Estonia, Investments, Latvia, Markets and Companies, Woodwork

"We have invested 76 million euros in Estonia in recent years, the rest of our investments have gone predominantly to Latvia," the member of the management board of Graanul Invest said at a conference of Estonian Timber in Tallinn on Wednesday.

"The economic environment in Latvia in recent years has been more exciting and more conducive to investment," Haidla said. "In Estonia the method of steering a small boat has been used: you've got the steering wheel in your hands, once you turn to the left, then to the right. It is very difficult to steer a big ship in this way," Haidla said.

He said the pros mentioned when speaking about Estonia were a good business environment and good e-services where one can get things done quickly.

"But most of these things are necessary when you establish a startup or a small company. When a big company is to be set up there are many, many more factors at play," Haidla said.

Graanul Invest has posted a revenue of 242.9 million euros for 2015 and expects its revenue this year to reach 317.1 million euros. Production volume is seen to grow from 1.6 million to 2.1 million tons and the number of employees from 327 to 400.