About

Power now moves through markets. We help leaders move with it.

The Economic Security Forum (ESF) is an independent geoeconomic advisory and analytics company. We help boards, executive teams, governments, and investors turn geoeconomic dependencies into leverage and resilience. Rooted in the Nordics, with offices in Helsinki and Brussels and an international network of experts.

Mission

Building geoeconomic capability

Executives have been trained to watch competitors. They now have to watch governments too: export controls decide what can be sold, investment screening who can own, industrial policy where capital goes. Most companies handle this at the margins, in fragments, with nobody responsible for the whole. We call that the geoeconomic gap.

Closing it takes a discipline, and we call that discipline Corporate Geoeconomics: how a company understands, governs and strengthens its geoeconomic position in order to build advantage. Not risk management, and not a strategy add-on. Our mission is to build that discipline and the capability behind it, so that organisations act as subjects of the geoeconomic era rather than objects of it. Resilience is necessary but not sufficient.

Explore our services

Our thinking

A new lens for a new era

Trade, investment, supply chains, and technology have become tools of statecraft. We call this strategic capitalism: states treat markets as instruments of strategic advantage, not just efficiency. It is neither the open markets of peak globalisation nor a state-directed model, but a hybrid in which governments steer strategic sectors and leave the rest to competition. Read through a geoeconomic lens, it creates as much opportunity as risk.

Three ideas anchor Corporate Geoeconomics

01

Geoeconomic agency

The capacity to shape your operating environment rather than react to it. Our clients act as subjects of the geoeconomic era, not objects of it.

02

Geoeconomic position

Where your organisation stands in the geoeconomic environment. Durable, measurable, and improvable.

03

Geoeconomic advantage

The outcome that matters: the ability to protect, create, and sustain value under geopolitical pressure.

The five forces of strategic capitalism

Five structural forces are reshaping the operating environment for every organisation. None can be controlled, but each opens room for those who read it early.

01

Weaponisation

Economic interdependence is being used deliberately as a tool of coercion. Dependencies become leverage, often with little warning.

02

Securitisation

Governments are treating economic questions as national-security questions. That extends the state's reach into who owns you, who you sell to, and where you operate.

03

Digitalisation

Data, compute, and artificial intelligence now create both value and dependency. That dependency often sits in another jurisdiction.

04

Decarbonisation

The shift to net zero is repricing energy, inputs, and industrial location. Carbon and critical raw materials have become competitive variables.

05

Fragmentation

The global economy is splitting into competing blocs with divergent rules. Your addressable market is increasingly defined by regulation, not geography.

Thought leadership

Where our work shows up

Cover of The Age of Geoeconomics by Mikael Wigell and Mohammed S. Hadi

The Age of Geoeconomics

The book by Dr. Mikael Wigell and Mohammed S. Hadi, published by Bloomsbury Academic in 2026.

About the book

Editorial leadership

Dr. Mikael Wigell is Co-Editor-in-Chief of Law & Geoeconomics. Dr. Edward Hunter Christie is Editor-in-Chief of the Journal of Geoeconomics.

Meet the team

Teaching

Corporate Geoeconomics at Hanken School of Economics and Hanken & SSE Executive Education. Geoeconomics for executives at Aalto University Executive Education. Geoeconomics at the College of Europe. Defence economics at Sciences Po Paris.

See the Aalto programme

ESF Briefs and publications

Analysis, commentary, and research from our team, including ESF Briefs.

Read our publications

The team

Judgement built in international institutions, research, and industry

We work at the intersection of corporate strategy, public policy, research, and thought leadership. Our people have worked where geoeconomic decisions are made and analysed: at the North Atlantic Treaty Organization (NATO), the Finnish Institute of International Affairs, the OECD, the International Energy Agency, and global companies.

Dr. Mikael Wigell

Dr. Mikael Wigell

Founder & CEO

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Founder & CEO of the Economic Security Forum. Co-Editor-in-Chief of Law & Geoeconomics and Member of the World Economic Forum's Expert Network. His research has helped shape geoeconomics as a field of study and, through Corporate Geoeconomics, as a management discipline. He has advised CEOs, the European Commission, the International Monetary Fund and the Organisation for Economic Co-operation and Development, and is a Visiting Professor at the College of Europe. Previously Research Director at the Finnish Institute of International Affairs, where he founded its geoeconomics research programme in 2012. PhD from the London School of Economics; formerly Visiting Scholar at Cambridge and Oxford. His book The Age of Geoeconomics, co-authored with Mohammed S. Hadi, was published by Bloomsbury Academic in 2026.

Dr. Edward Hunter Christie

Dr. Edward Hunter Christie

Managing Director North-West Europe

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Managing Director North-West Europe at the Economic Security Forum, leading its engagements in the region from the Brussels office. A scholar-practitioner in geoeconomics, economic security, and defence, and Editor-in-Chief of the Journal of Geoeconomics. As Defence Economist and Deputy Head of Innovation at NATO, he worked on NATO's first Artificial Intelligence Strategy and on economic security and strategic foresight assessments. Previously Senior Research Fellow at the Finnish Institute of International Affairs and Political Affairs Director at the European defence company Hypersonica. Teaches at Sciences Po Paris and the College of Europe. Joint PhD from Vrije Universiteit Brussel and Belgium's Royal Military Academy.

Dr. Christian Fjäder

Dr. Christian Fjäder

Head of Research

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Head of Research at the Economic Security Forum. Expert in strategic resilience, foresight, and protecting critical economic infrastructure from systemic shocks. Professor of Practice at Hanken School of Economics. He brings senior leadership experience from Nokia, where he led regional and global risk and resilience functions, from Finland's National Emergency Supply Agency as Director for Policy Planning and Analysis, and from the World Economic Forum. Previously Senior Research Fellow at the Finnish Institute of International Affairs. PhD in International Relations from the University of Sydney; MBA from Bond University.

Dr. Heiko Borchert

Dr. Heiko Borchert

Head of Advisory Services

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Head of Advisory Services at the Economic Security Forum. Co-Director of the Defense AI Observatory at Helmut Schmidt University, Hamburg, and co-editor of The Very Long Game, its 25-country study of defence AI. Since 1997 he has delivered more than 130 public and private sector projects across defence, critical infrastructure, and strategic industry ecosystems, including a six-nation initiative adopted under the European Union's Permanent Structured Cooperation (PESCO), five export campaigns for major European defence firms, and the strategy and scenario work for GhostPlay, the Bundeswehr-funded project on AI-based tactical decision-making led by Hensoldt. Author of more than 175 publications. PhD from the University of St. Gallen.

Antti Viktor Rauhala

Antti Viktor Rauhala

Chief Operating Officer · NESPO Programme Manager

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Chief Operating Officer at the Economic Security Forum, where he leads the Nordic Economic Security Programme (NESPO). Doctoral researcher at the University of Helsinki, where he examines the energy dimension of Russia's war against Ukraine. He brings international experience from the International Energy Agency, where he led policy roadmaps as Caspian and Black Sea Programme Officer, and the Organisation for Economic Co-operation and Development, where he co-developed the Blue Dot Network, the first global certification for quality infrastructure. MPhil from the University of Oxford.

Henri Vanhanen

Henri Vanhanen

Senior Advisor

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Senior Advisor at the Economic Security Forum. Foreign and security policy expert and author, specialising in Finland, Northern Europe, and the Euro-Atlantic region. His career spans research at the Finnish Institute of International Affairs, government service at the Ministry for Foreign Affairs, the European Parliament, and the Embassy of the United States in Helsinki, and industry roles across the Finnish defence and aerospace sector. He is a Nonresident Senior Fellow at the Atlantic Council's Scowcroft Center and is regularly quoted in the Financial Times, The Economist, and the Washington Post. Co-author, with Mika Aaltola, of Etulinjassa (Otava, 2026), on Finland's security in a disordered world.

Max Nyman

Max Nyman

Head of Growth Operations

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Head of Growth Operations at the Economic Security Forum. Three decades building commercial growth, marketing, and sales across global leaders including Nokia, KONE, Telia, Intel, McAfee, Stonesoft, and SSH, and high-growth challengers including Secto Automotive, Scandic Hotels, and Admicom. He has built marketing functions from the ground up, led teams across four countries, and delivered go-to-market strategies in complex business-to-business and business-to-government environments. With deep roots in cyber and security, he connects ESF's expertise to the markets and clients that need it.

Linda Sonck-Orlo

Linda Sonck-Orlo

Head of Office & Administration

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Head of Office & Administration at the Economic Security Forum, where she oversees the operations and coordination that let the team deliver. She brings more than fifteen years of experience in human resources and organisational development, having served as HR Manager at Algol Chemicals and the software company Solera, and in HR and administrative roles at Nokia. Her focus is employee engagement and building simple, efficient processes that keep teams running smoothly.

The Age of Geoeconomics

November 12, 2026

Bloomsbury Academic

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The Nokia news can be read as a warning: Business leader, are you talking geopolitics yet?

September 20, 2026

Kauppalehti

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Economic policy: Naming the fight, still building for it

September 16, 2026

Der (europäische) Föderalist

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MOSA: Open interfaces are not enough

September 4, 2026

Tagesspiegel Background Sicherheit & Verteidigung

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Critical functions of Finnish society and future trends: Final report

August 27, 2026

Prime Minister's Office of Finland

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christian-fjader

The EU's need for a new growth model: Innovation under strategic capitalism

June 25, 2026

Finnish Institute of International Affairs

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Energy Security in the Nordics

June 8, 2026

Nordic Energy Research and the Nordic Council of Ministers

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Governing Trusted Supply Chains

May 22, 2026

Center for International Private Enterprise (CIPE)

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Operating in a Disrupted World

March 1, 2026

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Your company needs a geoeconomic moat

January 27, 2026

fDi Intelligence (Financial Times Group)

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Strategic capitalism is the Nordics' new growth model

December 7, 2025

Kauppalehti

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Strategic capitalism: How efficiency stopped being the top priority

October 20, 2025

Investment Monitor

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China's bargain, Russia's lifeline: The geopolitics of Power of Siberia 2

September 3, 2025

The Diplomat

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Athena's shield is brittle: Why and how NATO needs to get serious about economic warfare

August 1, 2025

Springer

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Preparedness for geoeconomic risks

July 1, 2025

Finnish Institute of International Affairs

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States, firms, and geoeconomic agency: The role of private business in economic statecraft and security

June 16, 2025

Law & Geoeconomics

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Trump's tariffs: Ushering in a new age of aggressive strategic capitalism

April 1, 2025

Finnish Institute of International Affairs

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North star: Why Australia should look to Finland on resilience and preparedness

March 13, 2025

National Security College, Australian National University

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The geoeconomic security dilemma

February 5, 2025

LSE European Politics and Policy (EUROPP)

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Measuring geoeconomic power: An index for 41 major economies

February 1, 2025

Finnish Institute of International Affairs

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Navigating complexity: Resilience strategies for safeguarding information in the context of national security and preparedness

December 6, 2024

Palgrave Macmillan

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Foreign direct investment and geoeconomic risk: Sketching the contours of an emerging concept

November 11, 2024

Brill Nijhoff

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Rising blocs in trade and industrial policy: Is economic security the future?

October 16, 2024

T20 Brasil

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Exploring the speed of change: European defence budgets in an age of danger

October 16, 2024

Defense & Security Analysis

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The economic security dilemma

August 1, 2024

PRISM (National Defense University Press)

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The very long game: 25 case studies on the global state of defense AI

July 18, 2024

Springer

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Regulating lethal autonomous weapon systems: Exploring the challenges of explainability and traceability

May 1, 2024

AI and Ethics

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Building resilience to hybrid threats: Best practices in the Nordics

May 1, 2024

European Centre of Excellence for Countering Hybrid Threats (Hybrid CoE)

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Navigating geoeconomic risks

February 8, 2024

European Commission

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Strategic capitalism: Implementing economic security through industrial policy

December 6, 2023

Italian Institute for International Political Studies (ISPI)

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Let Finland and Sweden champion transatlantic economic security

August 24, 2023

Euractiv

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Navigating geoeconomic risks: Towards an international business risk and resilience monitor

November 22, 2022

Finnish Institute of International Affairs

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Balancing dependence: The quest for autonomy and the rise of corporate geoeconomics

October 14, 2022

Palgrave Macmillan

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Nordic resilience

September 1, 2022

Finnish Institute of International Affairs

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christian-fjader

Emerging and disruptive technologies and security: Considering trade-offs between new opportunities and emerging risks

August 28, 2022

Springer

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christian-fjader

The Blue Dot Network: A proposal for a global certification framework for quality infrastructure investment

March 21, 2022

OECD Publishing

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The EU's quest for geoeconomic power: Pursuing open strategic autonomy

March 3, 2022

Finnish Institute of International Affairs

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Europe facing geoeconomics: Assessing Finland's and the EU's risks and options in the technological rivalry

February 3, 2022

Finnish Institute of International Affairs

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christian-fjader

Storms ahead: The future geoeconomic world order

January 1, 2022

Raiffeisen Bank International

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An artificial intelligence strategy for NATO

October 25, 2021

NATO Review

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Developing partnerships for building resilience

June 14, 2021

Springer

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christian-fjader

Recognizing 'geoeconomic risk': Rethinking corporate risk management for the era of great-power competition

June 1, 2021

Finnish Institute of International Affairs

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christian-fjader

Sensemaking under conditions of extreme uncertainty: From observation to action

June 1, 2021

Springer

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Strengthening the role of private finance in infrastructure development in Eastern Partner countries

November 18, 2020

OECD Publishing

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The emergence of strategic capitalism: Geoeconomics, corporate statecraft and the repurposing of the global economy

September 30, 2020

Finnish Institute of International Affairs

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Supply chain management and economic statecraft: a five-point agenda

June 29, 2020

East Asia Forum

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heiko-borchert

The demand for military expenditure in Europe: The role of fiscal space in the context of a resurgent Russia

January 1, 2019

Defence and Peace Economics

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Geo-economics and power politics in the 21st century: The revival of economic statecraft

July 3, 2018

Routledge

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Power politics by economic means: Geo-economics as an analytical framework and foreign policy practice

February 16, 2018

Comparative Strategy

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The design and impact of Western economic sanctions against Russia

June 22, 2016

The RUSI Journal

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Geopolitics versus geoeconomics: The case of Russia's geostrategy and its effects on the EU

May 30, 2016

International Affairs (Chatham House)

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Energy vulnerability and EU-Russia energy relations

August 19, 2009

Journal of Contemporary European Research

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NESPO Forum 2026

December 1, 2026

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NESPO Working Dialogue III in Stockholm: Nordic missions and public-private cooperation

October 6, 2026

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NESPO Working Dialogue III: Nordic and public-private cooperation

October 5, 2026

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Dr. Mikael Wigell and Samu Paukkunen of Fortum on energy dependence and the EU's standing, in Helsingin Sanomat

October 2, 2026

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Castrén & Snellman Leaders' Lounge 2026

September 30, 2026

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Why supplier diversification can be an illusion: the Talouselämä interview

September 30, 2026

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Dr. Mikael Wigell in Talouselämä: diversified supply chains often lead back to the same source

September 28, 2026

Talouselämä

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Dr. Edward Hunter Christie in The i Paper: Europe could impose lawful economic friction around Kaliningrad

September 26, 2026

The i Paper

In the media

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Antti Viktor Rauhala in Nordic Energy Research: energy integration needs a shared view of risk

September 21, 2026

Nordic Energy Research

In the media

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Dr. Mikael Wigell in Yle: US sanctions on the International Criminal Court are a precedent

September 21, 2026

Yle

In the media

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Nordic-Baltic Energy Conference 2026

September 15, 2026

Event

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Watch Dr. Mikael Wigell's Procurement Executive 2026 talk on deep-tier supply chain exposure

September 14, 2026

LinkedIn

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AI Summit Budapest 2026

September 7, 2026

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Dr. Heiko Borchert on the Modular Open Systems Approach (MOSA) in defence, in Tagesspiegel Background

September 4, 2026

LinkedIn

Social

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Dr. Heiko Borchert on the US stake in Blue Energy Partners, in The Wall Street Journal

September 4, 2026

LinkedIn

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Dr. Heiko Borchert in The Wall Street Journal: state stakes as a way to discipline companies

September 3, 2026

The Wall Street Journal

In the media

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Procurement Executive 2026

August 26, 2026

Event

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Henri Vanhanen joins ESF as Senior Advisor

August 17, 2026

Announcement

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Dr. Heiko Borchert in Militär Aktuell on military AI

July 20, 2026

Militär Aktuell

In the media

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Dr. Mikael Wigell in Tidningen Energi: energy infrastructure is an active target for sabotage

June 12, 2026

Tidningen Energi

In the media

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Dr. Mikael Wigell in Posticast on logistics as strategic infrastructure

June 9, 2026

Posticast

In the media

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Report launch: Energy Security in the Nordics

June 8, 2026

Event

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ESF report for the Nordic Council of Ministers: Energy Security in the Nordics

June 8, 2026

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Dr. Mikael Wigell for the Nordic Council of Ministers: new threats need operational cooperation

June 8, 2026

Nordic Council of Ministers

In the media

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Dr. Mikael Wigell in Svenska Yle: the Nordics need joint planning for energy security

June 8, 2026

Svenska Yle

In the media

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Dr. Mikael Wigell in Futucast: world trade is in upheaval, and it changes everything

May 18, 2026

Futucast

In the media

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NESPO Working Dialogue II: Corporate geoeconomic resilience and competitiveness

April 28, 2026

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Hanaholmen Industry Forum

April 20, 2026

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Dr. Mikael Wigell in Yle on Finland joining a US initiative against China

April 17, 2026

Yle

In the media

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Dr. Mikael Wigell in Yle on calls for Finland to release its oil reserves

March 12, 2026

Yle

In the media

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Dr. Mikael Wigell in Huomisen talous on Finland in the age of geoeconomics

March 6, 2026

Huomisen talous

In the media

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NESPO Working Dialogue I: Understanding the geoeconomic landscape

February 24, 2026

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Dr. Heiko Borchert in Partners in Transformation: companies are in a global race to diversify

January 20, 2026

Partners in Transformation

In the media

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Digital Defence Ecosystem joins the Nordic Economic Security Programme (NESPO) as Knowledge Partner

January 15, 2026

Announcement

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Dr. Heiko Borchert in NZZ Geopolitik on why F-35 jets are so sought after worldwide

December 3, 2025

NZZ Geopolitik

In the media

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NESPO launch

November 4, 2025

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Beyond the core team

A global expert network

Our core team works with an international network of experts, brought in case by case for the expertise each challenge demands.

Marc Ablong

Marc Ablong

Managing Partner

Geostrategic Risk Partners

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Marc left the Australian Public Service in 2024 after a 31-year career that culminated as a Deputy Secretary within the Australian Department of Home Affairs, where he held responsibility for strategic guidance and capability planning; national security policy; international relationship management; immigration policy; law enforcement policy and electronic surveillance reform; data and biometrics policy; regional processing and resettlement; intelligence; critical and emerging technology policy; cyber security policy; national resilience and strengthening democracy. Prior to joining the Department of Home Affairs, Marc was a senior executive within the Australian Department of Defence, where he held positions in capital equipment & acquisition policy, international policy, military strategy, maritime capability development, Air Force long-range planning, futures and scenario-planning; national support and mobilisation planning, information strategy and futures, strategic reform; Defence strategic policy; Defence industry policy; corporate governance; media and ministerial coordination; contestability and naval shipbuilding policy. Marc was Chief of Staff of the 2009 Defence White Paper Team and led the development of the 2016 Defence White Paper, Integrated Investment Program and Defence Industry Policy Statement. He left Defence after a period as acting Deputy Secretary Strategic Policy and Intelligence. Prior to joining Government service, Marc had an earlier career in the Australian banking and finance industry. Marc was awarded the Public Service Medal in the 2018 Australia Day Honours.

Ann-Nina Finne

Ann-Nina Finne

Senior Advisor

Finne Advisory

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Ann-Nina is a geopolitical advisor with 30 years of experience across multinational corporations, government, and the NGO sector. She specialises in a 360-degree approach to geopolitics, strategic communications, and stakeholder management, with expertise spanning retail, energy, foreign affairs, government, and media. She has advised the Office of the President of Ukraine and held key leadership roles in global organisations, including as Global Senior Vice President for Public Affairs at Burson, where she advised multinational clients on complex geopolitical and geoeconomic challenges. At Ingka (IKEA Group), Ann-Nina led public affairs efforts across 30+ markets, developing cohesive strategies and guiding cross-market teams. Before that, she directed corporate communications and political affairs for E.ON in the Nordic countries and Poland, driving impactful engagement across diverse regions. Ann-Nina also brings extensive experience from regional politics and nearly 15 years in journalism, including roles as a war correspondent and national anchor. She holds a Master’s degree in history and political science from Åbo Akademi University, Finland.

Dr. Tobias Gehrke

Dr. Tobias Gehrke

Senior Policy Fellow

European Council on Foreign Relations

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Tobias Gehrke is a senior policy fellow at the European Council on Foreign Relations. He covers geoeconomics, economic security, and great power competition in the global economy. Gehrke previously was a research fellow at the Egmont Royal Institute in Brussels, a visiting fellow at the National University of Singapore, the University of Nottingham, and the American German Institute in Washington DC. He holds a PhD in international political economy from Ghent University.

Dr. Francesca Ghiretti

Dr. Francesca Ghiretti

Director

Economic Security and Resilience Initiative, RAND Europe

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Dr. Francesca Ghiretti is Director of the Economic Security and Resilience Initiative and Research Leader of the RAND Europe China Initiative, where she leads research on economic security within RAND Europe’s Defence and Security team. A recognised expert on China’s foreign policy and Europe-China relations, she also serves as an adjunct fellow at CSIS’s Wadhwani Center for AI and Advanced Technologies. Her career spans roles at MERICS, IAI, ECFR, and the private sector, including work as a geopolitical analyst and assistant to former NATO Secretary General Jaap de Hoop Scheffer. Author of Chinese Investments and the Economic Security Turn in Europe (Bristol University Press, 2025), Francesca’s insights appear in top outlets such as the Financial Times, Wall Street Journal, and Politico. She holds a PhD from King’s College London, where her award-winning thesis explored the securitisation of Chinese FDI in the EU. Francesca also hosts the podcast Geoeconomic Competition.

Vadim Kononenko

Vadim Kononenko

Strategic Foresight Expert

European Environment Agency

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Vadim Kononenko leads strategic foresight at the European Environment Agency. In his work, he explores emerging trends, risks, and opportunities shaping Europe’s climate and environmental policies. His work spans a range of topics, supporting policymakers in dealing with uncertainty through futures thinking, horizon scanning, and scenario development to deliver on environmental, social and economic sustainability and long-term resilience. Vadim worked previously at the European Parliament’s Research Service and the Finnish Institute of International Affairs. He was a senior visiting fellow at the Egmont Royal Institute in Brussels, and a visiting fellow at the International Institute for Security Studies.

Carl Olehäll

Carl Olehäll

Strategic Advisor

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Carl Olehäll is a Swedish business consultant specialising in politics, strategy, and communication. His areas of expertise include international relations, sustainable development, and leadership. He has recently worked in advisory roles at governmental, parliamentary, and EU levels. From 2022 to 2024, he served as Political Advisor to the Minister for Energy, Business and Industry and Deputy Prime Minister, Ebba Busch, at Sweden’s newly established Ministry of Climate and Enterprise. As the Minister’s general policy advisor and designated speechwriter, he held a broad portfolio that included advising on national security matters as well as coordinating her speeches and television debate performances. Between 2021 and 2022, he worked as a Political Advisor to the Foreign Affairs and Defence Committees of the Swedish Parliament. This period coincided with the initial and pivotal stages of Sweden’s NATO accession process following Russia’s full-scale invasion of Ukraine. He has also worked as an Accredited Assistant at the European Parliament, managing files related to budgetary and structural policies, including the Multiannual Financial Framework, agricultural subsidies, and major COVID-19 recovery instruments such as NextGenerationEU. Mr. Olehäll holds a Master’s degree in Political Science from Lund University. He is currently based in Helsinki, where he runs a private consultancy.

Dr. Amitendu Palit

Dr. Amitendu Palit

Senior Research Fellow and Research Lead (Trade and Economics)

Institute of South Asian Studies, National University of Singapore

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Amitendu Palit is Senior Research Fellow and Research Lead (trade and economics) in the Institute of South Asian Studies (ISAS) in the National University of Singapore (NUS). An economist by training, he specialises in international trade policies, FTAs and supply chains; geoeconomic perspectives on trade; the Indo-Pacific region; Global South; and the Indian economy. He is a Senior Associate Research Fellow at the Asia Centre of the ISPI (Istituto per gli Studi di Politica Internazionale) Milan, Italy and was a member of the World Economic Forum (WEF)’s Global Future Council on Trade and Investment. Earlier, Amitendu worked for several years in the Economic Division of India’s Ministry of Finance and handled macroeconomic policies, including trade, investment and industrial development. He has written and edited several books, including ‘India and the Future of G20’ (2023, Bloomsbury), ‘Globalisation Impacts: Countries, Institutions and COVID-19’ (2022, Springer), ‘Seven Decades of Independent India’ (2018, Penguin); ‘The Trans Pacific Partnership, China and India: Economic and Political Implications’ (2014; Routledge) and ‘China India Economics: Challenges, Competition and Collaboration’ (2011; Routledge). He has published widely in several peer-reviewed academic journals. A regular contributor for various newspapers, he features as an expert for Channel News Asia, CNBC, BBC, Bloomberg News, and ABC.

Dr. Christian Pfeiffer

Dr. Christian Pfeiffer

Political Economist and Government Affairs Practitioner

Life Sciences Sector

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Dr. Christian Pfeiffer is a political economist specialising in geoeconomics, economic security, and the strategic governance of technology. He holds a PhD in International Affairs and Political Economy from the University of St. Gallen and is the author of Geoeconomics in International Relations (Routledge), analysing how states deploy economic instruments as tools of power in systemic rivalry. Bridging academic research and policy practice, his work in the medical technology sector focuses on EU digital regulation, including the Data Act and AI Act, and the strategic implications of data governance for industrial competitiveness and healthcare resilience. He holds leadership roles within the European medical technology industry’s principal trade association, helping shape sector-wide positions and engaging with European institutions on regulatory design and implementation. His expertise lies at the intersection of economic statecraft, regulatory power, and critical sector policy.

Dr. Elina Pylkkänen

Dr. Elina Pylkkänen

Senior Strategic Advisor

Former Permanent State Under-Secretary, Ministry of Economic Affairs and Employment of Finland

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Dr. Elina Pylkkänen is a Senior Strategic Advisor at the Economic Security Forum and a leading Finnish economist with deep expertise in economic policy, labour markets, and the structural competitiveness of Nordic economies. Most recently, Dr. Pylkkänen served as Permanent State Under-Secretary at Finland’s Ministry of Economic Affairs and Employment (2021–2026), where she led major national initiatives on labour market reform and digital transformation. Prior to this, she was Director of Labore (the Labour Institute for Economic Research) and spent a decade as Financial Counsellor at the Ministry of Finance, where she led work on quantitative policy analysis and fiscal modelling and represented Finland at Nordic and EU policy forums. She held an equivalent role also at Sweden’s Ministry of Finance. Her international career includes experience as Senior Economist at the Social Policy Division at the OECD in Paris and a visiting fellowship at the Stanford Institute for Economic Policy Research. She holds a PhD in economics from the University of Gothenburg. Elina’s current focus is on the Finnish and Nordic economic outlook, including competitiveness dynamics relative to peer economies and the EU policy dimension. She is a regular commentator in Finnish media, a frequent expert witness to parliamentary committees, and a sought-after speaker across business and policy audiences.

Dr. Maria Shagina

Dr. Maria Shagina

Diamond-Brown Senior Research Fellow for Economic Sanctions, Standards and Strategy

International Institute for Strategic Studies (IISS)

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Dr. Maria Shagina is Diamond-Brown Senior Research Fellow for Economic Sanctions, Standards and Strategy at the International Institute for Strategic Studies (IISS), where she directs research on economic statecraft and economic security. Drawing on her expertise in sanctions and export controls spanning more than ten years, Maria has provided extensive briefings to various governments and the private sector. She gave oral evidence on Western sanctions against Russia to the UK Parliament on two occasions. Maria’s research has been cited in The New York Times, The Washington Post, The Financial Times, BBC, CNN, Bloomberg, Foreign Policy and The Guardian. Prior to joining the IISS, Maria was a Visiting Senior Fellow at the Center on US Politics and Power at the Finnish Institute of International Affairs. Between 2017 and 2021, she worked as research fellow at the Center for Eastern European Studies at the University of Zurich, as senior political analyst at Global Risk Insights, and as executive assistant at the United Nations Research Institute for Social Development. Maria has held numerous prestigious fellowships, including from the Swiss Government, Swiss National Science Foundation, Japan Society for the Promotion of Science, Open Society Institute and DAAD. In 2020, she was selected as a GLOBSEC Young Leader and as a member of the European Leadership Network.

Etienne Soula

Etienne Soula

Research Fellow

German Marshall Fund of the United States

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Etienne Soula is a Research Fellow at the German Marshall Fund specialising in the intersection of economic security and hybrid threats. He tracks how authoritarian actors use technology and infrastructure exports, supply chains, and investment to create dependencies and reshape global information spaces. Etienne turns open-source research into practical options for risk mitigation, from interference indicators to policy briefings. He works across policy communities on both sides of the Atlantic and regularly briefs officials, lawmakers, and media on approaches to coercion and influence in Europe and the United States.

Oliver Stuenkel

Oliver Stuenkel

Senior Fellow

Carnegie Endowment for International Peace

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Oliver Stuenkel is a Senior Fellow at the Carnegie Endowment for International Peace. He is also a Fellow at the Belfer Center at the Harvard Kennedy School and an associate professor at the School of International Relations at Fundação Getulio Vargas (FGV) in São Paulo, Brazil. His research focuses on geopolitics and the global order, emerging powers, Brazilian foreign policy and Latin American politics and democracy. He is the author of several books on geopolitics, including The BRICS and the Future of Global Order and The Post-Western World, which have been translated into multiple languages. He is also a columnist for Foreign Policy and O Estado de S. Paulo, a commentator on Brazilian television and radio, and one of Latin America’s leading foreign policy analysts.

Velina Tchakarova

Velina Tchakarova

Founder

FACE (For A Conscious Experience)

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With 26 years of professional and academic expertise spanning security, defence, and strategic foresight, Velina Tchakarova is a geopolitical strategist and founder of FACE (For A Conscious Experience). Her work centres on translating geopolitical complexity into actionable intelligence for corporations, institutions, and policymakers facing Cold War 2.0, the rise of Middle Powers, and the structural shifts reshaping the global order. Her approach combines rigorous analytical methodology with deep regional expertise, enabling decision-makers to anticipate risks, identify opportunities, and act with strategic clarity in an environment of accelerating uncertainty. Velina also currently serves on the Scientific Advisory Board of the European Forum Alpbach and the Advisory Board of Eastern Circles, a Paris-based geoeconomics think tank focused on Eastern Europe and Ukraine. She holds a visiting fellowship at the Observer Research Foundation (ORF), India’s premier independent global think tank. She is a board member of the Strategic and Security Policy Advisory Board of the Science Commission at the Austrian Federal Ministry of Defence, participates as a board member in the Vienna Economic Forum, and serves on the peer review board of the Defence Horizon Journal. Velina previously served as Director of the Austrian Institute for European and Security Policy (AIES) in Vienna, one of Austria’s leading independent research institutes on European integration, security, and defence policy. She also served as lecturer at the Real-World Risk Institute, the practitioner-led risk education programme founded by Nassim Nicholas Taleb.

Dr. Valtteri Vuorisalo

Dr. Valtteri Vuorisalo

Strategic Advisor

Digital Defence Ecosystem

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Valtteri Vuorisalo has extensive experience in global defence and security business and policy, especially around the theme of interoperability. Currently, he works as a strategic advisor for various defence and security actors in Finland, including the Digital Defence Ecosystem. In academia, Dr. Vuorisalo is a part-time Professor of Practice in National Security and Security Policy at Tampere University and a Visiting Professor at King’s College London in the Department of War Studies. His research focus revolves around the geopolitics of technology, the security impact of data and information flows, and how the rapid evolution of technology creates new dependencies in the international security architecture.

ESF at a glance

Who we are, in brief

What we are

An independent geoeconomic advisory and analytics company.

Founder & CEO

Dr. Mikael Wigell

Who we work with

Boards, executive teams, governments, and investors.

How we work

Six services on one framework, the ESF Corporate Geoeconomic Framework.

Programmes

Nordic Economic Security Programme (NESPO). Geoeconomic Leadership Programme. Economic security readiness programmes with the Center for International Private Enterprise (CIPE).

Independence

Our analysis is our own. No client, partner, or government shapes our conclusions.

Offices

Bulevardi 21, 00180 Helsinki Rue des Colonies 11, 1000 Brussels

About our Brussels office

Legal entity

Economic Security Forum Ab Business ID 3525455-3

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