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Invest Estonia offers high-quality investment services

Estonia’s fertile soil for innovation is something that helps to build an extraordinary number of unicorns and bring foreign investors to grow their businesses here. Finnish origin machinery manufacturer Multimek, one of the largest companies in the Northern Estonian town of Kehra, celebrates its 10th anniversary in Estonia this month, prepares investing in automation and robotics, and praises Invest Estonia for years of help and assistance.

Multimek: Born in Finland – grown up abroad

Multimek’s story began in 1951, when Veikko Hokkanen started a company called Multian Auto ja Kone Ky in Finland. In 1992, the company changed its name to Multimek Oy. Multimek has been operating in Estonia since 2012.

A few years back, Taavet Hinrikus, co-founder of the Estonian third unicorn Wise, said at the technology conference Latitude59: „There is something in the soil of Estonia, which makes the Estonian people much more capable of making something great.”

This innovative soil of Estonia feeds both new and old companies, not only startups. And it seems that Multimek is one of the foreign companies that has managed to use Estonia’s innovative soil for the company’s growth. Today, Multimek provides sustainably run production in two countries, innovative product development teams of top professionals, and a global expert and procurement network. With a turnover of 24,2 million euros, Multimek currently produces 1,800 different products and employs 220 people, 145 of them in Estonia. “Born in Finland – grown up abroad,” states the company’s homepage.

Invest Estonia is supporting foreign investors

On this 10 year journey, Invest Estonia has been a close partner of Multimek in setting up their plant in Estonia and supporting its growth over the years.

“It’s not just startups and unicorns, we are focusing on here,” notes Anneli Hansen, the Director of Regional Business Development in North Estonia. “Our Invest Estonia team is mainly supporting production companies both in cities and in the countryside on daily basis,” Hansen explains and emphasises the fact that these companies, which often may have foreign investors on board, are very important employers for the local community.

Companies based on foreign capital play a significant role in the Estonian economy and are important employers outside the major centres of attraction. According to Statistics Estonia, in 2018 the companies based on foreign capital with more than 20 employees contributed to the Estonian economy with 41% of turnover, 37% of employment and 55% of exports.

“Multimek is one of the largest and most important employers in small places such as Anija and Kehra,” confirms Riivo Noor, the mayor of the municipality of Anija.

Multimek leaders have only good words to say about cooperation with Invest Estonia. “We have been in close contact with Invest Estonia since we founded Multimek Baltic. We got a lot of valuable information and support when we were just starting a business in Estonia,” says Matti Hokkanen, the CEO of Multimek.We have a strategy for the growth of the Estonian unit in the coming years. We aim to invest in automation and robotics, hire more staff and possibly build new premises,” says Hokkanen and adds that for the realisation of these plans, they have got a lot of information from Invest Estonia about the projects and grants.

Aftercare is equally important

Multimek is just one example of how our repeatedly awarded high-level investment services are keeping foreign investors in Estonia. There are hundreds of such companies in Estonia. To name a few, Mihkel Kärg, Invest Estonia’s Director of Regional Business Development in West Estonia, points out Metsä Wood, a manufacturer of engineered wood products located in Pärnu, and Incap Electronics Estonia factory in Saaremaa.

Asso Uibo, Invest Estonia’s Director of Regional Business Development in South Estonia, names an electronics manufacturer Enics Estonia and Finnish forest industry company UPM-Kymmene.

Merit Simo, Invest Estonia’s Director of Regional Business Development in Tallinn, names the world’s leading telecommunications equipment producer Ericsson and one of the world’s leading logistics companies Kuehne+Nagel.

Ilmar Branno, Invest Estonia’s Director of Regional Business Development in East Estonia, brings out food industry HKScan and the leading water filter manufacturing, research, and development company Aquaphor.

In addition to Mulitmek, Anneli Hansen brings out an electrical solutions manufacturer Ensto Ensek that also operates in Northern Estonia and was named the Estonia’s Investor of the Year 2021.

Our investment advisors work in different regions of Estonia developing cooperation between local entrepreneurs, local authorities, and foreign entrepreneurs. The advisors prepare targeted value propositions for the prospective investors and later provide them with investment services.

Investment services are about maintaining a close relationship with the investors. “We need to be updated on their situation so that we can offer them information on the state support available to them and help them with the application process. We also assist them in their search for suitable collaboration partners, help them find the necessary space for expansion, and if necessary, we also help in the recruitment process,” explains Hansen.

As a foreign investor considering investing in Estonia or relocating part of your business here, you can be sure that we at Invest Estonia will always be there for you to ensure a smooth landing here, as well as to support the growth of your business. And as a foreign investor, already running a business in Estonia, feel free to contact our team members named here to keep your business blooming throughout the whole life cycle of the investment.

Want to invest in Estonia? Send us a request for personal e-Consulting and one of our investment advisors will get in touch.

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