Estonia plans to direct more than €270M next year to business growth, new investment and exports, according to the Ministry of Economic Affairs and Communications. The package includes support for research and development, technology adoption, export expansion and access to capital, writes Enterprise Estonia.
Liina Vahtras, Minister of Economy and Industry, said future growth would depend increasingly on companies adopting new technologies, developing products and finding international markets.
Business investment backs research and technology
A planned €135M will go towards strengthening companies’ research, development and innovation capabilities. The funding covers company R&D, applied research, innovation partnerships and the adoption of new technologies, including artificial intelligence.
“We cannot compete with cheap labour, but with smarter solutions and higher-value products and services. That is why we are investing strongly in research and development and helping companies adopt new technologies faster, including artificial intelligence,” Vahtras said. She also said Estonia’s next stage of growth would come from a knowledge-based economy.
Export markets and capital access
Nearly €116M is planned for exports, investment, industry and tourism. Priorities include the Team Estonia export strategy, business opportunities linked to Ukraine’s reconstruction and development of entrepreneurship in Ida-Virumaa. Support for large-scale investments will continue.
The government also plans €25M in equity investments in companies considered strategic to Estonia’s economy, plus a €12.6M contribution to SmartCap’s venture capital fund. The measures are intended to help Estonian companies grow, reach new markets and attract private and foreign capital.
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