The Ministry of Foreign Affairs and the Estonian Business and Innovation Agency have agreed, for the upcoming years, on common focus countries in exports and investments, measurable objectives and joint activities to meet the goals they have set.
“It is the state’s role to support the competitiveness of our companies on strategic markets where we have already established ourselves, such as North America and Europe, as well as help them enter markets that are more distant but have great potential, such as Asia and Africa,” Foreign Minister Margus Tsahkna said. “Alongside the Estonian Business and Innovation Agency, we are also contributing to activities that would be too expensive and complicated to undertake for individual companies on a global scale,” he added. “The aim of the agreement is to cooperate on activities where the Estonian Business and Innovation Agency already has competence and experience, for example, participating in major international events, organising business missions, creating innovative promotional materials for presenting our business sectors, raising the profile of Estonia’s business environment and marketing,” Foreign Minister Tsahkna said.
“Exporting to our close neighbours is perfectly rational but to mitigate the risks we must go further, and on more distant markets, the support provided by the state to companies is crucial – shaping Estonia’s reputation, opening doors and providing assistance with expertise on the local market, and networking. This is backed up by both statistics and the experience so far of the Estonian Business and Innovation Agency and companies interested in foreign markets. The state’s visibility at fairs, on business missions or contributing through other events increases our credibility in the eyes of our partners. Additionally, our value proposition is time – condensed market information, and an extensive network of contacts both at home and in target countries make it possible for companies to enter the market more quickly and establish themselves there,” Liina Maria Lepik, member of the board of the Estonian Business and Innovation Agency, said.
At the signing, the Minister of Economic Affairs and Information Technology Tiit Riisalo noted that the €10 million would provide additional strength to help more of our companies break through on new markets and attract more foreign investments to Estonia. “The state’s coffers can handle only so many expenses as the profits brought in by the companies. The exports of our companies and attracting foreign investments here is the key to a more prosperous future for Estonia,” Riisalo said.
In July 2022, the Ministry of Foreign Affairs, the Ministry of Economic Affairs and Communications, and the Estonian Business and Innovation Agency signed a tripartite agreement aimed at stipulating the principles of cooperation in jointly representing and raising the profile of the Estonian state, boosting exports, bringing foreign investments to Estonia and encouraging tourism.
Abroad, business diplomacy is carried out by 40 foreign missions of the Ministry of Foreign Affairs, 16 foreign offices of the Estonian Business and Innovation Agency and 188 honorary consuls of Estonia, while in Tallinn, they are carried out by the Department for Foreign Investments, Exports and Tourism at the Estonian Business and Innovation Agency, and the Economic Diplomacy Department of the Ministry of Foreign Affairs.
It comes from instruments allocated to Estonia from the European Union recovery instrument, aimed at boosting the competitiveness of Estonian companies on foreign markets. A total of €33 million has been allocated to the Ministry of Foreign Affairs from the recovery instrument, €10 million of which is given to the Estonian Business and Innovation Agency with the agreement.
