Direct foreign investments have been the driving force of Estonia's economic growth. Today their total amount exceeds 9 billion kroons. Per capita foreign investment in Estonia is 6,000 kroons, and this is six times as much as the average in Central and Eastern Europe. The proportion of the enterprises engaging foreign capital in the Estonian output is estimated at one-third, and their proportion in export is over 50 per cent. It should be clear to all that foreign investment has had a favourable impact on our competitiveness.
I am glad that foreign capital has helped to create tens of thousands of modern jobs in Estonia. They are competitive because the new jobs have brought with them new production technology, new know-how and new methods of management. Thus it has simultaneously been an investment into Estonian brain activity.
A state obtains its face from its people and its companies. Foreign investors from over a hundred countries of the world have helped Estonia to quickly become a state taking part in international division of labour. I shall not cease from reiterating the importance of the fruit that foreign investment bears for security policy: the more intertwined we are with the world economy through the division of labour and investments, the firmer we are in our stirrups and the less vulnerable we are. Estonia is equally aware of both its success and the shortcomings that both domestic and foreign investors are faced with. First of all I have to mention the inadmissibly low speed of land reform. The World Bank's investment climate experts who recently worked in Estonia stated in their report that the only problem for foreign investors was that instead of big problems Estonia had a multitude of tiny ones. Such problems occur in all families with growing children. So let us call them Estonia's growing pains. In five years Estonia has grown into a spindleshanked youth. A friend of mine has said that youth is the only thing that passes of itself. The Estonian state does not think so. It is well aware of the need to exert itself. This matches an Estonian's sporting nature, matches the character of the Estonian people: we always want to be the first. You, my highly distinguished prize winners, are the ones giving Estonia a chance.
Thank you.
