The Estonian head of state said that Europe is faced with ever-increasing raw materials prices and reduced availability due to Russia’s aggression in Ukraine. “This will be difficult for all of us,” he cautioned, “but those who are flexible and capable of quickly reorienting themselves to new supply chains and fuel sources will emerge the victors. These changes do not solely affect us, but many European companies who are also looking for new partners. This situation opens up new opportunities for businesses in Estonia.”
President Karis says that although the state can alleviate cost pressure in the short term through subsidies and social benefits, the problem can only be solved by speeding up investments in new energy sources and infrastructure. “The green transition will not only increase Europe’s energy independence, but also create a lot of business opportunities,” he said.
The head of state remarked that while Estonia shares a border with Russia, in economic terms it is much closer to the Nordic countries and Western Europe than it is to its neighbour to the east. “Our companies’ business ties and exports anchor us firmly in Europe,” he said. “Our economic institutions are among the freest in the world, on a par with those of Ireland and the Netherlands. We are in the same – luckily very sturdy – boat as countries facing similar challenges. And we are members of NATO, the European Union and the OECD.”
Speaking of Russia’s aggression in Ukraine, President Karis said Estonia will continue to assist the Ukrainians for as long as it takes and that it is of the utmost importance that support for the country and its people does not weaken over time. “They are fighting for our values, for freedom and democracy,” he said. “We know it will require an enormous effort, but for us freedom is priceless.”
The first symposium of friends of Estonia was held in 2010. The event is designed to thank entrepreneurs, politicians and cultural figures whose actions have helped Estonia develop into a European country with a dynamic economy and a blossoming cultural scene and who could contribute to bringing key foreign investments to Estonia.
