Government promises extra millions for shipbuilding industry

The money is intended to develop new innovations for military projects that will help keep Finland's shipbuilding industry competitive.

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Artist's impression of one of the new Pohjanmaa class corvettes / Credit: Finnish Navy
The government has earmarked an extra €33.9 million for shipbuilding innovation.
The money comes as a supplement to the 2020 budget proposal and is likely to be used for up to six warship building projects.
“The international competitiveness of the Finnish shipbuilding industry is based on specialisation, innovation and a high level of competence” says the Minister of Economics Katri Kulmuni (Centre) in a statement.
“The additional investments we have now decided on will help to maintain competitiveness” she adds.

Twenty million of the total funding comes from re-budgeting of previously allocated appropriations, while the remaining €13.9 million is new money.

The extra support should allow Finland’s shipbuilding industry to invest more in new innovations and strengthen the sector’s international competitiveness.

“Innovation support has played a key role in securing jobs in the shipbuilding industry and in finalising major export deals; it is therefore extremely important to maintain this level of investment and to help ensure a bright future for shipbuilding” says Minister Kulmuni.