India under investigation

TALLINN - The Estonian Development Fund and the Embassy of India in Helsinki have launched a background study to find out Estonian-Indian business opportunities and develop a contact network that could facilitate further cooperation between public and private organizations of the two countries, says the Estonian Development Fund, reports news agency LETA. The ascent of Asia in the global economy is apparent. However, the meaning of this influential trend for Estonia has not been fully acknowledged.

The aim of this yearlong preparation project is to generate India-related knowledge and create a discussion-platform through relevant forums and seminars for Estonian entrepreneurs, decision-makers and experts from the public sector that would help them to gain deeper insight into India’s economy.

Kitty Kubo, the head of the Foresight Division of the Estonian Development Fund, pointed out: “In Estonia, knowledge about the development of the Indian economy and the opportunities it offers is random and fragmented. I am certain that India holds considerably more to agile Estonian entrepreneurs than has been realized today. In order to take part in the growth opportunities that distant markets with high growth present, it is about time to learn more about them.”

The project also works the other way around by building the rationale for Indian businesses to choose Estonia as a partner and as an investment opportunity in Europe. “Indian growing investments in Nordic IT-companies indicate that Indian global firms have a pretty good understanding of the region. Now we also need to place Estonia in that picture,” Kubo said, explaining the importance of the project.

The Development Fund addressed those who were interested in discovering new opportunities in India, or who already have experience with doing business in India. The Estonian-Indian background study also contributes to achieving the Estonian government’s Asia-related goals.

The official Estonian exports and foreign investments action plan - Made in Estonia - points to the necessity to gain and develop more expertise concerning rapidly growing Asian economies. In the same vein, the Ministry of Economic Affairs and Communications is working on a long-term Asia strategy.

The current foresight project should also provide decision-makers in the Foreign Ministry and Enterprise Estonia with a basis to make decisions on representing Estonia’s economic interests in India.