Stockholm, May 14 (IANS): A joint declaration on the future of competitiveness, security, and growth in the Nordic region was signed by heads of the five states in connection with a Nordic summit held in Sweden.

Due to the security situation in Europe, the economies in the Nordic region have to become more resilient and competitive, the Prime Ministers of Sweden, Finland, Norway, Denmark, and Iceland said on Monday in a joint statement as quoted by Xinhua news agency report.

Their aim is also to make the Nordic region the most sustainable and integrated region in the world by 2030, the Prime Ministers added.

"Making it easier for companies and people to operate across national borders is crucial to boosting Nordic competitiveness and growth," Swedish Prime Minister Ulf Kristersson said in a press statement.

Four key development areas have been identified, according to the statement.

Firstly, critical and emerging technologies such as artificial intelligence, 5G/6G mobile communications, and quantum technology must be harnessed, as they have "the potential to significantly boost productivity, transform industries and contribute to the green transition and our economic security," the statement said.

European capital markets must also grow, the signatories said.

Further, an accelerated green transition will be needed to boost Nordic competitiveness, the statement added.

Favourable conditions to invest in common security and collective defence must also be created, it said.

The two-day summit was attended by heads of government of the five Nordic countries and Germany's Federal Chancellor Olaf Scholz.

Kristersson and Scholz are scheduled to hold bilateral talks on Tuesday.