In a call for balanced global strategy, Nokia CEO Justin Hotard stated that large technology companies cannot rely on a single continent, describing Europe and the United States as fundamentally co-dependent.
“Every single one of us cannot subsist on one continent or the other. We need both,” Hotard said in an interview with Reuters. He emphasized that in the fast-moving technology sector, where success is tied to innovation cycles, “it’s really critical that you have as big a market access as possible.”
The remarks come as the European Union considers stronger measures to support its domestic tech industry, aiming to reduce reliance on foreign suppliers—including those from the U.S. For Nokia and its Swedish rival Ericsson, this creates a delicate balancing act, as both companies depend heavily on revenue from both sides of the Atlantic.
Hotard pointed to a clear “significant co-dependence,” noting that any large-scale tech firm in Europe or the U.S. relies on access to both markets to achieve necessary scale.
Nokia and Ericsson have positioned themselves as secure Western alternatives in telecom networks, especially as governments reassess their use of Chinese equipment. The U.S., which lacks a major domestic telecom gear supplier, depends on these European firms along with Samsung after banning Chinese vendors on national security grounds.
Recent proposals by the European Commission to phase out “high-risk” vendors from critical infrastructure, including 5G networks, could further limit China’s Huawei in Europe. This shift may create new opportunities for Nokia and Ericsson after a period of slow 5G investment across the region.
While expressing optimism about the EU’s direction, Hotard urged policymakers to move faster and make existing security recommendations for telecom operators mandatory. “Europe needs to support its business champions,” he stated. “That’s not just in tech, but in other areas.”
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