As Asia’s economies continue to grow, Nordic businesses are looking east for sustainable and digital expansion. Sverre Hana, CEO & Head of Banking, Nordics at Standard Chartered, explains why the region’s demand for clean energy and advanced tech makes it a natural fit for Nordic strengths.
For decades, companies have looked to Asia as the land of opportunity – its rapid industrialisation, massive consumer base, and booming economies have attracted global businesses eager to expand. But with opportunity comes the complexities of operating in what is an incredibly diverse region.
Today, the opportunity is still immense, but the landscape has evolved. “Most of the large corporates we work with have a significant presence in Asia, and for companies with a large presence and complex supply chains, a banking partner like Standard Chartered, with local expertise and a global network, can help to navigate the complexities of the market, such as regulatory hurdles and intense local competition” says Sverre Hana, CEO & Head of Banking, Nordics, at Standard Chartered.
As global trade patterns shift and European markets face slower growth, businesses in Norway, Sweden, Finland, and Denmark are looking east for expansion opportunities more than ever before, and each market presents distinct challenges and requires a tailored approach.
“When we talk about Asia, most of the focus is on China,” says Hana. “It’s such a dominant player that you can’t ignore it, but beyond China, we’re seeing increasing interest in Southeast Asia, particularly in countries with large, fast-growing middle-class populations.”
Perhaps most importantly, Asia’s demand for greater sustainability and low or no carbon energy solutions is accelerating. In this area, Nordic companies are uniquely positioned to meet that need.
“Some of the largest Nordic investment funds are now allocating significant capital to offshore wind projects in Asia,” Hana explains.
As the region makes progress in its journey towards decarbonisation, Nordic expertise in clean energy, sustainable manufacturing, and carbon-neutral supply chains is becoming a powerful differentiator. But even with these opportunities, success in Asia is far from guaranteed.
Asia is a land of vast potential, but for Nordic businesses entering the region, the road to success is often paved with regulatory red tape, intense competition, and geopolitical uncertainty.
One of the biggest challenges is navigating the complex regulatory environments across different markets.
“Each country has its own set of rules on foreign investment, capital movement, and trade compliance,” says Hana. “What works in Singapore may not work in Vietnam, and what’s easy to implement in China could be far more difficult in Indonesia.”
This means that companies can’t take a one-size-fits-all approach – they need local expertise to guide them through licensing requirements, tax structures, and operational restrictions.
Another critical hurdle is repatriating profits and managing cash flow.
“For many of our clients, one of the most time-consuming challenges is figuring out how to efficiently collect and bring back the profits they generate in Asia,” Hana explains.
While some markets offer straightforward capital movement, others impose strict currency controls, requiring businesses to carefully plan their financial strategies.
And then there’s the competition. In consumer markets particularly, local and regional players have deep-rooted advantages. Nordic businesses known for premium-quality products often face fierce price competition from domestic brands that operate with lower cost structures.
“Nordic companies can’t – and shouldn’t – compete on price alone,” Hana says. “Instead, they need to double down on their strengths: innovation, sustainability expertise, and supply chain reliability.”
The geopolitical climate adds another layer of complexity. “Trade tensions, tariffs, and shifting regulations are forcing businesses to rethink their strategies,” Hana notes.
“We’ve already seen companies diversifying their supply chains and exploring new manufacturing hubs beyond China.”
Countries like Vietnam, India, and Indonesia are emerging as alternative markets, offering strong growth potential with fewer trade barriers.
Winning in Asia isn’t about short-term gains – it’s about playing the long game with a respect for the individual market dynamics. Nordic companies that have succeeded in the region share a few key traits:
Nordic brands have a strong reputation for high-quality and sustainable products, and that’s a major advantage.
“Consumers in Asia are increasingly looking for quality assurance, traceability, and sustainability, and that’s where Nordic businesses stand out,” Hana explains.
Entering Asia markets without an established network can be a costly mistake. “Understanding the local business culture and consumer behaviour is essential,” Hana says. “Many of the companies we work with succeed because they invest time in finding the right local partners.”
The past few years have shown how fragile global supply chains can be. Nordic companies expanding into Asia are now looking beyond China to diversify production and sourcing in Southeast Asian markets.
As Asia accelerates its shift toward renewable energy and carbon-neutral policies, Nordic businesses are playing a leading role in offshore wind, hydrogen energy, and sustainable urban development projects.
“It’s no longer just about compliance – sustainability is a business advantage in Asia,” Hana says.
Companies that understand how to navigate shifting trade policies and political uncertainty will have the upper hand. Many firms are now factoring in risk mitigation strategies, including localised financing solutions and alternative supply routes.
As Asia’s economies continue to expand, the relationship between Nordic businesses and the region is only set to grow deeper. But what does the future hold?
One of the most exciting areas of collaboration will be the intersection of sustainability and technology.
“There’s so much potential for Nordic innovation in sectors like smart cities, AI-driven logistics, and clean tech,” Hana says. “We’re already seeing major investment flows in these areas, and that’s only going to accelerate.”
At the same time, Nordic companies can learn from Asia’s strengths. Rapid digitalisation, automation, and advancements in AI-driven manufacturing are all areas where Asia leads the way. But with digital growth there is often a rise in power demand, and this must be addressed in ways that create resilient, reliable and increasingly sustainable energy networks.
“It’s a two-way street,” Hana notes. “The Nordics bring sustainability expertise, and Asia brings technological scale. Companies that embrace this exchange of ideas will benefit the most.”
Trade agreements and evolving regulatory frameworks will also shape the future. While some barriers remain, organisations that proactively align with new trade policies and investment incentives will find themselves ahead of the curve.
