Estonia, EU – Baltic States, Financial Services, Legislation, Markets and Companies

In its overview, the National Audit Office found that Estonian entrepreneurs are generally satisfied with the organization of commercial diplomacy in the country, but competition and poor information exchange between Enterprise Estonia (EAS) and the Ministry of Foreign Affairs does not support the development of commercial diplomacy.

Commercial diplomacy also needs significantly longer-term funding, the National Audit Office said.

Describing the report as a substantial analysis of the cooperation between state agencies that engage in business diplomacy with the aim of advancing the export interests of Estonian companies, the Ministry of Foreign Affairs observed that boosting external trade is one of the three pillars of Estonia's foreign policy strategy. In parallel with the report of the National Audit Office, the Foreign Ministry has enhanced its support to Estonian companies operating on foreign markets and stepped up its cooperation with strategic partners.

According to Foreign Minister Urmas Reinsalu, the most important consideration is to offer support to companies as a unified team.

"Companies wish to see joint action by the Foreign Ministry and other agencies when advancing the interests of Estonian companies on foreign markets," Reinsalu said. "We have launched the Team Estonia cooperation format on focus markets that have foreign advisors of Enterprise Estonia in addition to business diplomats," he said.

The Ministry of Foreign Affairs supports the creation of a shared space of information for the private and the public sector to find and manage cooperation opportunities abroad and provide information about these opportunities to companies. According to Andres Rundu, the ministry's deputy secretary general for economic and development affairs, there is close cooperation with the private sector to respond to their business needs in a more flexible manner.

"We are actively working towards introducing an information system that would help solve the situation where companies have to communicate their export plans to the state through several agencies. During the emergency situation and restrictions this spring, we cooperated with our foreign representations and honorary consuls to look for new ways of supporting exports. In the near future, we will have more virtual visits and launch digital pop-up embassies with our partners," Rundu said.

Business and investment officers and economic affairs diplomats have been posted with several missions of Estonia abroad this year. A recent feedback survey showed that Estonian companies are satisfied with the support offered to them by the business diplomacy network for operating on foreign markets.