Nordicum - Real Estate Annual Finland 2015 - Page 18

Under the Waves Finland Leads the Way? In order to usher in this new Digital Era, the Finnish Government is pulling all the stops to build a bigger, better Information Superhighway. In September 2014, the European Commission approved the Finnish state’s capital investment on a highly attractive project that will construct a direct high-speed telecommunications link between Finland and Central Europe. This mean, in essence, that a data cable will laid to the bottom of the Baltic Sea to take connectivity to another level. The procurement process has already been started, and the construction work should commence in 2015. The submarine cable project will be ready for service by early 2016. A new company is responsible for carrying out the project under the ownership and operations of Corenet Oy, a company acquired by the Finnish state in November 2013 and used as an investment catalyst to kick-start a strong digital cluster. The newcomer wants to become a significant actor in developing the speed and security of Finnish information networks. Ari-Jussi Knaapila – Chairman of Board of Corenet and Group CEO for the new company structure – comments that the new connection to continental Europe strengthens Finland’s position as a leading country in data centre investments. “Building fast and safe international connections is a prerequisite for the growth of digital economy and industrial internet. This objective is also included in the Finnish government programme and a vital part of the Digital Europe strategy.” According to Knaapila, strengthening the backbone structures of digital economy is a precondition both for the emergence of new industry and for the development of traditional industry, enabling the emergence of new business and employment opportunities. 16 Nordicum Don’t Crowd the Cloud Building the submarine cable link is a critical project for the digital future of Finland and northern Europe, since the need for connec- tions has increased significantly: globally speaking, cloud services are expected to grow by an approximately 40 % rate annually, and the telecommunications data volume is anticipated to be tripled by 2017. Presently, data travelling between Finland and Central Europe has to take a “detour,” going via Danish networks or their