The Three Seas Initiative is an important cooperation format for Estonia. In 2020, Estonia was the coordinator of the Three Seas Initiative and hosted the fifth Three Seas Summit on 19 October 2020, and the first Three Seas Foreign Ministers' Meeting on 30 June 2020. In addition, Estonia has joined the Three Seas Initiative Investment Fund.
Objectives
The Three Seas Initiative was born out of a shared interest in developing the transport, energy and digital connections on the European Union’s north-south axis to increase the economic growth and resilience of the region. The initiative was launched by the Presidents of the participating countries.
- Economic growth. The initiative aims to increase the economic growth and well-being in the region. Increased activity in trade and the provision of services within the region and with neighbouring countries creates such opportunities and makes Europe, as a whole, more competitive in global terms.
- Greater interest among investors. In the context of the European Union, the countries in the Three Seas Initiative have stood out for many years for their above-average rates of economic growth, and as such, they offer investors potentially higher rates of return. By working together and pursuing similar policies, these countries will make the region more attractive on the global financial market.
- Energy security. Energy is not only an economic issue; it has also become a strategic and security concern. A cohesive, well-functioning energy market and the freedom to choose between suppliers will increase open competition, ensure an improved supply for the region, and boost energy security.
- Geopolitics. Russia's war against Ukraine has drastically increased the strategic importance of better connecting the countries of the region. Sufficient connectivity between allies and partners will strengthen the Eastern flank of NATO and the European Union as well as enable to contribute more efficiently to the resilience and reconstruction of Ukraine. It will also help to speed up the integration of both Ukraine and Moldova as EU candidate countries with the region.
- Trusted connectivity. Where new investments are concerned, the aim is to make the most of the region’s experience and potential for implementing digital solutions. This goes beyond the development of digital infrastructure, and encompasses the creation of smart, modern solutions for data exchange and a more efficient use of information.
- Achieving climate goals. A common market based on efficient and sufficient infrastructure will help the region move towards lower carbon emissions and achieve carbon neutrality.
History
The 3SI format was conceived by the President of Croatia Kolinda Grabar-Kitarović and the President of Poland Andrzej Duda in 2015. The idea for the initiative was envisioned by the U.S. think-tank Atlantic Council in a report titled "Completing Europe", which drew attention to the investment gap in Central and Eastern Europe.
The first Three Seas Summit was held in 2016 in Dubrovnik, Croatia. The Summit initiated annual Three Seas Summits on a presidential level.
Poland hosted the second Summit in 2017. It was also attended by the President of the United States, Donald Trump, who affirmed the United States' strong support for the initiative and its objectives.
The first Three Seas Business Forum was organised as part of the third Summit in 2018, in Bucharest. An agreement was reached on the list of 3SI’s Priority Interconnection Projects.
The fourth Three Seas Summit and the second Business Forum took place in Ljubljana, Slovenia in 2019. The progress report of the 3SI priority projects was introduced.
The fifth virtual Summit and online forum took place in Tallinn in 2020. Estonia introduced the Three Seas smart connectivity concept and concept paper. The United States announced its intention to contribute to the 3SI Investment Fund.
The sixth Summit and the third Business Forum were hosted by Bulgaria in 2021. The focus of the Sofia Summit was on energy security, the development of connectivity, and research and innovation cooperation in the region.
The seventh Summit and the fourth Business Forum took place in Riga in 2022. Ukraine was granted the partner status of the Initiative. The United States confirmed the funding of USD 300 million to the 3SI Investment Fund. Before the summit, the first 3SI Civil Society Forum took place.
The 2023 Summit and Business Forum were hosted by Romania in Bucharest and the 2024 Summit and Business Forum by Lithuania in Vilnius. Both Summits focused on strengthening Ukraine's infrastructure and connections with Europe and increasing the region's resilience in adapting to the effects of Russia's war against Ukraine. Greece joined the initiative in Bucharest Summit and Moldova was granted partner status of the Initiative. In Vilnius Summit, Japan became the strategic partner of the Initiative.
The 2025 Summit (also marking 10 years since the foundation of 3SI) takes place in Poland.
Three Seas Initiative Business Forums and Investment Fund
The Three Seas Business Forums have become annual events bringing together companies active in transport, energy and digital fields, as well as financial institutions and international organizations that operate in the Three Seas region or are interested in contributing to its development.
The Three Seas Initiative Investment Fund provides economic support to the political initiative. The main objective of the Three Seas is to develop the region's infrastructure, which requires large investments. The Fund was created to support the practical implementation of ambitious infrastructure projects. A letter of intent to establish the Investment Fund of the Three Seas Initiative was signed at the 2018 Summit in Bucharest. The Fund was registered on 29 May 2019 in Luxembourg. Its creators were Poland’s development bank Gospodarstwa Krajowego (BGK) and Romania’s national EximBank, who also became the first investors. BGK is the Fund's leading investor to date.
On 16 April 2020, Estonia became the third country to join the Fund, contributing €20 million. Joining the Fund will provide Estonian companies with additional opportunities for raising capital in the Baltic Sea, Black Sea and Adriatic Sea region. Estonia could have potential projects in all the focus sectors of the fund. On a wider perspective, the Fund will create more possibilities to fund ambitious infrastructure projects in the energy, transport and digital sectors in the whole region of Central and Eastern Europe.
Countries as well as pension funds, private capital investment funds and private investors are welcomed to join the Fund. While countries are participating as investors, the Fund makes decisions independently and based on economic considerations.
The Fund has made its first investments in the Polish railway company Cargounit, the Austrian renewable energy developer Enery, the Bulgarian port of Burgas and the Estonian digital infrastructure company Greenergy Data Centers, which plans to establish a network of servers based on sustainable principles in Central and Eastern Europe.
Priority Projects
The Three Seas cooperation is based on the list of priority infrastructure projects of the region, adopted at the 2018 summit in Romania. The list is updated every year. Including projects submitted by Moldova and Ukraine, the current list has a total of 143 priority projects. At the Tallinn Summit, Estonia introduced a new interactive progress report on priority projects to make the status of the projects easily visible for everyone.
Estonia has submitted the following priority projects:
Estonia also prioritizes the synchronisation of Baltic power systems with continental Europe
Last updated: 15.08.2024
