NHO Annual Conference 2025: How Can Norwegian Businesses Succeed in a Shifting Global Economy?

Jens Stoltenberg on stage under the annual conference of the Confederation of Norwegian Enterprise (NHO) 2025. Credentials: NTB Kommunikasjon, NHO, photographer Alf Simensen.

On January 8, 2025, Norwegian business leaders and politicians met at NHO's annual conference to tackle the challenges facing Norwegian companies. As the U.S. and China pull ahead, and Europe grapples with competitiveness and labor shortages, the event focused on strategies to strengthen Norway’s position in the global market.

The conference, one of the most high-profile events in Norway, was attended by 1,400 business leaders, public sector executives, top politicians, academics, and experts. The goal was clear: to find answers to some of today’s most pressing challenges facing Norwegian businesses.

The theme of the conference is Europe’s declining competitiveness compared to the U.S. and Asia. What can we offer, and what should we focus on moving forward?

Norwegian speakers can watch the conference in its entirety here: https://www.arskonferansen.no/

Pictured: Svein Tore Holsether. Photo by Alf Simensen. Credit: NTB Communication, NHO.

A Call for Action: Securing Norway’s Competitiveness in a Shifting Global Economy

NHO President Svein Tore Holsether, CEO of Yara, opened the 2025 NHO Annual Conference by addressing global economic shifts. He expressed concern over how regions like the U.S., China, and the Middle East are experiencing faster growth and increased protectionism, while Norway and Europe lag behind.

Holsether outlined three key priorities for Norwegian businesses moving forward: safeguarding national and business interests, ensuring political goals are backed by decisive action, and promoting private ownership and investment - not punishing it.

He stressed the urgency of using every available tool to secure Norway’s competitive future, warning that inaction could jeopardize the country's position.

“We need to realize there’s a new world order, whether we like it or not”, Holsether stated.

Highlighting the importance of collaboration within Europe, Holsether called for a stronger European response to growing global protectionism, stating, "If anyone believes going it alone is the solution, my answer is a stronger Europe."

In closing, he reaffirmed Norway's strong starting point, emphasizing the need for both political will and execution in 2025.

Pictured: Ole Erik Almlid. Photo by Alf Simensen. Credit: NTB Communication, NHO.

NHOs Executive Director, Ole Erik Almlid, presented the following examples:

• Of the 30 companies with the highest market value in the world, only two are European.

• Of the 30 largest companies in the Nordic region, only two are Norwegian.

• Norway ranks the lowest in terms of adaptability in the Nordic region.

• We are on the verge of losing our competitive advantage in energy.

"If this continues, the gap between the U.S. and Europe will only widen. Therefore, the framework conditions we set for Norwegian companies matter," said Almlid.

He emphasized that when shaping Norwegian business policy, it is crucial to listen to what companies need to succeed.

"We must understand what gets them up in the morning, their visions, and what keeps them awake at night—tax bills, capital needs, forms, temporary staffing, and sick leave," he added.

Pictured: Jens Stoltenberg in conversation with Sofie Haugestøl. Photo by Alf Simensen. Credit: NTB Communication, NHO.

Jens Stoltenberg's Call for Defense Investment

Jens Stoltenberg, former NATO Secretary General and now leading a major German security conference, returned to the NHO Annual Conference to share his perspective on the current global challenges. He urged Norwegian businesses to invest more in defense technology, calling it both a growth sector and an ethical choice. While acknowledging that his advice might be provocative, Stoltenberg emphasized the importance of investing in defense to protect Norway and Ukraine, stressing that innovation in the defense sector is crucial to counter authoritarian regimes.

He also encouraged continued investment in the green transition, despite current challenges, predicting that this sector would grow significantly and become profitable soon. Stoltenberg highlighted the importance of maintaining optimism, believing that the war in Ukraine could be won and that Western democracies have successfully managed economic issues, such as inflation, without increasing unemployment.

Lastly, Stoltenberg underscored the need for strong engagement with the United States, to ensure continued collaboration.

Stoltenberg was asked how he interprets the current global situation:

"We are entering uncharted territory. There are many things to be concerned about. There is an ongoing war in Europe; new conflicts in the Middle East; increased great power rivalry. However, I am very focused on ensuring that we do not get lost in pessimism. I believe it is historically wrong to be pessimistic based on what we know about the world, and also because it can be so paralyzing. It can become a self-fulfilling prophecy if we dwell on the misery," Stoltenberg said.

Pictured: Jacob Wallenberg. Photo by Alf Simensen. Credit: NTB Communication, NHO.

“In the U.S., they talk about incentives; in Europe, we talk about regulations.”

Jacob Wallenberg, a prominent figure from the renowned Wallenberg family from Sweden, voiced his concern for the future during NHO’s annual conference. In a discussion with Trine Eilertsen, Wallenberg emphasized the importance of the Nordic countries working together to remain competitive in a complicated global landscape.

He pointed out that Europe, including the Nordic region, is falling behind in competitiveness compared to the U.S. and China. Wallenberg highlighted the advantages the U.S. holds, with innovation hubs like Silicon Valley and Boston, a dynamic capital market, and a strong focus on incentives over regulations.

"In the U.S., they talk about incentives; in Europe, we talk about regulations," Wallenberg noted, stressing that this difference is significant in determining how competitive regions are on the global stage.

To catch up, Wallenberg called for greater investment in research, innovation, and entrepreneurship in the Nordics, while fostering stronger collaboration between the public and private sectors. He praised NHO’s conference for creating a platform for dialogue and expressed a wish for similar initiatives in Sweden.