Nordic answer to the globalisation

"One way to avoid marginalisation and to compete on better terms is for us to take advantage of being a part of the Nordic region. Together we can make the Nordic region attractive to investors from all over the world. However, it needs political action - here and now," writes Oxelheim who is Professor at the Lund Institute of Economic Research and chairman of the Swedish Network for European Studies in Economics and Business.

According to Oxelheim, four out of five company directors worldwide believe that China is the next country that they will invest in. Therefore he believes that the Nordic countries ought to "sell’ themselves as part of a region with almost 25 million inhabitants and the world's best conditions for growth. Oxelheim also proposes a number of concrete ventures which should make a difference.

Examples of such ventures are the creation of a Nordic elite university to safeguard common supply of knowledge, eliminate the remaining obstacles for a working Nordic financial market, create a working Nordic capital risk market and facilitate freedom of movement for business with supported by a joint Nordic company structure.

"It is important for future growth and welfare to safeguard the opportunities to create an image of the Nordic countries and their strengths to face the challenges of globalisation today. Considering these proposals will show that our countries' governments are taking the threat of marginalisation seriously - otherwise the alternative is that we run the risk of great losses in international competition," concludes Oxelheim in his debate article.

The Nordic Prime Ministers will meet for their summer meeting on 18 and 19 June in Finland. One of the most important questions to be discussed is how the Nordic countries can face the challenges of globalisation.