Estonian Foreign Trade and IT Minister Kert Kingo signed a regulation supporting the distribution of large investors’ money to processing industry sectors, the Ministry of Economic Affairs and Communications said.
“With the support in question, we want to encourage large investors to invest in new production units and high added-value product development,” Kingo said.
The €1 million grant is intended for investors with a revenue of at least €50 million and an investment of at least €10 million. The grant can be used for the acquisition of both tangible and intangible fixed assets and for the construction of a new building.
The sum earmarked for the support in the state budget is €2.5 million a year, which is why few, but then again the most impactful investments will be supported. At the same time, entrepreneurs who contribute to investments outside Tallinn and Harju County will be more highly valued in the framework of the support scheme.
The support can be applied for from Enterprise Estonia. Previous recipients of large investor support include Metsä Wood, Marketex Vision (BLRT Grupp), Estonian Plywood AS and Westaqua-Invest.