War, cross-border conflict and geopolitical upheaval are rarely deemed good for business.

Yet that appears to have been the impact of Russia’s invasion of Ukraine on two of the aggressor’s neighbours to its west – Finland and Sweden.

Not directly, of course. Rather, it was the two Nordic nations’ response to the invasion that turned fear into hope.

Both countries applied for membership of the Western defence alliance Nato in May 2022, some three months after the winter invasion.

Less than three years later, they’re both full members and already reaping the benefits, in terms of both national security and economics.

“We’re no longer a country that cannot be trusted,” observes Micael Johansson, chief executive of Swedish defence company Saab, in reference to the nation’s previous historic neutrality.

He points out that in the year since Sweden joined Nato in March 2024, Saab has already negotiated framework agreements with the Nato Support and Procurement Agency (NSPA). The NSPA is the body that organises Nato’s ordering from defence firms.

Mr Johansson adds it is now much easier to gain insights into what’s going on inside the alliance. “We couldn’t access NSPAs before,” he says.

Jukka Siukosaari, Finland’s Ambassador to the UK, agrees. “Being part of Nato brings us on an equal footing with all the other allies. It enlarges the possibilities for Finnish companies in the defence sector and beyond.”