Estonia, Singapore have a lot to learn from each other in global business

TALLINN – Estonian Minister of Entrepreneurship and IT Andres Sutt said that Estonia and Singapore are countries open to innovation and global business that have a lot to learn from each other.

"Estonia's secure and transparent economic space with a low level of bureaucracy has created a fertile ground for the rapid development of startups, which has become our global calling card," the minister said. "Estonia ranks first in Europe and second in the world in terms of unicorns per capita. Such a success story is an international talking point and countries around the world are interested in building a similar breeding ground. Singapore is no exception. Everything concerning startups is already a global megatrend by now and Estonia is undoubtedly an international trailblazer as well as a valued spokesperson when it comes to these issues, therefore startups have a great emphasis in the program."

Sutt said that the introduction of Estonia's highly developed digital society, the assertion of its image and the international presentation of innovative solutions help to open new foreign markets for local entrepreneurs.

"Singapore is one of the leading countries in the ASEAN [Association of Southeast Asian Nations -- BNS] region and a gateway to other markets in the region. Global competition to gain a foothold in foreign markets is intensifying, which means that investing in the visibility and audibility of Estonian companies is becoming increasingly important," said Sutt, who will be on a business visit this week at the invitation of the minister of digital affairs of Singapore to introduce the Estonian digital state, support the arrival of Estonian companies on the Asian business landscape and find new cooperation opportunities.

During the visit, the Estonian delegation will meet with influential private and public sector representatives in Singapore to identify opportunities on the market. Sutt added that there are various areas in the Estonian business space where world-class innovation is created that can be successfully exported.

"The Singaporean market, like Estonia, is open to global business, and with the visit we are issuing a clear signal that we are interested in mutual cooperation," Sutt said.

In addition to promoting entrepreneurship, the aim of the visit is to exchange experiences on issues related to cyber security, fintech or artificial intelligence.

"Estonia is at the forefront of these and many other issues globally and Singapore is also successfully developing and integrating innovative solutions. Sharing best practices and working together will help prepare us for the challenges of the digital society and identify new opportunities in places that create value for the people of both countries. We are both countries open to innovation and we have a lot to learn from each other," the minister said.

During his visit, Sutt will speak at ATxSummit, one of Asia's largest and most influential technology events, meet with various Singaporean ministers and CEO of the Singapore Business Federation, visit the Cyber Security Agency, the Treasury and iTrust, the center for research in cyber security at the Singapore University of Technology and Design.