In Finland, currently the chemical industry has become the most important export industry of the country, but jobs in the chemical industry are on the decrease, as per the latest update given by Yle News.
Even though many people have lost jobs in chemical industry, the employment in the industry is comparatively stable, according to Timo Leppä, CEO of the Chemical Industry Federation of Finland.
The chemical industry in the future might form a new foundation for the economy because of Finland’s highly educated population, since the job demands high level education in this industry.
In 2012, the forest Industry had dominated the country’s exports, but currently, chemicals accounts to one quarter of the total exports of the country.
In this sector, a stable growth is found in many of the companies in the country as compared with other industries such as electronics.
Even though the biggest company in the Finland’s chemical industry is Neste Oil, which is a Russian petroleum refinery company, the chemical sector of the country does not depend on one main player as compared to other industry sectors, for example the electronics industry which has been heavily dependent on Nokia.
A decade ago, there were a huge amounts investments been made in the refineries of the Porvoo region in Finland, which has helped in the growth of today’s chemical sector. The increase in exports of pharmaceuticals to Russia will boost the chemical industry of the country in the near future.
A group of petrochemical operators in Kilpilahti near Porvoo has helped in the growth of the chemical sector of the country. Another significant factor in the Finland’s chemical industry’s success is a constant growth of pharmaceuticals companies, according to Eero Lehto, a researcher from the Labour Institute for Economic Research.