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  • 1. Estonia – FDI Promotion Practices Enterprise Estonia, Kyiv office Denis Priimägi IX Lviv International Economic Forum Ostober 01-02, 2009
  • 2. Estonia Estonia is home to a small nationality and a slightly larger nation. On the world map it is an almost imperceptible slice of Nordic sea.
  • 3. (Map & location)
  • 4. Why invest in Estonia? • A unique location and culture combining Nordic roots and Eastern influences. • A highly progressive environment that offers an efficient way of doing business. • Highly developed infrastructure that supports business development. • Among the most successful countries in the world in attracting inward investment.
  • 5. Estonian Investment and Trade Agency
  • 6. At a glance • EITA is organized as a division within Enterprise Estonia. • Our responsibilities include imagebuilding, investment promotion, trade development and global network management. • We participate in economic policy development.
  • 7. History of EITA 1994-2003 investment promotion agencies in different forms 2000 – merger with Enterprise Estonia 2003 – Enterprise division 2007 – Investment and Trade Development division 2009 – Estonian Investment and Trade Agency
  • 8. EITA today • 2009 budget of about 4.5 MEUR • 20 employees, 5 teams: – Business development, Marketing, Services, Export, Information and research • 11 offices, 10 countries • A global network of partners and service providers
  • 9. Services • General information inquiries • Investment tours of Estonia • Detailed investment proposals • Identifying suitable properties • Organizing recruitment • Advice on financing • Negotiations with authorities • Sourcing
  • 10. Offices • Tallinn, Estonia • Kiev, Ukraine • Helsinki, Finland • Tokyo, Japan • Stockholm, Sweden • Shanghai, China • London, UK • Moscow, Russia • Hamburg, Germany • St. Petersburg, Russia • Silicon Valley, USA
  • 11. Enterprise Estonia
  • 12. At a glance • Established in 2000. • One of the largest institutions within the national support system. • Provides assistance, advisory, cooperation opportunities, and training for entrepreneurs, research establishments, public and third sector.
  • 13. Formation of Foreign Investments Agency Export Agency Estonian Investment Enterprise and Trade Development Foundation Estonia Estonian Infrastructure and Transit Development Foundation Tourist Agency Tourist Board Technology Agency Estonian Innovation Fund Regional Development Agency Estonian Regional Development Foundation
  • 14. Enterprise Estonia today • A total of about 300 employees. • 2009 budget about 5 billion EEK • (320 MEUR). • Regional offices in Jõhvi and Tartu. • A network in each Estonian county: county development centers and tourist information centers.
  • 15. Estonian business support system • Enterprise Estonia • Estonian Development Fund • Kredex • Environmental Investment Center • Rural Development Foundation • Agricultural Registers and Information Board
  • 16. Business environment We are at the heart of the Baltic Sea Region –the Europe’s fastest growing market
  • 17. Key benefits • Stability • Closeness • Ease of doing business • Low cost of doing business • Country of foreign investors
  • 18. Stability • Estonia has a very stable economic environment. • Member of EU and NATO since 2004. • One of the lowest government debts in Europe • Rapid economic growth during the last 10 years. • Considerable accumulated fiscal reserves.
  • 19. Closeness • Estonia is both socially and logistically accessible. • Communications technology makes distances insignificant. • Front runner in applying modern IT solutions for everyday life. • Within three hours flight of major European capitals.
  • 20. Ease of doing business • Estonia is 18th in the World Bank Group’s Ease of Doing Business index. • Business life is oriented to the west. • Business regulation is less rigid than in the Nordic countries. • Culture has very strong work ethics. • Estonian have good knowledge of English and Russian.
  • 21. Low cost of doing business • Cost level in Estonia is still below EU average. • Taxes are low and simple. • No corporate tax on reinvested profits. • Labor costs are a third of those in Sweden or Finland.
  • 22. Country of foreign investors • Estonia is one of the most successful countries in Europe in attracting FDI. • Foreign investors play a decisive role in the growing Estonian economy. • Attracting FDI is based on creating a favorable business environment instead of creating special support schemes.
  • 23. Key sectors • ICT • Transport and logistics services • Business and financial services • Industrial machinery and metalworking • Electronics
  • 24. Credit ratings • Standard & Poor: A (never downgraded) • Moody’s: A1 (never downgraded) • Fitch IBCA: BBB+ (revised in 2009)
  • 25. Rankings • 12th in Index of Economic Freedom 2007 (Wall Street Journal) • 22nd in the Ease of Doing Business Report 2008 (World Bank) • 27th in Global Competitiveness Report 2007/8 (World Economic Forum) • 27th in the Corruption Perceptions Index 2008 (Transparency International)
  • 26. Cornerstones of economic success • Monetary reform Currency board arrangement since 1992. • Privatization Completed, with 4 infrastructure companies in state ownership. • Liberal foreign trade regime Market is open for all competition. • Modern tax system Flat income tax with 0% on reinvested profits.
  • 27. e-Services (examples) • ID card • e-Customs • Citizen’s Portal • e-Health • m-Parking • e-Police • e-Elections • Paying by mobile • e-Schools phone • e-Tax board • Internet banking
  • 28. e-Government • Estonian cabinet meetings have been changed to paperless sessions using a web-based system. • Government expenditures can be followed on the internet in real time. • The Estonian e-Governance Academy has trained over 500 participants from 36 countries.
  • 29. Estonian Investment and Trade Agency Estonian Tourism Board Enterprise Estonia THANK YOU!