Estonia, EU – Baltic States, Technology

Photo Marko Mumm

The strategy highlights ICT and IT solutions in e-governance, smart cities, education, healthcare and cybersecurity in particular as areas of great potential for cooperation. Estonian timber producers, food industry and design products are also considered to have great potential on the Japanese market, spokespeople for the Ministry of Foreign Affairs said.

"Early this year, I was on a successful visit to Japan, largely focusing on business diplomacy, which was one of the last visits before the coronavirus crisis," Prime Minister Juri Ratas, who attended the event, said.

"Subsequently, we have all been forced to adapt to the new situation and find new ways of staying in touch with our good partners," the prime minister said in his remarks, thanking entrepreneurs and diplomats.

"I am very glad that the Ministry of Foreign Affairs is committed to cooperation with Japan, and our innovative and professional entrepreneurs have already some success stories and more will surely follow. Together we can overcome any hardship," Ratas said.

According to the Estonian ambassador to Japan, Vaino Reinart, Japan is among Estonia's most important economic partners and the economy in Japan is one of the most developed in the world.

"Japan is the top league of foreign trade, especially in the area of services; however, certain cultural rules also need to be followed when operating on the market there. With our embassy team, which has included a business and investments officer from this spring, we are ready to offer Estonian entrepreneurs all the support they may need," Reinart said. 

The economy of Asia is projected to surpass the economies of the United States and the European Union combined by 2030, accounting for more than 40 percent of global production. Fifty-one of the world’s top 500 major companies have headquarters in Tokyo. Japan ranks second in the world with its investments in research, development and innovation.

The Business Diplomacy Division of the Foreign Ministry, in cooperation with the Estonian embassy or honorary consuls in a given country, can offer assistance to Estonian companies operating on foreign markets. Similar business strategies are currently being drawn up for South Korea, Singapore and the Gulf States, and a strategy for Africa is under preparation.

The Japanese ambassador to Estonia, Hajime Kitaoka, also attended the event.