I am very pleased to see that despite of all the mess with the air traffic across Europe, all of you were able to take the time to travel to Estonia. I am also happy that the recovery from the covid crises has brought back the good old times, when we could all meet in person.
Being a small state, we need all the friends and good relations with other nations. You open doors for Estonian companies to new markets and spread the news about Estonia. Thanks to you, the world knows about the start-up nation south of Finland living on the land of unicorns.
Estonia is the most advanced digital democracy in the world. We have reached an unprecedented level of transparency in governance and built broad trust in governmental institutions and digital society.
Our simple tax-system, e-services and flexible business environment have created a perfect ecosystem for digital companies and startups.
The e-success has boosted our economy, but it has also had a broader impact on the society. Besides putting everything online and Estonia on the global map, the expansion of tech sector has transformed Tallinn and many other Estonian cities during the previous ten years.
Estonia has seen a tremendous economic transformation in recent decades. Becoming a member of European Union and Eurozone have created a friendly, predictable business environment.
On top of that, we are still the society full of business-minded people, who see opportunities, where others see problems and who are eager to succeed.
Dear friends,
Unfortunately, we cannot ignore “the one who shall not be named”, that affects all of our lives and the security situation not only in Europe but in the whole world.
Russia’s aggression against Ukraine and against all the international norms has scattered the dream of perpetual peace.
We are not at war, but it still affects all of Europe economically.
The biggest challenge we, and indeed the rest of Europe, will face in the near future is the spiraling price of commodities and the worsening supply situation. This will be difficult for all of us, and yet those who are flexible and capable of quickly reorienting themselves to new supply chains and fuel sources will emerge the victors.
Many politicians in Europe have dealt with the situation by subsidies and social benefits. This will only alleviate the cost pressure in the short-run, but in order to solve the problem, we have to hasten the investments into new energy sources and infrastructure. The green transition will not only increase the energy independence of Europe, but it will also create a lot of business opportunities.
The current geopolitical situation has prompted many people, primarily outside of Estonia, to recall that we share a border with Russia. In so saying, it pays to remember that in economic terms we are much closer to the Nordic countries and Western Europe than we are to our neighbor to the east. Estonian companies’ business ties and exports anchor us firmly in Europe.
Our economic institutions are among the freest in the world, alongside Ireland and the Netherlands. Our most important export markets are Finland and Sweden, although the United States and Germany are not far behind them. Even our per-capita GDP is closer to that of France than it is to that of Russia.
We are in the same – luckily very sturdy – boat as countries facing similar challenges. We are members of NATO, the European Union and the OECD. Changes to supply chains do not solely affect us, but many European companies who are also looking for new partners. The situation at present also opens up new opportunities to businesses in Estonia.
No doubt, we ourselves produce goods whose availability elsewhere in Europe has worsened, meaning we are the ones who can alleviate that problem for others. Good relations, trust and friendship are essential for building new value-chains instead of the ones, which have been broken in recent years.
It has been more than four months since Russia launched an unprovoked, illegal and unjustifiable war against the peaceful and democratic state of Ukraine.
Our position on Russia’s war in Ukraine remains unchanged – our ultimate goal must be to ensure that Ukraine wins.
If Russia sees that the war pays off, it will be an open invitation for further aggression, not only to Russia but to any aggressor in the world.
Estonia will continue to support Ukraine as long as it takes and it is of utmost importance that our support for Ukraine and for the Ukrainian people should not and will not be weakened over time: they are fighting for our values, for freedom and democracy. We must be resolute in continuing our work to restore peace in Europe and to protect those who are dramatically affected by the horrific war. We know it will demand a great cost but for us freedom is priceless.
Dear friends,
I hope that you will receive not only useful information, but also a lot of positive emotions from today’s symposium and I am looking forward to meeting you all tomorrow at the Rose Garden in Kadriorg.
Thank you!
