Nokia CEO Justin Hotard has sene a message that both the US and Europe must work together, warning that the technology sector cannot survive on “one continent or the other”. His comments come as the European Union considers new measures to bolster homegrown industries and reduce its reliance on foreign technology companies.Hotard emphasised that the rapid scaling of modern technology requires the largest possible market access to justify the costs of innovation.“Every single one of us cannot subsist on one continent or the other. We need both. 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,” Hotard told Reuters in an interviewNokia CEO’s remarks highlight problems for companies like Nokia and Ericsson, who find themselves caught between European efforts to build “technological sovereignty” and their heavy reliance on the massive US market.The US lacks a major domestic manufacturer of 5G infrastructure, and after banning Chinese vendors over national security concerns, US carriers have become almost entirely dependent on Nokia, Ericsson, and South Korea’s Samsung for their wireless equipment.
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The CEO’s comments are in line with a shift in Brussels, where the European Commission is proposing a phase-out of “high-risk vendors” from critical sectors, including 5G networks. Hotard has urged the EU to move beyond mere “recommendations” and make security guidelines mandatory for all operators.“Europe needs to support its business champions. That’s not just in tech, but in other areas,” Hotard asserted.
