As Invest Estonia celebrates its 30th anniversary in 2024, the organisation has introduced its first-ever Outstanding Foreign Investment Awards.
This is to recognise the contributions of foreign companies that have invested in Estonia and helped drive the country’s economic growth. The impact is evident — FDI-backed enterprises account for approximately 60% of Estonia’s total exports and employ about 25% of the Estonian private sector workforce. Invest Estonia, recognised as one of the most efficient investment promotion agencies in the region, continues to strengthen ties with the most important players in the industry.
The awards ceremony, held as part of a special seminar, recognised three companies for their investments and contributions to the Estonian economy over the past three decades: ABB Estonia, GPV Estonia, and Ericsson Estonia. “The mere fact that we are able to tell new investors interested in Estonia that powerful companies such as ABB, Ericsson and GPV have established a strong foothold here will help our industrial sector to thrive,” said Joonas Vänto, director of Invest Estonia, during the award ceremony. What sets these award-winning businesses apart?
ABB Estonia
With five Foreign Investor of the Year titles from the Estonian Entrepreneurship Awards under its belt already, this industrial giant is now adding one more award to the shelf. ABB has operated in Estonia for over 30 years, investing more than €80M and consistently growing its presence: the company recently announced plans to relocate a larger portion of its production from Finland to Estonia. ABB is also commended for its commitment to corporate social responsibility, energy efficiency, and sustainability, exemplified by its solar parks at the Jüri technology campus.
“Estonia is a great country, and that is something to be proud of. By working together to ensure that Estonia continues to have the right skills and the right attitude, we will continue to be a strong player in the future,” Jukka Patrikainen, ABB’s Business Manager in the Baltics.
GPV Estonia AS (formerly known as Enics)
Honoured for its significant impact on regional development in Estonia, the company employs nearly 800 people in electronics manufacturing, testing, and engineering services in Elva and Tartu. GPV Estonia has been a pillar of the community for two decades and continues to invest in its facilities, including almost €4M in 2023 alone. Asso Uibo, Invest Estonia’s Director of Regional Business Development in South Estonia, accepted the award on behalf of the company.
“Our growth has certainly been supported by a business environment that is very open to investment, and I hope that together we can maintain this and make it even more attractive,” added Veiko Vaher, CEO of GPV Estonia.
Ericsson Estonia
This Swedish multinational conglomerate has been acknowledged for its long-standing presence in Estonia (almost 30 years) and substantial contribution to the economy. Ericsson has created approximately 2,000 jobs and contributed nearly €30M in labour taxes in 2023 alone. The company was recently named “Doer of the Year” by the Estonian Association of Information Technology and Telecommunications for its bold decision to invest in a next-generation production and technology centre in Tallinn during economically challenging times. The award was accepted on behalf of the company by Invest Estonia’s Director of Business Development in Sweden, Piret Ree.
“Estonia has an excellent talent pool and a significant focus on technology and innovation, which is why the award is a recognition not only for Ericsson but also for Estonia as a whole,” said Sirli Männiksaar, CEO of Ericsson Estonia.
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