The Estonian head of state pointed out that Russia's brutal war of aggression against Ukraine has put the economic prospects of the whole region under high pressure and highlighted its greatest weaknesses and needs. “One of them is rail transport as the most sustainable, efficient and strategically important mode of transport," said President Karis. He added that in addition to promoting economic cooperation, a strong infrastructure will also ensure the necessary military mobility and make contributing to Ukraine's reconstruction more efficient.
President Karis called for keeping open the channels that allow Ukraine to transport its grain through Europe and considering other possible alternatives, such as ports in the Baltic States, so Ukraine could continue with the exports.
The head of state referred to an IMF analysis, according to which the infrastructure investment deficit in the Central and Eastern European countries belonging to the Three Seas region is still more than a trillion euros compared to Western Europe. “Such a deficit is of great geopolitical significance. To fill this gap, we must all significantly increase our investments in infrastructure, including by involving private investors,” President Karis explained.
The Estonian head of state recalled one of the main objectives of the initiative – to attract reliable private capital and institutional investors to vital large-scale projects. “If this fails, the gap may be filled by those who do not share common values with us and our society will certainly not benefit from this,” President Karis noted.
The head of state stressed that he would be happy to see the Three Seas Initiative expand towards the North.
