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International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 15:30

It's not possible to think about investment in current business environment - Tallink CEO

BC, Tallinn, 28.01.2017.Print version
Making further investments is not conceivable in the business environment being created by the new political power, CEO of the listed Estonian shipper Tallink Grupp Janek Stalmeister says LETA/BNS.

"Looking at what is happening now and keeping in mind the decisions affecting the business environment that have appeared in Estonia, I wouldn't dare to make a single investment," Stalmeister told when asked whether the company was making new investment plans following the delivery of the 230 mln euro new ferry Megastar.

Stalmeister sees as problematic both the new government's tax policy decisions as well as the steps influencing tourist flows. "Inevitably, the beer excise duty as well – if life here becomes more expensive for tourists, I feel compelled to ask why they should be keen to come here at all. They will come, I don't doubt that, but the question is rather how much the numbers will grow."

Travel decisions are influenced by a multitude of factors and a change in one component could upset the whole budget, which in turn might affect travel decisions as well as tourist numbers, he explained.

Asked whether Tallink might consider opening new routes for example from Riga in connection with the forthcoming excise duty hikes in both Finland and Estonia, Stalmeister said there were no such plans at the moment. "When it comes to Riga, an entertainment cruise product, from either Helsinki or Turku, is a possibility. We've run single trips from there earlier as well," he said.

Asked how the Estonian business environment could be improved, the head of Tallink said that what entrepreneurs want above all is predictability and stability. "We need to understand where the state is going, what is being done, what is going to happen, to be able to make plans. When you embark on a journey and during it some of your partners decide to change direction it's never very pleasant information," he said.

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