Business diplomacy supports companies in foreign markets and helps to bring investments to Estonia

Last week the Estonian Government confirmed the short-term goals and activities of Estonian business diplomacy, which support the growth of the Estonian economy through international communication and activities.

Last week the Estonian Government confirmed the short-term goals and activities of Estonian business diplomacy, which support the growth of the Estonian economy through international communication and activities.

The purpose of business diplomacy activities is to increase Estonia’s exports, bring foreign investments and business tourism here, and raise Estonia’s profile in foreign markets. When expanding to foreign markets, attracting investments and business tourists, companies are supported by the Ministry of Economic Affairs and Communications (MKM), the Ministry of Foreign Affairs and the Estonian Business and Innovation Agency (EAS), both through various activities in the target countries and supporting functions in Estonia.

“The joint action plan and goals bind the experiences and contact networks of Estonian foreign missions and MKM and EAS together into one whole, and thus we can offer even greater support to our companies, thereby growing the Estonian economy. Estonia has 40 foreign missions and nearly 190 honorary consuls in almost 90 countries, which operate together with the 16 foreign representations of the Estonian Business and Innovation Agency for the common goal of supporting Estonian companies in foreign markets. This year, the Ministry of Foreign Affairs opened the first Estonian business centers in Seoul and Singapore with the support of the European Union’s recovery fund, and the creation of five more similar centers is planned in the coming years,” Foreign Minister Margus Tsahkna said.

According to Minister of Economy and IT Tiit Riisalo, the institutions are actively engaged in introducing Estonian companies and creating new business opportunities all over the world. “Last year, a record number of foreign investments were brought to Estonia, and this year the goal is to maintain this level of exports and investments. In addition to foreign investments, it is important for Estonia that our companies reach foreign markets more easily, and business diplomacy plays an important role in opening doors here,” Riisalo explained.

According to Liina Maria Lepik, member of the board of the Estonian Business and Innovation Agency, most of the exports and investments of Estonian companies are achieved without state intervention, which shows the strength of Estonian companies. “Support from us and the Ministry of Foreign Affairs is mostly needed by small and medium-sized companies when taking their first steps in distant markets, expanding in existing markets, and attracting investments. There, we help with consulting, finding partners and organizing business visits, as well as with shaping a comprehensive image of the Estonian state, so that Estonia’s positive reputation makes it easier for companies to do business,” Lepik described.

The goals of business diplomacy concern 19 priority countries, where there is a representative of the Estonian Business and Innovation Agency or a full-time economic official   of the Ministry of Foreign Affairs, and for which a joint action plan for 2023 was made for the first time. The services offered to companies include, for example, building a strong image of the country, consultations for entering markets, finding reliable partners in new markets, help in case of problems in communicating with the authorities of the destination country, confirming the reliability of the Estonian company, organizing business missions and visits, trade fair subsidies, trainings, etc.

business diplomacy news