Honorary Doctor Jacob Wallenberg: Investing in research and strengthening industry-academia can secure Nordic region's leadership in the global economy
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The Nordic countries and Europe must take an active role and strenghten our competitiveness, said Jacob Wallenberg, Chairman of the Board of Investor, at the honorary doctorate celebration held in his honour at the University of Vaasa. According to Wallenberg, competitiveness can be supported by investments in research and development, infrastructure, more developed European capital markets, fossil-free energy supplies, accelerating AI adoption, as well as by strengthening collaboration between businesses and universities.
At the ceremony on Tuesday, Jacob Wallenberg received the symbols of the honorary doctoral degree – the doctoral hat, sword, and diploma. He was conferred an honorary doctorate in business administration and economics at the University of Vaasa’s doctoral conferment ceremony last autumn, but was unable to attend in person at the time.
In her speech, the Rector of the University of Vaasa, Minna Martikainen, highlighted Jacob Wallenberg’s central role in the development of the Vaasa region into the Nordic countries’ leading energy technology cluster. Investor AB's strategic investments have had a significant impact on the companies in the region, such as Wärtsilä and ABB.
Wallenberg expressed his deep appreciation for the honorary doctorate awarded to him by the University of Vaasa.
– The University of Vaasa is a role model in supporting economic growth, not just in Finland but across the Nordics. Its strong focus on integrating research, development, and innovation with companies is great for Europe's competitiveness.
He said he is particularly proud of his connection to Wärtsilä’s investment in Vaasa and its strategic agreement with the university, which accelerates the energy transition and strengthens the business-academic partnership that is key to carbon-neutral society. He also pointed out that the Wallenberg family has long been a major contributor to research and innovation.
– Through the Wallenberg Foundations, we invest in basic and applied research and education, because we firmly believe that scientific progress and knowledge are at heart of competitiveness, economic growth, and societal development.
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The Nordic region must take an active role
In his keynote speech, Wallenberg spoke about competitiveness as a driver of growth. In his view, the Nordic countries must not be passive in developing their competitiveness but must take an active role.
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At the same time, it is crucial to acknowledge geopolitical challenges, such as the ongoing war in Ukraine, changes in the security landscape, the crisis in the Middle East, tensions between the United States and China, and disruptions in international trade. Additionally, the United States' unpredictable use of tariffs adds further pressure on global markets, Wallenberg noted.
– A strong transatlantic relationship is crucial, despite challenges such as the threat of tariffs. Nordic businesses must retain access to US markets and supply chains, while ensuring a strategic and fair trade policy with China.
– As small, open economies, the Nordics must strengthen economic resilience, energy security, technological leadership, and defence capabilities – because competitiveness and security go hand in hand.
According to Wallenberg, Finland’s and Sweden’s accession to NATO has further strengthened their bilateral relations, reinforcing regional stability, deepening economic ties, and fostering industrial cooperation.
He also referred to the cultural bonds between Finland and Sweden, which were recently demonstrated in a particularly noteworthy way.
– It would be a remiss not to mention a lighter but equally exciting moment in our shared Nordic culture – the recent victory of Kaj’s Bara bada bastu in Sweden’s Melodifestivalen.
Economic growth and sustainability can reinforce each other
According to Wallenberg, the Nordic region leads in sustainable business, proving that economic success and environmental responsibility go hand in hand.
– Finland and Sweden are committed to climate-neutral economy, and we must ensure that sustainability remains as our competitive advantage. Energy security and a fossil-free energy system are essential for competitiveness.
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Joakim Strand, Minister for European Affairs and Ownership Steering, also spoke at the event, emphasising sustainable economic growth.
Strand stated that the Finnish government firmly believes that sustainable economic growth is the most effective way to improve Europe’s social dimension.
– Economic vitality and well-being go hand in hand.
He noted that the European Commission’s recently launched Clean Industrial Deal, which highlights the importance of a green transition, plays a key role in strengthening Europe's competitiveness.
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Vaasa’s Energy Transition Valley is an Investment in Expertise
Energy technology companies in Vaasa invest approximately €250 million annually in research and development. The region’s energy technology cluster and the university’s joint initiative, the Energy Transition Valley, aims to secure an additional €40 million in investments.
Rector Minna Martikainen stated that this strategic initiative seeks to strengthen research, development, and innovation, educate new doctoral researchers, and create new world-class research infrastructures to support the green transition. Jacob Wallenberg praised the initiative for demonstrating how partnerships between industry and academia can accelerate the reduction of carbon emissions.
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Rector Martikainen also highlighted the University of Vaasa’s strong collaboration with businesses and stakeholders. The university serves as a bridge between academia and industry. According to Martikainen, research and education integrated into an ecosystem are at the heart of sustainable economic growth.
– At the University of Vaasa, we work for and deeply value our strong collaboration with companies and stakeholders. We believe that when knowledge, research, and innovation are created in close collaboration with the ecosystem, it maximises the impact of research and new knowledge. We aim that our researchers are at the forefront of their fields. Our university brings them together with the ecosystem. This ensures that research is rapidly translated into practice.
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After the celebration, Jacob Wallenberg, together with the university's leadership and Wärtsilä's CEO Håkan Agnevall, visited the University of Vaasa's energy laboratory.
Professor of Energy Technology Maciej Mikulski presented significant new research projects at the university, including the iHAPC project funded by Business Finland, which aims to revolutionise the energy sector by piloting the use of a hydrogen-argon cycle in energy production, as well as the Flexible Clean Propulsion Technologies project, which develops new, clean, and flexible solutions for maritime and off-road applications. Mikulski also introduced the collaboration between the University of Vaasa, VTT, Wärtsilä, and the University of Oulu in establishing a joint research infrastructure for the development of future low-emission engines.Pohjoismaiden otettava aktiivinen rooli
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