Report collates 58 measures to promote business activity

Ensuring favourable conditions for economic growth and private business should be one of the strategic priorities of the next government programme. In relation to global competition for the locations of businesses and jobs, Finland has both strengths and weaknesses. Finland needs to be internationally at the leading edge in factors that define the operating conditions of businesses: regulation, authorities' activities, contract culture, institutions and infrastructure. In this, we cannot afford to give advantage to competitors.

This is stated in a Prime Minister's Office report prepared by government official listing almost 60 concrete proposals to improve the operating conditions for private business during the ongoing parliamentary term.  The measures relate to seven priority areas that are considered important for the promotion of business activity. These include internationalisation of businesses, the promotion of the conditions for digital economy and improvement of the labour market. The highest number of measures presented relate to the development of financial market operations.

Examples of concrete proposals include strengthening of public R&D investment, further development of the Team Finland approach, opening up of public databases, promotion of electronic services and permit procedures for companies, and reform of public labour market services and corporate services. The report also suggests measures to reduce regulation restricting competition, to increase the supply of risk financing by promoting capital investment activities, and to improve conditions for bond and crow-sourced financing.

The working group emphasises that the proposals of the report are from various parties and they do not form a coherent programme of action. Implementation of each suggestion needs to be individually considered taking account of the measures' costs and impacts which the working group has not been able to systematically assess during the preparation of the report.

The report is based on a statement in Stubb's Government Programme saying that it is necessary to prepare a proposal, aimed at the next parliamentary term, surveying conditions for business activity and growth as well as the treatment of different corporate forms. The key purpose of the project was to review reports prepared during the parliamentary term by rapporteurs and working groups and highlight measures that have not been implemented. In addition, the report includes entirely new proposals drafted on the basis of comments received from stakeholders and experts. The project focuses on concrete policy measures which are considered to have immediate impacts on the operating conditions for businesses.

The implementation of the project was charged with a group of officials representing key ministries in terms of promoting business activity in Finland. Ministries' dissenting opinions are presented in certain proposals. The project did not aim at a political consensus in the proposals.

Further information on the project (in Finnish only)

The final report "58 askelta kasvuun" (58 steps to growth) (in Finnish only)

Inquiries: Pekka Sinko, General Secretary of the Economic Council, tel. +358 50 583 8586, Prime Minister’s Office

English translation of the press release published on 30 April 2015