According to Invest in Finland’s monitoring service, foreign companies established or acquired 231 new entities in Finland during 2024 – a decrease of just 6% from the previous year. Over the same period, foreign-owned companies already operating in Finland made 130 follow-up investments.

This resilience reflects Finland’s long-standing appeal to international companies. In a volatile global environment, the country continues to offer many qualities that investors value: stability, transparency and a thirst for innovation.

“Finland’s stability and competitive business environment helped to maintain the level of investments, despite the global market situation. International competition for FDI has intensified and many countries have introduced more aggressive incentives, so this is a good result for us,” says Antti Aumo, Head of Invest in Finland.

The top three countries providing foreign direct investment (FDI) to Finland in 2024 were Sweden, the United Kingdom and the United States. While more than half of FDI investments were made in and around the Helsinki capital region, there was notable activity across other parts of Finland too. 

"Finland’s stability and competitive business environment helped to maintain the level of investments, despite the global market situation."

Most FDI was placed in the ICT sector and in business services, while investment in cleantech grew significantly from 2023. Investments in health & wellbeing, retail and consumer services remained stable year on year.

Much of the international capital flowing into Finland is backed by a commitment to innovation for positive environmental impact.

In 2024, Invest in Finland aimed to ensure that at least 60% of new investments align with the country’s sustainability targets. This goal was exceeded. Invest in Finland also piloted a new ESG impact model to evaluate sustainability performance at the end of the investment process.

Finland’s deep focus on sustainability is fostering an interconnected ecosystem of companies and industries working towards the same broader goals.

Data centers bring jobs and contribute to heating

Google invested EUR 27 million to acquire 1,400 hectares of land in central and northern Finland for data center development. The deal is expected to create hundreds of local jobs and further cements Finland’s role as a stable destination for digital infrastructure. Google also announced plans to expand an existing data center in southeastern Finland, committing to donating the excess heat into the local district heating network.

In an adjacent development, U.S. power management company Eaton plans to expand the production facility it opened near Helsinki in 2023. The company focuses on developing uninterruptible power supplies, particularly for data centers. The investment signals long-term confidence in Finland as a manufacturing base.

Big investment in low-carbon construction materials

In another development for manufacturing, a EUR 14 million investment project on Finland’s west coast brings Swedish steelmaker SSAB and French materials giant Saint-Gobain together to develop low-carbon binders from steelmaking slag. The initiative aims to reduce the carbon footprint of binders by up to 90% compared to traditional cements. 

Building on this push into cleaner solutions for heavy industry, Norway’s Blastr Green Steel has initiated the environmental impact assessment for its planned ultra-low carbon steel facility in Finland. One of the largest industrial decarbonization efforts in the Nordics, the project is expected to create 5,600 person-years of work in Finland – both directly and indirectly – while generating EUR 300 million annually in tax revenue. 

Increased investment in energy and recycling

When it comes to energy, Korean industrial group HD Hyundai has acquired a majority stake in Convion – a Finnish developer of high-temperature fuel cell and electrolyzer systems. The EUR 72 million deal reflects Asian investors’ growing interest in Finland’s energy transition sector.

Finland’s deep focus on sustainability is fostering an interconnected ecosystem of companies and industries working towards the same broader goals.

Japanese trading house Marubeni has agreed to jointly develop battery recycling facilities with Finnish energy giant Fortum. The collaboration focuses on recovering key raw materials like graphite and lithium, bolstering Finland’s increasingly strategic role in the European battery value chain.

U.S.-headquartered AGCO Power opened an energy R&D laboratory in the famous town of Nokia. It’s part of a broader EUR 70 million investment aimed at developing more eco-efficient engines for agricultural machinery. The investment also supports jobs and long-term innovation in Finland’s manufacturing sector.

Finnish technology expertise in AI and imaging

One of the most significant investments of the year was AMD’s acquisition of Helsinki-based Silo AI for approximately EUR 614 million. AMD wanted access to Silo AI’s expertise in developing advanced AI models and solutions across various computing platforms. The acquired company will continue to operate from Finland.

In another AI development, smartphone-camera software developer Glass Imaging has opened an office in the city of Tampere. The US company is tapping into Tampere’s extensive imaging expertise, which has roots in Nokia’s pioneering work on camera technology. Glass Imaging is now building a local team of engineers to enhance the quality of smartphone photos with AI algorithms.

Invest in Finland is Finland's official investment promotion agency

Are you a company representative looking for opportunities for sustainable growth, or maybe a location to set up R&D operations? In Finland, we welcome international businesses with open arms. Not only can you enjoy a high return on investment, but you can also access the same benefits as Finnish companies that the Finnish business environment offers. The Invest in Finland team is here to support your journey from start to Finnish. Our services as confidential and complimentary.

Invest in Finland services for foreign companies:

Data collection and analysis
We provide up-to-date insights into the Finnish business environment and industry-specific data to help you make more informed decisions.

Opportunity analysis
We provide up-to-date, qualified information and expertise on national and regional opportunities. Our professional advisors support your business development team by providing confidential assistance and in-depth market know-how.

Location management
We provide comprehensive and expert information for location selection – tailored to your needs. We organize regional visits with introductions to local key stakeholders.

Networking
We identify the right partners for your business needs and facilitate introductions and meetings. We open doors to companies and other relevant stakeholders to help you decide to invest or expand in Finland.

Setting up
We help save you time, effort, and money from the get-go with guidance on business setup and entry points for foreign companies operating in Finland.

Aftercare
Once you’re set up in Finland, we can help you to expand your business by identifying new opportunities and the right services to aid growth.