Government proposes amendment to the Act on Finnish Industry Investment
On 5 September 2024, the Government proposed to amend the Act on Finnish Industry Investment (Tesi) and to enact a new act on a wholly state-owned limited liability company known as Teollisuustuki Oy, a separate subsidiary for state aid operations. Following the amendments, Tesi Group would be better positioned to operate as an effective state capital investment and corporate financing
The company will continue to operate on market terms. The reformed Finnish Industry Investment will be given an industrial policy task with a stronger focus on economic growth, renewal and promotion of investments. Investments in new technologies, opportunities created by the clean transition and growth-oriented medium-sized enterprises (“Mittelstand”) will be at the core of the company’s activities.
The aim is that, together with private sector investments, innovations will be commercialised and scaled more quickly, and the growth of companies and exports will be boosted. Simultaneously, the new company will be able to accelerate innovation and business ecosystems formed around technologies, for example, and to act as a competent owner together with the competent private capital operating in Finland, thereby strengthening domestic ownership.
Reforming the state capital investment activities is part of the Government Programme. The acts are scheduled to enter into force on a date specified by a government decree at the turn of 2024–25.
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Additional information:
Mikko Huuskonen, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, +358 29 506 3732