Wednesday, March 25, 2009

ICT Globalization from Europe to Asia: The Nokia Story

Recently, Dr Steinbock, ICA Institute's Research Director for International Business, has been on a lecture/consultation tour in East Asia. The first destinations - Singapore and Kuala Lumpur - broke audience records.

ICT Globalization from Europe to Asia: The Nokia Story

Another lecture took place in Singapore's EU-Center. The lecture focused on success in the global mobile communications industry, as illustrated through the story of Nokia, Europe's leading technology company, and one which has thrived in Asia. Dr Steinbock also explored the impact of the global financial crisis on the ICT sector. The lecture attracted a record audience and led to interviews with the popular media empire ChannelNewsAsia, and Singapore's English- and Chinese-speaking newspapers. Along with the EU-Center, the event was hosted by the Finnish Embassy and Ambassador Satu Mattila. For the lecture news release and Kauppapolitiikka report, please see the enclosed attachment.

"In addition to certain positive contributions through EU contributions and the competitive Finnish environment, Nokia’s globalization was predicated on success in digital mobile (GSM), product segmentation and a flexible organization. At the firm-level, Nokia has excelled in global scale, innovation, brand, manufacturing and logistics, as well as distribution," said Dr Steinbock in the ChannelNewsAsia business news. "The global financial crisis is likely to strengthen the strongest players that can best adapt to the new environment. Nokia will have its share of challenges to overcome, but it is better-positioned than many of its rivals."

Dr Steinbock was also asked about the prospects of the emerging Chinese multinationals. "I believe that the landscape of multinationals will change substantially in the coming years," he noted. "One of the most important lessons of ICT winners is that, despite a large home base, it is vital to develop and sustain a global mindset. In the short-term, it is critical to invest substantially in innovation. On the other hand, Chinese multinationals may have a thing or two to teach about cost advantage."

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