Tsahkna: The US remains a key trade partner amid changing conditions

TALLINN - Foreign Minister Margus Tsahkna affirmed that the United States remains a key trade partner even in changing circumstances, speaking at the opening of a US business seminar held at the Ministry of Foreign Affairs. The event brought together entrepreneurs, international experts, and diplomats.

"Nearly 1,000 Estonian companies export goods and services worth a total of almost 1.7 billion euros to the US annually, with services making up the larger part. Considering the size of the market, there is still plenty of room for growth," Tsahkna said.

He emphasized that alongside security matters, business diplomacy is a priority for the Ministry of Foreign Affairs, and he encouraged all entrepreneurs to utilize the support of the Estonian embassy to establish new export contacts.

"I believe that with a certain amount of ingenuity, political will, and strategic vision, Estonia has everything it needs to secure its place as a trusted economic ally of the United States," said US Ambassador to Estonia Roman Pipko in his speech.

Estonia's Ambassador to the US, Kristjan Prikk, assured entrepreneurs that although the US government sees tariffs as a universal tool, there are still opportunities for many companies. "We see that products and services with higher margins, which are not so directly affected by possible changes in regulations, are more successful. In terms of sectors, there are good examples ranging from IT to pianos, the defense industry, or more broadly, new technologies," Prikk said.

Experts from the US Embassy in Tallinn presented trade and export regulations, government economic programs, and important visa topics for entrepreneurs. US law and business specialists Anne Wolfson and Jacob Willemsen emphasized that to avoid pitfalls, it is worthwhile to involve a specialist familiar with the market from the very beginning, and one should not rely on ChatGPT for legal matters, as mistakes can be very costly.

Investment expert Rashmi Joshi affirmed that modesty is not a virtue in the US, but quite the opposite - one must show aggressive growth and great potential. The head of EIS, Ursel Velve, introduced entrepreneurs to the new strategic goals and plans of EIS.

The entrepreneurs' panel discussion was led by the head of AmCham Estonia, Daria Sivovol, and featured representatives from Nortal, ÖÖD Houses, and Roofit.Solar, all of whom are active in the US market. The entrepreneurs agreed that presence and commitment are the most critical factors.

"You have to be present, active, and in the rooms where decisions are made," stressed Nortal representative Allan Bernard. According to him, Nortal's entry into a new market usually occurs in several stages.

"First, we do a pilot project, and if we see from that that the market is viable, we create a small local team whose task is to create an initial sales pipeline. Based on that, we start to expand and eventually acquire a local company," Bernard explained. He noted that the Ministry of Foreign Affairs and various business organizations are also very helpful when entering the market.

ÖÖD Group CEO Andreas Tiik said that one should start by buying a plane ticket and going there. "You certainly can't figure out how to start selling in the US while you are in Estonia. The foundation of everything is trust, and to build it, you have to be on the ground," said Tiik. The most difficult part, according to him, was dealing with the various regulations. Currently, the US already accounts for more than half of the entire ÖÖD Group's business.

According to Roofit.Solar representative Ando Konrad, customers in the US are different. "While Europeans look a lot at facts and Excel spreadsheets, in the US, more decisions are made based on emotion," Konrad said. He emphasized that even with thorough groundwork, many surprises arise, which are just part of the process. "You have to keep your main goal on the horizon and move towards it flexibly," said Konrad.

The day was concluded by EIS's US export advisor Silve Parviainen and the economic diplomat at the Estonian Embassy in Washington, Terje Raadik, who presented the state's activities and plans and called on entrepreneurs to ask for advice and help.

The US business seminar was held in cooperation with the Enterprise and Innovation Foundation.

The event is funded by the European Union's recovery fund, NextGenerationEU.