former European Commission Vice-President for Jobs, Growth, Investment and Competitiveness.

“Europe is engaged in a timely debate about competitiveness and renewal,“ he says.

“But while European-level processes will take time, the Nordics are able to move faster and demonstrate effective implementation.

“Nordic Compass has been established to realize the opportunity for the Nordic countries and corporates to act together, shape markets, set standards, and power innovation in the most critical sectors of our time.”

Ericsson and Nokia among major members

The organisation brings together a broad mix of Nordic industrial, technology and financial groups.

Alongside Ericsson and Nokia, members include Aker ASA, Alfa Laval, Danfoss, EQT, KONE, Nasdaq Nordic, Nordea, Novo Nordisk Foundation, Saab and SEB.

The group also includes Nordic Innovation and The Finnish Innovation Fund Sitra, as well as energy companies Ørsted and Vattenfall.

Jacob Wallenberg, who serves as Chair of Investor AB and Vice Chair of Ericsson’s Board of Directors, is also a member of the Nordic Compass board.

“Nordic Compass is a response to the need to boost our economies,” he comments.

“As the Nordic countries are home to some of the world's most innovative companies, we have the potential to make better use of our strengths and create stronger economic growth together.

“I believe more structured Nordic collaboration can also inspire and be an important component in strengthening competitiveness in Europe at large.”

Day-to-day operations for Nordic Compass will be overseen by consulting and strategy organisations Dalberg and Enterprise Think Tank, whose leaders Henrik Skovby and Christian Frigast will serve as Secretary-Generals.