Finance
Nokia CEO says Europe, US co-dependent for tech companies
Published by Global Banking & Finance Review®
Posted on January 29, 2026
2 min readLast updated: January 29, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 29, 2026
2 min readLast updated: January 29, 2026
Nokia CEO highlights the interdependence between Europe and the US in the tech sector, stressing the need for market access amid evolving 5G opportunities.
By Gianluca Lo Nostro and Agnieszka Olenska
Jan 29 (Reuters) - Europe and the United States are co-dependent and large technology companies cannot rely on a single continent, Nokia CEO Justin Hotard said on Thursday, as the European Union weighs stronger support for homegrown industry.
"Every single one of us cannot subsist on one continent or the other. We need both," Hotard told Reuters in an interview. "Particularly in technology, where the window and the right to win is dictated by that technology cycle, it's really critical that you have as big a market access as possible."
Nokia and its Swedish rival Ericsson have been touting their credentials as secure Western suppliers of network equipment while governments reassess their exposure to Chinese suppliers.
At the same time, Europe is striving to bolster domestic technological capacity to reduce reliance on third countries, including the U.S.. For Nokia and Ericsson, this creates a challenging balance as both companies generate substantial revenue from both sides of the Atlantic.
"Every single one in Europe and the U.S. that is of scale is dependent on the European and U.S. market for scale. If you just do the analysis, there's a significant codependence," Hotard added.
The U.S. lacks a major domestic supplier of telecoms gear, leaving carriers there reliant on Nokia, Ericsson and South Korea’s Samsung after Chinese vendors were banned for national security reasons.
Earlier this month, the European Commission proposed phasing out so-called high-risk vendors from critical sectors, including 5G networks, a move that may further curb Huawei's share in Europe.
A wider removal of Chinese equipment from European telecom networks could unlock new opportunities for Nokia and Ericsson, following several years of lacklustre 5G investments across the region.
Hotard expressed optimism over recent developments in Brussels but urged the EU to accelerate its efforts and make existing recommendations for operators mandatory.
"Europe needs to support its business champions. That's not just in tech, but in other areas," he said.
(Reporting by Gianluca Lo Nostro and Agnieszka Olenska in Gdansk; Editing by Matt Scuffham)
5G technology is the fifth generation of mobile network technology, offering faster speeds, lower latency, and the ability to connect more devices simultaneously compared to previous generations.
Telecom suppliers are companies that provide telecommunications equipment and services, including network infrastructure, devices, and software solutions for communication.
The European Union plays a significant role in technology by implementing regulations, supporting innovation, and fostering a competitive environment for tech companies within its member states.
Market access refers to the ability of a company to sell its products or services in a particular market, which can be influenced by regulations, tariffs, and competition.
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