Sept. 25 - As Finland gets to grips with a post-Nokia landscape in the wake of the mobile company's purchase by Microsoft, it's looking to Russia, not Europe, says Chamber of Commerce member Risto Penttila.
We're in Oxford and -- -- conference in Christ church I'm joined now right Christo and Tia from the Finland chamber of karma. Many thanks respect for talking with us. I'm Finland said on Monday. That -- debt will breach 60% of GDP for the first time since World War II now. For a country held up to be a model of fiscal discipline. How difficult an announcement. Very difficult indeed I mean the good news of course is that Finland is still -- play country I think the government has only. Until the end if November to convince the markets but then it's being. That are necessary things to get costs or -- more. Fiscally prudent off again -- are very difficult to do. Decisions ahead Todd how. -- don't convince them off time convinced the -- agencies that you -- -- But they come. The announcement about reform package was made by the government couple weeks ago. So at the announcements out there now concrete details of what is going to be done in the municipal sector is that good to be. A new pension NCA have reform. What this the approach to increasing productivity off public sector. This that's the case is where markets on the people concrete details stay on non. At the moment available. Clearly be the slowdown in Europe has been tough for use. Given. Export markets story. -- -- the movie is the weakness down to we tomorrow from Europe. Or all Finland's traditional industry struggling to compete with foreign rivals now. Let's go -- but -- must traditional industries forestry. Middle industry. And then of course not they're all hurting at the moment. Employing less people -- and employing today or yesterday. So -- we in a post Nokia situation in Finland and that is creating your pick child of course -- -- You about from the phone making business. I going to Microsoft is it. Yes Scion of a deeper Malays. And Finland's economy. Just like. Well let's aside a huge structural reform we arena moving from me industrial. And I ACP called me in do. More mobile society could type of thought he called me what I. Russert played an increasingly. Important growth. Would ignore this getting a lot of investments more than the south actually because of minding. The opportunities not -- Arctic so it's. It's a transformation that's that's toxic every single sector for this economy what will -- market cap. Nothing. In the sense of being just one big don't get that will not be anything of that song but it will be. More evenly distributed in east of Finland it's going to -- think you just. The economic potential of that in the north it's going to be Miami. In percent to Finland it's going to be the reform forestry industry. Fest a final question first five months of the year exports to Russia top 4% to -- down 4%. Is is is is is. To trade focus returning to rush towards the useless. It is done for the first time in history we can say we -- lucky to have -- estimated. Many thanks -- and Tia from Finland chamber of -- talking enough today. That is it from me terror attack Christ church went ahead in the next few days. Well this is.