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Address by the President of the Republic of Estonia at the Cypriot-Estonian Economic Forum on 8 January 200408.01.2004
Honourable Ministers,
Mayor,
Businessmen, Ladies and Gentlemen,
First, I would like to greet you on behalf of the Estonian delegation and thank you for the possibility to meet with you. We have received a warm welcome here in Cyprus. It reinforces once again my belief that cooperation is possible and necessary also between countries geographically far apart from each other.
Economic cooperation should have an important place in the Estonian-Cypriot relationship. Estonia has invested relatively much in Cyprus and Estonians appreciate the sunny Cyprus as a vacation spot. I am sure that EU membership will create even more favourable conditions for the continuation of our economic cooperation.
But, to have a fertile ground for cooperation, we need to know each other well. In this context, I would like to acknowledge our Honorary Consul General Mr Michael Zampelas and Mr George Loizou for their work done with a sense of real commitment. I am also glad that our Minister of Economic Affairs and Communications, and several successful businessmen led by the Chairman of our Chamber of Commerce have joined our delegation. Thanks to them, you will today have a chance to get a closer look at the Estonian economy and business environment. But before they will get the floor, I, on my part, would make a brief introduction.
Estonia, although larger than Cyprus, regarding its territory, population and economy is a small country: the population is a bit short of a million and a half, and last year our economy amounted to over 6,6 billion euro. At the same time, we have made a remarkable progress indeed.
In the last year, we have celebrated the twelfth anniversary of the restoration of Estonian independence. Those years have passed characterized by rapid reforms. Having been committed to openness, promotion of free market and private enterprise, we have created a safe and reliable economic environment and a stable currency. Since 1997, our average economic growth per annum has exceeded 5%. Our exports have grown rapidly, more than 80% of them going to the markets of the EU and its prospective members.
As to foreign direct investment, Estonia is ranked among the first of Central and Eastern European countries. Two thirds of the foreign investments have come from our northern neighbours, Finland and Sweden. And just these branches that have absorbed the bulk of foreign investments have become our main export industries. These branches are wood, textile and food industries, mechanical engineering, electronics, and transit shipments. Tourism and related services play an important role as well.
We have been successful in building information society. The circumstance that information technology, Internet and telecommunications are widely used in education, banking, government's work, as well as in several other areas, too, has significantly contributed to our success. Three quarters of Estonia's population use mobile phones and nearly half of them the Internet. It was a great acknowledgement for Estonia when UNDP Administrator Mark Malloch Brown said in the last December at the World Summit on the Information Society in Geneva: "If the Internet were a state, it would be called Estonia."
Our progress in the field of information technology and telecommunications as well as extensive application of respective achievements in other lines of production and services point to the beginning of a new stage in the developments in Estonian economy, which is driven by knowledge-based society and widening international cooperation. I believe that our visit and the today's economic forum will make a worthy contribution to that.
Thank you for your attention. You are always welcome to Estonia.
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