Nokia’s CEO was the only European business leader invited to the G7 meeting.
Network devices the CEO of the manufacturer Nokia Pekka Lundmarkin states must increase investments in digitization and technology in developing markets.
“Investing in digital infrastructure is the best way to improve productivity, safety and sustainable development. Ensuring greener economic growth, especially in developing countries, is very important to all of us,” says Lundmark.
This was also his message at the G7 meeting in Hiroshima a week ago. Lundmark was the only European company leader at the meeting. He had been invited by the president of the European Commission Ursula von der Leyen.
The G7 is a voluntary cooperation body of Canada, France, Germany, Italy, Japan, Great Britain, the United States and the European Union.
Nokia’s CEO Pekka Lundmark (third from the left) was the only European company director on May 19-21. At the G7 meeting in Hiroshima.
Lundmarkin according to the promotion of digitalization is not only about helping developing national economies, but about renewing the production methods of industry and, for example, agriculture all over the world.
“The use of digitalization in industry and agriculture offers many opportunities to reduce greenhouse emissions and use resources more efficiently. Digital applications can greatly reduce the consumption of fertilizers, pesticides and irrigation water in agriculture.”
From Nokia’s point of view, it is about the fact that the utilization of new technology usually always requires fast and reliable communication connections, which the company sells almost everywhere in the world.
Coldly the question may arise whether Lundmark’s statements are only about increasing Nokia’s business.
“Of course also about this, but there shouldn’t be anything wrong with that. Promoting such projects would benefit Finland in addition to developing countries, because Finnish industry has a lot to offer in environmentally friendly technology in many industries.”
The goal of the G7 is to finance the critical infrastructure of developing countries with 600 billion dollars, half of which is supposed to come from the European Union.
“It’s not just about telecommunication connections, but about green technology much more broadly. Nokia and other companies are able to provide the necessary technology, but securing funding is very important for the progress of the projects,” says Lundmark.
The European Union has financed the construction of undersea communication cables manufactured by Nokia in the Mediterranean.
There are plans for a similar project between Europe and Asia along the Arctic sea route. In addition to Nokia, the Finnish state company Cinia participates in the project.
The tightening of political tensions has forced politicians to reassess, in addition to Russia, the relationship with China and Chinese companies. In recent years, the EU has tried to reduce its dependence on Chinese products and raw materials.
About business leaders In addition to Lundmark, the CEO of the US financial company Citigroup was also present at the G7 meeting Jane Fraser and chairman of the board of the Japanese conglomerate Marubeni Fumiya Kokubu and CEO and chairman of the board of the investment company Global Infrastructure Partners Adebayo Ogunlesi.
“The reception to my message was very sympathetic, and I am pleased that the G7 has taken into account the importance of critical digital infrastructure. It was a great honor to participate in the meeting.”
Why had Commission President von der Leyen specifically invited Lundmark to the meeting?
“You should ask von der Leyen about that. In my opinion, Nokia is valued and we are a reliable partner in building critical digital infrastructure.”