Climate change, emerging technology and security in the Indo-Pacific will be on the agenda when Prime Minister Anthony Albanese hosts his Finnish counterpart.
Finnish Prime Minister Sanna Marin is on a four-day diplomatic tour through New Zealand and Australia as the Nordic nation looks to diversify trade and increase its engagement with the region.
Finland's ambassador in Canberra Satu Mattila-Budich said both nations were like-minded on issues such as human rights, democracy and climate change, but the relationship could be developed further.
"Maybe the relationship has been a bit thin because we haven't had that many visits... but now it's really time to build new partnerships and strengthen the already good relationships," she told AAP.
"There is so much potential for us to do more."
The ambassador said advanced satellite technology provided a further opportunity for the two nations to co-operate.
"I hope also in the coming years we could find areas where we could co-operate in the field of defence," she said.
Finland is looking to diversify its trade markets to shore up its supply chains with most of its imports and exports going through Europe.
Ms Mattila-Budich said it was important for Australia to finalise a free trade agreement with the European Union as quickly as possible.
"Negotiations are going on quite well at the moment," she said.
"We really hope Australia could conclude the FTA negotiations early next year."
