At today’s economic cabinet meeting, the government approved the objectives and actions of Estonia’s business diplomacy for 2025. The aim of business diplomacy is to contribute to Estonia’s economic growth by encouraging exports and attracting foreign investments in Estonia.
Foreign Minister Margus Tsahkna said the priority of the new government was to support the exports of companies and do its utmost to bring more foreign investments to Estonia. “The main task of the state in contributing to the export capabilities of companies and attracting investments is to create and maintain a competitive economic environment; however, our diplomats, the export advisers of the Estonian Business and Innovation Agency, and honorary consuls are also working to support companies. They help to find business contacts, open doors and promote Estonia. It is also crucial to have trade agreements with other countries, ensuring that our companies have equal access to export markets,” Tsahkna said.
He said it was important to support our companies on more distant markets. “Recent years in particular show that if our exports are largely dependent on our closest countries, it has a considerable impact on our economy. A broader export portfolio would make us more resilient to various crises and provide us with better opportunities for benefitting from growing markets. This is why the state is working actively to open doors to companies in the Gulf States, Southeast Asia and Africa,” the foreign minister said, adding that the companies actually have a greater need for state support on more distant markets.
In line with the government’s priorities and geopolitics, the focus has now shifted more to supporting Estonia’s defence industry. A greater emphasis will also be on Estonia’s green tech and energy companies and timber and construction companies in 2025.
Minister of Economy and Industry Erkki Keldo said that when it came to helping Estonian companies on foreign markets, the focus was on companies of greater added value and technology-intensive companies. “A new export strategy and new subsidies for specialised associations will be completed soon to contribute to our companies expanding to new markets, increase their export volumes and thereby boost Estonia’s economy,” the minister added.
Keldo said that in light of recent news, Germany must receive particular attention in business diplomacy. “Germany is a very important market for Estonian companies but it is very difficult to gain access. This is why we must make an effort to allow our companies to benefit from the German government’s trillion-euro injection into the economy there,” the minister said.
To attract foreign investments and smart industries to Estonia, a support measure for investment projects worth over €100 million aimed at bringing large-scale investments to Estonia was launched this year. The measure has attracted a lot of interest among investors. The 2025 objective of the Estonian Business and Innovation Agency is to contribute to attracting investments worth €350 million to Estonia.
Business diplomacy services for Estonian companies abroad include introducing the country and raising its profile, advising companies on entering markets, finding reliable partners on new markets, helping whenever issues arise with local authorities, attesting to the reliability of Estonian companies, organising business missions and visits, subsidies for attending fairs, trainings etc. Senior officials and government members also play a significant role in supporting companies. Nearly 40 high-level visits with business delegations are planned for 2025.
This year, business hubs will be opened in Riga, Berlin, Paris, and London, and work on the business hub in Copenhagen will continue. One major project launched this year is an export portal of the Ministry of Foreign Affairs and the Estonian Business and Innovation Agency, aimed at bringing all export services for companies together and creating a proactive export consultation environment for companies.
Business diplomacy activities are carried out by the Foreign Ministry’s 36 foreign missions covering more than 50 countries with co-accreditations, the 14 foreign representations of the Estonian Business and Innovation Agency, and Estonia’s 216 honorary consuls.
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