Of the approximately 50 large foreign investment projects carried out in Estonia during 2011, 27 were executed with help from Enterprise Estonia’s globalisation division, Enterprise Estonia said on Wednesday.
Foreign investments made during 2011 amounted to roughly 600 million euros and an estimated 2 200 jobs were or will be created as a result of the investments. Investments made with support from Enterprise Estonia totalled close to 210 million euros and they involve the creation of approximately 1 410 jobs.
Of the projects supported by Enterprise Estonia, 20 were new investments and seven were enlargements of companies that were already active in Estonia. Of the 27 projects 17 were investments in industry, three in business services, and two in R&D and logistics. Most of the projects in industry were carried out by companies active in mechanical engineering and metals, as well as electronics. The main countries of origin of the investment made with Enterprise Estonia’s help were Finland, Spain, Germany, Russia and Norway.
“Almost half of the foreign investments came from Finland. Most of the investments that we advised were made in Tallinn and Harju County, but there were also individual projects in East-Viru County, Saare County, and Pärnu County,” Enterprise Estonia board member Maria Alajõe said.
It is predominantly companies from the Nordic countries and large Western European countries that invest in Estonia. According to Enterprise Estonia, there were two striking trends last year. “While companies from the Nordic countries prefer Estonia because of lower costs, companies from Western Europe gain access through their activity here to the Nordic and Russian markets. Estonia’s balanced state budget and stable economic policy, which have become important factors in the making of investment decisions, are adding to their feeling of confidence,” Alajõe said.
Source: Estonian Review
Filed under: Foreign investment | Leave a Comment »