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President of the Republic at the Estonian Business Seminar in Lisbon on 29 November 200529.11.2005
Excellencies,
Ministers,
Ladies and Gentlemen,
Welcome on behalf of the Estonian delegation! Yesterday, during the first day of our state visit, we experienced cordial reception and substantial formal meetings. Today our business seminar allows us to continue communication on the level of enterprises.
I am glad that apart from establishing and deepening contacts we also can promote Estonia and Estonia's economy. I would like to start with an international comparison.
Estonia ranks fourth in the world according to the Index of Economic Freedom. By competitiveness we are similar to Portugal, ranking the 20th in the world. Estonia's credit rating has been for years comparable to developed nations, in category A. European Union membership and preparations for the adoption of the euro allow us to build on current success.
Trade with outside world and foreign investors have contributed significantly to restructuring of Estonia's economy and its rapid development. Similar to Portugal, also Estonia's main trade partners are EU Member States. 80 per cent of Estonia's export goes on with the European Union. The closest are our ties with the closest neighbours - Finland, Sweden, Latvia and Lithuania.
However, operation in the EU common economic area facilitates tightening of economic cooperation with more remote states, including Portugal. Estonia's exports to Portugal have been increasing over the recent years but the share of mutual trade remains low.
Also in foreign direct investment (FDI) our northern neighbours - Sweden and Finland - are our largest partners, responsible for two thirds of FDI. The sectors, which have received most of the FDI, like financial sector and telecommunication, have developed the fastest. Several of such sectors have become main exporting branches: e.g. wood processing, textile and foodstuff industry, engineering, electronics and transit transport. Tourism and related activities are significant in Estonia's economy as well.
This is why I see multiple development opportunities in our economic relations with Portugal in investments, trade and tourism.
Dear businessmen!
In conclusion I would like to single out a few keywords, which according to foreign investors characterise Estonia's business environment. Above all, one of the key words has been skilled, motivated and rapidly adaptable workforce. Estonia's future success will definitely lie in valuing its people.
Investors rank stability second - both political, economic and financial system stability. The stability has built confidence in Estonia, well reflected in low interest rates, bolstering rapidly growing investment.
Apart from stability, also "dynamic" is a keyword the foreign investors associate with Estonia. Undoubtedly Estonia is a rapidly growing market. During the last ten years gross domestic product has grown more than six per cent a year on the average. We look forward to maintaining this growth rate in upcoming years. Besides, openness has made Estonia a gateway to the Baltic Sea region, a rapidly growing market with 90 million people.
Estonia's economic policy is focused on strengthening our competitive advantage. This would set a favourable ground for trade and FDI growth. And you, distinguished businessmen, have a possibility to participate in this development. I wish you a good start and much success!
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