Education and Science, Estonia, EU – Baltic States, Forum, Markets and Companies

Paet emphasized that Estonia's co-operation with the Nordic and Baltic countries is already very close.

"For example, in the first 11 months of 2011, 12% of Estonia's exports went to Baltic countries and 37% to Nordic countries, and exports to the Baltic Sea region as a whole, including Russia, Norway and Iceland, totaled 66%. In terms of imports the regional ties are even stronger, with 71% of imports coming from countries in the Baltic Sea region," he said.

The foreign minister added that a large portion of foreign investments made in Estonia also originate from the countries in our region.

"As of the summer of last year, nearly 73% of all Estonia's foreign investments came from the Baltic Sea region. For example, Sweden has invested 4.3 billion euros in Estonia and Finland has invested 3.2 billion," he noted.

A large part of Estonia's investments also go to countries in the Baltic Sea region. As of last summer, Estonia had invested 1.5 billion euros in Lithuania and 1.2 billion in Latvia.

The foreign minister stated that the most important thing for Estonia in the context of the Baltic Sea Region Strategy is creating new transport links along the eastern shore of the Baltic Sea, establishing a new energy network, promoting innovation and research-related co-operation, and removing obstacles from the internal market.

The conference taking place at Tallinn University is entitled “Partnership of the state, universities, and local governments in involving Estonia more effectively in the European Union Strategy for the Baltic Sea Region”, and its goal is to discuss developing the partnership between state institutions, universities, and local governments, which is needed for them to become involved in the EU Strategy for the Baltic Sea Region.