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Top investment news from Estonia

The world is changing due the coronavirus pandemic, and the economy with it. Estonia has taken a leading role to respond to the current situation via digital means - as a digital nation, the country has an advantage to react fast and to hack the crisis. With 99% of all the public services for citizens and businesses available online (without physical contact) already before the crisis, with its high-level IT skills and a solution-oriented attitude, we just have to succeed! Here is the latest news about the Estonian business and investment environment.

Forbes: Impressive how Estonia hacks the crisis

“I’m constantly impressed by Estonia,” says Robert C. Wolcott on Forbes. “Today, their collective response to the coronavirus crisis — both their government and tech community — has much to teach us.”

Forbes writes how Estonia has responded to the coronavirus crisis and how much there is to learn from countries with a digital mindset, such as Estonia to tackle the crisis. Wolcott points out 6 lessons from Estonia’s coronavirus crisis response:

  • Startup mindset
  • High-scale solutions & partners
  • People want to help
  • Estonia’s digital transformation
  • Public-private sector engagement
  • Getting to work!

According to Forbes, building on its well-deserved brand as the “digital nation,” Estonia organized an online hackathon Hack the Crisis, co-hosted by Garage48 and Accelerate Estonia.

With this hackathon, Estonia planted the seed for the movement to spread around the world. On April 9-12 The Global Hack, a massive global movement kicked off by Estonia, was held to hack the future, so we would never have to go through a corona-like crisis again.

10+ impactful steps Estonia is already taking to reduce the economic effects of COVID‑19

While the country is still in self-quarantine, Estonia’s government, citizens and businesses are fighting side-by-side to reduce the predicted and tangible economic effects of the COVID-19 crisis. Here are 10+ steps already taken or currently being implemented, cooperation being the key to every single one of them.

  • Guaranteeing existing loans issued to businesses and issuing new revolving loans
  • Postponing tax payments without interest made possible
  • Temporary measures to prevent unemployment
  • Reducing excises on diesel fuel, gas, electricity
  • Lowering port taxes
  • A B2B workforce sharing platform
  • Aid to event-organisers who have had to cancel
  • Lowering taxes for online media
  • Lowering fees for Enterprise Estonia’s services
  • A single contact point for information
  • Cooperating with businesses to fight the challenges
  • Letting startups hack the crisis
  • Planning measures to support tourism

 

Estonia created Suve, a state-approved automated chatbot to provide trustworthy information during the COVID-19 situation

Suve is an automated chatbot, whose main task is to make sure that you and everyone living in or visiting Estonia get their questions answered from official sources. During the emergency situation related to COVID-19, she helps to provide accurate and trustworthy information in English and Estonian.

Suve is already working on the webpages of Government of EstoniaEstonia’s Health BoardMinistry of Social AffairsWork in EstoniaInternational House of Estonia and Invest in Estonia and TV3 , etc. During the emergency situation in Estonia, Suve focuses on questions related to the crisis situation. Her main goals are to find official information during the crisis situation, keep various emergency phone lines free for those in need of information that she cannot provide and help prevent the spread of fake news.

Chatbot Suve was one of the ideas that started at the Hack the Crisis hackathon organised by Garage48 and Accelerate Estonia – a part of Estonia’s startups’ plan to hack the current crisis.

Launch your e-commerce now or never

Now, during the coronavirus pandemic, it’s high time you finally launch your e-commerce to keep your cash flow open. As a global hub for e-commerce, Estonia has the best solutions for that – serving Amazon, Walmart and countless number of smaller online shops.

Read more here, how to automate your processes, how to implement location based services, digital logistics and online payments.

Estonia can be invested in completely digitally

Just some days before the coronavirus pandemic the Estonian Parliament passed a bill that will significantly simplify the investment process in Estonia. From August 1st, 2020, foreign investors don’t have to travel to Estonia to visit a notary to make an investment in Estonian company.

Until and after that date our investment advisors are happy to advise you to help you make the best investment deals.

 

Keep a distance and work digitally

As a responsible institution, Invest Estonia (Estonian Investment Agency) works currently fully online, with few things changed, except for physical meetings replaced by online ones. Moreover, our robotic colleague, electronic investment advisor Eia, is not afraid of any microbes, and is happy to provide our customers high-quality digital services from receiving investment enquiries to composing tailor-made value propositions.

Stay safe, everyone! And let’s do our work digitally for a while. Our quick and free e-Consulting service is here to help.

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What is it like to run a business in Estonia? How to benefit from the e-solutions and the efficiency of our business culture? What are the opportunities in specific sectors? Who to partner up with?

The Estonian Investment Agency’s team is happy to help you via its complimentary e-Consulting service, organize online or offline follow-up events such as virtual investment visits and guide you through the fairly simple process of investing in Estonia.

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