Foreign Investment Center planning to bring some EUR 3 bln worth of investments to Estonia

  • 2024-05-16
  • BNS/TBT Staff

TALLINN - The Foreign Investment Center of the Estonian Business and Innovation Agency, celebrating its 30th anniversary on Thursday, aims to attract a total of 2.8 billion euros in foreign investments to Estonia by 2030 and create approximately 1,000 high-value-added jobs each year according to its new strategy.

Head of the Foreign Investment Center Joonas Vanto said that the new strategy period will particularly focus on smart industrial solutions.

"About 10-15 percent of all foreign investments coming to Estonia are facilitated through the Foreign Investment Center. We are specifically looking for areas within local value chains where introducing new players can help the Estonian economy grow in the smartest and most robust way possible. Our strategy emphasizes the regional dimension to stimulate the economy outside urban centers and places great emphasis on substantial investments in research and development," Vanto said.

He noted that the Estonian economy has made a significant leap in development over the past thirty years. 

“While the nature of the work to attract foreign investments is very similar to what was done here in the 1990s, the Estonian economy has matured considerably during this time. Estonia has firmly established itself on the world map as an investment destination, and we are well-positioned to carry out our work successfully. A good sign of this is the recent decisions by many companies to expand their reach in foreign markets and invest in new factories in other countries, which ultimately brings significant benefits to Estonia and is a natural part of our economic development," Vanto added.

Over the years, the Foreign Investment Center has helped establish and grow internationally active companies in Estonia, such as Ericsson, ABB, and Horizon Pulp & Paper.

In 2023, the Foreign Investment Center helped attract 336 million euros' worth of foreign investments to Estonia, which will create over 1,000 high-paying jobs.

The Foreign Investment Center was established on May 16, 1994, by the Ministry of Economy and Communications. Since 2000, the Foreign Investment Center has been part of the Business and Innovation Agency.