Estonia, EU – Baltic States, Investments, Labour-market, Legislation, Markets and Companies

Photo: EAS

The businesses highlighted the need for more skilled workforce, the government's press office said.

"Investments of research and development intensive foreign businesses to Estonia are crucial for developing our economy and creating high-paid jobs. Germany is an important strategic partner for Estonia, with whom developing economic cooperation helps raise the revenue of our businesses as well as people's quality of life. The meeting with German entrepreneurs brings us closer to achieving both goals," Ratas said.

Ratas reaffirmed to the entrepreneurs that supporting innovation and using new technology continues to be very important to Estonia. "A number of opportunities lie in digitalization," the prime minister said. "Estonia is at present building e-services of the new generation in order to reach the so-called invisible governance. For example, this year the Reporting 3.0 project will be completed, which will alleviate the procedural burden of small and medium businesses as the declaration of taxes will become automatic."

The meeting was attended by approximately 50 companies that are active in Estonia or are mulling expansion to Estonia, including representatives of the Heinzel group, Kuhne + Nagel, Arvato, Axinom, Leonhard Weiss and Sornsen Holzleisten, Airbus, Lufthansa and Axel Springer.

This was an annual event organized by Enterprise Estonia, which for the first time this year was held in Germany. The event was made more ceremonial by the celebrations of the 100th anniversary of the Republic of Estonia and 15th active year of the Hamburg representation of Enterprise Estonia.

"The consistent work of Enterprise Estonia in introducing Estonia abroad and bringing in investments important to us is very important. As a small country we must be very active in emphasizing our advantages and strengths as we are competing for foreign investments with other countries both in the European Union and the rest of the world," Ratas said.

The economic relations between Estonia and Germany are developing consistently, but there is still room for development both for Germany's direct investments to Estonia as well as for growth in trade. Germany has been the fourth most important trade partner for Estonia for the third year in a row already. The interest of German investors toward Estonia has increased significantly after Estonia joined the European Union and Germany is the 16th foreign investor to Estonia.

The prime minister of Estonia also met with Hamburg's Mayor Olaf Scholz. Hamburg is the partner city for the German cultural event German Spring in Estonia this year and the mayor will arrive in Estonia to open it in mid-April. During the trip to Estonia the mayor of Hamburg will be accompanied by a business delegation.