Economic relations between Estonia and Finland are very close and active. Finland has long been Estonia’s most important economic and trade partner. All the major economic agreements have been concluded between Estonia and Finland, including agreements on economic co-operation and aid, avoidance of double taxation and prevention of fiscal evasion, an aviation agreement, and an agreement for reciprocal customs aid and road transport. As of May 1, 2004 Estonia and Finland’s bilateral economic relations are regulated by the rules of the EU internal market.
All economic figures originate from the Statistical Office of Estonia (link to https://www.stat.ee/)
As of 2022, Finland continues to be Estonia’s largest trading partner (15,7% of all trade). Finland is our main import partner (16,9%) and the main export partner (14,6%). The main export articles to Finland are machinery and equipment (26,9%), metals and metal products (16,1%) and wood and wood products (8,84%). The main articles imported from Finland to Estonia are mineral products (39,6%), machinery and equipment (13,7%).
More information on trading with Estonia: https://tradewithestonia.com/
INVESTMENTS AND BUSINESS
Finland has been one of the two biggest investors in the Estonian economy during the entire period of Estonian independence (in second place after Sweden). According to the Bank of Estonia, in 2022, ~22% of the total amount of direct investment to Estonia came from Finland, totaling 7.2 billion euros. The greatest investment has been in the real estate sector, manufacturing, wholesale and retail trade.
As of 2022, Estonia’s direct investments in Finland made up to 9.9% of all investments made in foreign countries totalling 1.2 bln euros. Estonian investments in Finland are primarily in the manufacturing industry and the transportation and inventory sector.
According to the Commercial Registry, as of 1.2.2023, there was a total of 4594 companies with Finnish-ownership in Estonia.
More information on investing to Estonia: https://investinestonia.com/
Pilvi Hämäläinen, Director of Business Development in Finland, [email protected]
Finland is Estonia’s most important tourist destination. The share of all Finns in the total number of tourists hosted in Estonia based on 2022 data is, as in previous years, very high – 41,5% of all overnight stays. According to Bank of Estonia statistics, there was a total of 1.5 million visits from Finland to Estonia in 2022.
Finland has also been the main foreign travel destination of Estonians. According to the data of the Estonian Statistics Centre, in 2022 487 000 Estonian tourists visited Finland, 79% of them stayed for more than one day.
More information on visiting Estonia: https://www.visitestonia.com/en/
E-Residency of Estonia is a government-issued digital identity which gives global entrepreneurs remote access to the world’s most digital country. It provides the possibility to securely authenticate yourself online and sign documents using the most secure and efficient electronic signatures. Plus, the ability to start a company 100% online from anywhere. There are almost 6000 Finnish citizens who have registered as e-residents of Estonia and they have established almost 900 businesses in Estonia.
More information on e-residency: https://www.e-resident.gov.ee/