Now in its 29th year, the Entrepreneurship Award, organised by Enterprise Estonia, is in full swing. This year’s gala ceremony, scheduled for November 2nd, will showcase the best-performing and most inspiring success stories across seven categories. From Industry Digitiser to the Best Foreign Investor, it paints a bright picture of Estonia’s business landscape. Who’s competing for the prize in the FDI segment?
A tradition of excellence
The Foreign Investor 2024 award recognises the vital role international companies have played in Estonia’s economic success over the last three decades. This category focuses on foreign investors who have made significant deals in Estonia over the past three years.
The evaluation process is both comprehensive and nuanced. Economic indicators account for 30% of the final assessment, with judges examining factors such as the growth in added value per employee, increases in investment volume, and employment growth.
However, the majority of the evaluation – a substantial 70% – focuses on qualitative achievements that showcase the company’s broader impact. The judges look for evidence of innovation, such as the creation of new products, technologies, or even entire industries within Estonia. They also consider the company’s role in developing the local workforce, particularly through the creation of highly qualified jobs and partnerships with educational institutions.
Meet the finalists
Three companies have made it as finalists in the Foreign Investor 2024 category:
- FLIR Systems Estonia OÜ: A subsidiary of Teledyne Technologies, FLIR specializes in the manufacture of thermal imaging infrared cameras. These high-tech devices find applications across various industries, from construction and mining to agriculture. FLIR’s cameras can detect thermal bridges in buildings, unwanted gases in mines, and even check on beehives during winter. The company’s products are integral to enhancing safety and efficiency in numerous sectors globally. FLIR is returning as the reigning champion, having won the title last year.
- HANZA Mechanics Tartu AS: Part of the global HANZA group, it focuses on contract manufacturing services. HANZA offers a unique “All you need is one” concept, providing end-to-end manufacturing solutions, including machining, sheet metal mechanics, cabling, and final assembly. Their recent investment in a new sustainable production facility in Tartu has enhanced their capacity to serve clients in medical technology, energy, and other industrial sectors.
- Inission Tallinn OÜ: Inission is a supplier of high-quality electronic and mechanical products. Their Estonian operations include both electronics manufacturing and mechanical engineering. The Tallinn plant produces printed circuit boards, equipment components, and complete electronics solutions, while the Lagedi plant specializes in complex and high-precision thin sheet metal products. Their recent investment in automation and AI-powered equipment has significantly expanded their production capabilities and product portfolio.
From advanced thermal technology to comprehensive manufacturing and cutting-edge electronics, Estonia is fielding a wide range of FDI successes. As the countdown to the November 2nd ceremony begins, it’s a prime time to kickstart your own business journey in Estonia.
Wish to dive into Estonia’s business environment? Try out our brand-new comparison tool and find your niche.
