Estonia, Financial Services, Funds, Good for Business, Markets and Companies

International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2019, 23:54

Estonia: EAS supports 48 businesses through development program in 2018

BC, Tallinn, 24.05.2019.Print version
Altogether 48 enterprises were supported in 2018 by Enterprise Estonia (EAS) through its development program for companies, reported LETA/BNS.

A total of 85 innovation vouchers and 45 development vouchers were issued. As a result of the projects concluded, 28 companies have by now launched a new product or service on the market, a report on growth strategy for 2018, compiled by the Ministry of Economic Affairs and Communications, reads.


The previous year produced record results in terms of investment volumes, number of jobs and foreign investment projects. The planned volume of direct foreign investments amounted to 324 mln euros and the number of jobs to 1,472.


EAS sought to attract 150 mln euros to Estonia with the help of investors -- a goal that was exceeded more than two-fold.


As to the number of projects, a third of them involved expanding existing businesses. The total number of new foreign investors was 18. Two projects --  Westaqua-Invest and Estonian Plywood AS -- received financing in the total amount of 2 million euros from the major investors' measure.


County development centers advised a total of 7,670 customers last year, much more than previously planned, it appears from the report.


EAS advised customers on entering foreign markets on 729 occasions and mediated foreign purchase requests on 230 occasions.


The year 2018 was Estonia's third consecutive year as a full member of the European Space Agency (ESA). Estonian businesses and research organizations returned 111 percent of the funds the state had invested in the ESA.

The financial obligations of EAS relating to the implementation of growth strategy totaled 50.7 mln euros in 2018.


The planned total budget of the growth strategy for 2014-2020 is 382.4 mln euros, of which around half has currently been used.






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