Year 2024: New directions amid uncertainty 

In the spring, we opened our own office in Kyiv in collaboration with the Confederation of Finnish Industries (EK). Local presence is key to opening the Ukrainian market and supporting companies in identifying partners and reconstruction projects. Our second branch in Almaty, Kazakhstan, has established a strong position in supporting Finnish companies in Central Asia and has increased its customer base over the year. 

EastCham’s target markets are still relatively new to Finnish companies, which is why the importance of sharing information is emphasized in our operations. We focus on sharing up-to-date information on trade and economic phenomena and changes in the business environment of our target countries. The complexities of geopolitics and Russia’s war of aggression in Ukraine challenge companies to tolerate uncertainty and manage risks. Commitment to comply with sanctions and prevent sanction’s circumvention is a part of the whole. We have provided Finnish companies with free sanctions consultations to help with their growing responsibilities regarding sanctions.

The complexities of geopolitics and Russia’s war of aggression in Ukraine challenge companies to tolerate uncertainty and manage risks.

EastCham’s member network includes about 300 member companies. Our member services are specifically targeted at supporting Finnish business interests in the target markets. We were delighted to also welcome our first Ukrainian member companies to our activities at the end of the year and strengthening our member network. 

Events are at the core of our operations and are effective channels for sharing information and promoting networking. In 2024, we organized a total of 34 different events, reaching nearly 2 000 participants throughout the year. 

We organized a total of 34 events, reaching nearly 2 000 participants.

In the Central Asian Markets

The significance of Central Asia has been highlighted in the Finnish government program with the statement: “Finland will strengthen economic relations with Central Asian countries, as they are potential trade partners in a geopolitically important area.” 

For Finnish companies, there is considerable potential in Central Asian countries, particularly in green transition solutions, water expertise, and the mining industry. Kazakhstan has set an ambitious goal to be carbon neutral by 2060, driven by increasingly stringent environmental legislation. In 2024, we have worked around this theme by organizing visits and publishing market information. EastCham coordinated, among other things, a Team Finland visit to Almaty and Astana in Kazakhstan, led by the Minister for Foreign Trade and Development, Mr. Tavio, and brought a business delegation from Almaty to learn about Finnish green technology companies.  

While strengthening trade relations with the Central Asian and South Caucasian markets, we remind companies to exercise due diligence in understanding sanctions, customers, and the entire supply chain to prevent any circumvention of sanctions. 

We remind companies to exercise due diligence in understanding sanctions, customers, and the entire supply chain to prevent any circumvention of sanctions. 

Build Back Better and Greener 

The reconstruction of Ukraine and its opportunities are of great interest to Finnish companies. Throughout the year, there has been an increase in inquiries from companies, and the need for information is significant. The ongoing war of aggression continues to overshadow companies’ readiness to enter the Ukrainian market. Currently, companies need support in developing their Ukraine strategy, seeking information about the market and business environment, and identifying potential partners. EastCham has been designated in Finland’s national reconstruction plan for Ukraine as one of the providers of national advisory services and training events. 

EastCham has been designated in Finland’s national reconstruction plan for Ukraine as one of the providers of national advisory services and training events. 

The office we established in Kyiv in collaboration with the Confederation of Finnish Industries (EK) has offered local expertise and supported Finnish companies in adapting to Ukraine’s unique and challenging business environment. For most Finnish companies, Ukraine is also a new market. Local insights and support are crucial for companies, as most are not yet ready to have a presence in Ukraine. The expertise of the Kyiv office has improved companies’ situational assessments, helped them develop their operations, and enabled a deeper understanding of the specific characteristics of the Ukrainian market. 

Our office has organized business programs in conjunction with high-level visits, assisted in planning and executing companies’ participation in trade fairs, and fostered business and stakeholder relationships. 

Looking Towards 2025

Despite the shadows of uncertainty, we look forward to the new year with confidence. As an organization, we have demonstrated our adaptability and made bold decisions. We have an amazing network of member companies and a wide range of partners enabling our work in supporting the internationalization of Finnish companies. This year, companies have once again given our services excellent ratings. That is the best reward. 

Our work continues together with you. A big thank you for the excellent cooperation to all representatives of our member companies, the stakeholder and Team Finland network, ministries, and ambassadors. Warm thanks also to our own expert team! 

I wish everyone a relaxing Christmas season and peace for the new year. 

Jaana Rekolainen 

CEO