Nokia CEO Highlights Tech Interdependence Amid EU's Homegrown Push

Nokia CEO Justin Hotard stressed the interdependence of Europe and the U.S. in technology, amid EU considerations for stronger support for local industry. While Nokia and Ericsson position themselves as secure Western suppliers, the EU aims to enhance its technological capacity to reduce dependency on third countries, including the U.S.

Nokia's CEO, Justin Hotard, emphasized the mutual reliance between Europe and the United States in the technology sector, especially as the European Union considers boosting its local industry. Speaking on Thursday, Hotard pointed out the necessity for large tech firms to access markets on both continents.

During an interview with Reuters, Hotard noted that in the rapid-paced tech cycle, having extensive market access is key to success. Both Nokia and its competitor Ericsson, Swedish network equipment providers, have been promoting themselves as secure, reliable options for Western governments wary of Chinese suppliers.

The European push to strengthen domestic tech capabilities aims to lessen dependence on external countries, notably the U.S. This situation poses a challenge for Nokia and Ericsson, as significant revenue comes from both sides of the Atlantic. Concurrently, American telecom carriers largely depend on Nokia, Ericsson, and South Korea's Samsung due to the absence of a major domestic provider.

(With inputs from agencies.)