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In 2024, the Estonian Investment Agency celebrates its 30th anniversary.
Invest Estonia is a government agency that helps international companies find investment opportunities in Estonia.
May 16, 1994: The Estonian Foreign Investment Agency is established to provide a “single door” approach to attracting foreign direct investment (FDI) into the country. Jüri Sakkeus becomes the agency’s first director.
In 1995, the agency gives out the first Invest in Estonia awards to recognise companies based on foreign capital for contributing to the Estonian economy. The first overall winner is Eesti Telefon, the country’s biggest telco.
By 1996, companies from roughly 100 countries have invested in Estonia.
The agency also gains access to these crazy new high-tech things called “email” and a “website” around 1996. The first website visitor stats:
1) Estonia 57.32%
2) United States 16.43%
3) Finland 5.00%
4) Sweden 3.68%
5) Germany 3.01%
6) Great Britain 2.52%
7) Latvia 1.12%
8) Netherlands 1.09%
9) Denmark 1.05%
In 2000, the Estonian Foreign Investment Agency moves under the Enterprise Estonia umbrella.
By the end of 2000, a total of 90.6 billion kroons of foreign investment has been made into Estonia, amounting to 106% of the GDP.
By 2008, Estonia has become one of the most successful countries in Europe and the world in terms of foreign investments, with the share of foreign investments in the country’s GDP as high as 71 per cent.
In 2011, Estonia adopts the euro. Local papers report a noticeable jump in foreign investments. Business services, electronics, ICT, machine industry, and logistics have become the focus areas.
In 2017, Work in Estonia, a program conducted by the Estonian Investment Agency, receives the IAC Award for the world’s best employment online campaign. Today, Work in Estonia has grown into a separate organisation under Enterprise Estonia.
In 2020, Invest Estonia receives the United Nations Investment Promotion Award for Excellence in the Response to COVID-19 crisis.
In 2022, Invest Estonia brings in €351M in direct foreign investments, an all-time high for the agency.
In 2023, Invest Estonia secures €336M worth of foreign investment, creating more than 1,000 high value-added jobs.
Strategic goals by 2030
2.8 billion euros
Between 2023 and 2030, Estonia aims for 2.8 billion euros of foreign investments.
8,000 jobs
Foreign investors predict that at least 1,000 new high added-value jobs will be created yearly.
50%
By 2030, at least 50% of projects will be created with companies operating in the smart economy – R&D and/or innovation companies. The 2021 level was 18%.
40%
By 2030, at least 40% of investment projects will come to areas outside of Tallinn and Tartu. The 2021 level was 24%.
100%
By 2030, 100% of proactively secured foreign investment projects will be in R&D, innovation, and entrepreneurship. In 2021, the level was 66%.
“With the landscape as competitive as it is, it’s crucial to keep innovating and blazing a trail. The Estonian Investment Agency continues to offer a high level of expertise combined with advanced digital tools and AI to make investing here as smooth as possible.” – Joonas Vänto, Director
“We are the first point of contact for foreign companies that already have or need to develop a business interest in Estonia that is sustainable and beneficial to Estonia’s economic development. We deliver confidence in our country and find opportunities for cooperation, whether economic or otherwise.” – Riina Leminsky, Head of Global Network / Director of Business Development in DACH region
“Estonia’s greatest asset is its openness to smart collaboration, exemplified by its people. Estonia also offers all the benefits of a compact, agile business environment, the world’s most competitive tax system, and an ambitious commitment to sustainability. All of this makes Estonia a luxurious hidden blue-green gem and a blank canvas for groundbreaking business.” – Kristi Kõrge, Head of Business Development
Estonia consistently ranks as a world leader in human capital, digital capability, and ease of doing business. This, supported by the 0% corporate income tax on reinvested profits, creates a competitive environment which allows solutions and services to be researched, developed and delivered globally.
From multinational companies to high growth startups, Estonia has a great track record of successful investments and innovations.
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