"We have two champions which went down," Alexander Stubb told CNBC Monday. As well as the technology firm Nokia, he explained that the paper industry in Finland had fallen on hard times. Finland is a key production site for Europe's biggest paper producers, UPM-Kymmene and Stora Enso. The sector is also crucial for the country's economy.
"A little bit paradoxically I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry, but we'll make a comeback."
Stubb remains positive on the industries, noting that out of dire times comes innovation.
"Forest is coming back in terms of bio energy and other things. And actually a new Nokia is emerged in terms of (Nokia) Networks," he said. "Usually what happens is that when you have dire times you get a lot of innovation and I think from the public sector our job is to create the platform for it."
Take a look at the video below...