The era of geoeconomics has brought about the return of industrial policy in Finland and elsewhere. We examine the evidence-based lessons that Finland can learn. We pay particular attention to the impact of geoeconomics on industrial policy and its rationale. Finland’s industrial policy must be long-term and continue to focus on correcting market deficiencies. Finland should consider the actions of the United States and China, which will hinder goods exports but do not target service exports. Finland should maintain its openness, however, taking into account more closely than before the fact that Finland is also subject to the geoeconomic activities of other countries.
