Large Foreign Investments Up Considerably Last Year
Photo: RIA Novosti/Scanpix
Enterprise Estonia says positive trends characterize the foreign investment it channeled or brought to Estonia last year.
About 50 major foreign investment projects were brought to Estonia last year, up from 2010 when there were 40. The total investment amount has grown significantly, to 600 million euros up from 370 million euros.
Of these projects, 27 received co-financing from Enterprise Estonia. More than half were investments into industrial sector from Finland, Spain and Germany.
An estimated 2,200 jobs will be created by the investments last year.
"Close to half of the foreign investments came from Finland. Most of the investments that we advised on went to Tallinn and Harju County, but individual projects also went to Ida-Viru, Saare and Pärnu counties," said Enterprise Estonia management board member Maria Alajõe.
"Our interest is above all contributing to the creation of high value added jobs, thus the most important sectors of recent years are business services, the electronics industry, ICT, mechanical engineering and logistics."
Two trends were seen last year: Nordic and large Western European companies are the predominant investors in Estonia.
The Nordic companies are attracted by lower labor costs while the companies from the Continent, by proximity to Russia and Scandinavia. The country's general open business climate is also an argument, Alajõe said.
A leading Nordic example is the Finnish playground equipment manufacturer Lappset, which is opening a new metal component plant near Tallinn with an investment of nearly 3 million euros in Estonia and 30 new jobs.
The leading Spanish example is Atienza y Climent, part of RBA Group, which established a plant in Tallinn that will make products in the Hello Kitty line and expects revenue of over 30 million euros a year. It will export products to major regional markets as well as France and hopes to eventually employ 60.