It is always invigorating to meet entrepreneurs whose work is to move life forward. Decades ago, I had my own business, and therefore, I know how important it is to build business relationships, but I also know that maintaining them is equally important and challenging. Therefore, today I wish for you to establish beneficial connections here, but also work hard towards maintaining them, so that you can derive maximum benefit from new acquaintances.
There are many areas, where Estonians could benefit from doing business in Cyprus. It is an attractive business centre due to its international focus, strategic location, and business-friendly environment supported by common law. It has become a hub for international businesses, with modern infrastructure, skilled professionals, and English as the primary business language. Cyprus' appeal to Estonians as a great place to do business is confirmed by the fact that Cyprus is one of the most important destinations for Foreign Direct Investment (FDI) for Estonia. At the end of last year, Estonian FDI in Cyprus exceeded our FDI in the UK. Estonia and Cyprus share many similarities. Among these is the obvious fact that we are both maritime nations – an area where we could significantly increase cooperation.
Additionally, we both value business digitalization, which helps to increase productivity and thereby profitability. Estonia is highly experienced in digitalization: we have digitized the majority of our public services and are developing services that will never exist on paper. Estonian companies are exporting that knowledge and they are always ready to share this experience with you too. Estonia does indeed have a lot to offer. We have taken our know-how from the digital field and used it to build businesses in other industries. Similarly to Cyprus, Estonia boasts lots of economic freedom and an excellent business environment, evidenced by a myriad of startups, with already ten growing into unicorns, meaning their value exceeds one billion US dollars. Therefore, Estonia is also referred to as the Land of Unicorns. Most of the companies accompanying my delegation are interested in collaboration in the maritime sector. Estonia has a long history in shipbuilding, and several shipyards along the Baltic Sea are owned by Estonian companies.
They are ready to undertake innovative projects to provide sustainable solutions, which are particularly necessary in increasingly complex environmental regulatory conditions. It's no secret that the war in Ukraine has shifted the dynamics of shipping in the Baltic Sea region, and companies are seeking new markets. Now is indeed a unique time to enhance collaboration between Mediterranean and Baltic Sea shipping companies and ports. Recent days during this visit have confirmed me that Cyprus is indeed an excellent place for doing business. And your weather is very nice. If you would like to do business in Northern Europe, then come and do it in Estonia! I wish you a productive meeting and lots of new friends!
