Ericsson and Nokia Unite to Push for European Industry Shake-Up

Ericsson and Nokia called on European industry and policymakers to take certain steps to secure the continent’s digital future. The call was made at the New Industrial Ambition for Europe summit, held in Brussels.

The summit was hosted by Nokia CEO Pekka Lundmark and his counterpart at Ericsson Borje Ekholm, with support from bosses of SAP and ASML, Christian Klein and Christophe Fouquet, respectively. In a statement, the vendor duo explained the summit aims to catalyze momentum across the European Union to implement actions required to deliver future digitalization success, including a more supportive regulatory environment and making the region more attractive to investors.

To secure Europe’s tech future, Ericsson and Nokia said the two reports by Letta and Mario Draghi had provided the framework for the situation to improve and their calls must now be implemented. The companies argued for strengthened R&D, reduced and simplified regulation, reformed competition and M&A guidelines, alignment of environmental goals, clear targets for 5G deployment, and enforcing fair business practices.

Lundmark said Europe’s competitiveness already has one foot in the morgue, but added there is an opportunity to turn this tanker around. “Europe must create an environment in which businesses want to invest, especially in technologies such as AI, cloud and advanced connectivity,” he said. Ekholm added Ericsson already invests disproportionally more in R&D in Europe, and if other regions continue to race ahead, this model cannot survive.