Business briefs: new jobs created, port business profitable

The Port of Tallinn (Postimees/Scanpix)
12/18/2014 3:13 PM
Category: Economy

The company voted the best in Narva this year, OÜ Fortaco Estonia, is planning to expand and create around 30 new jobs next year, with the news coming just days after another company opened a new plant in the city, with around 300 new jobs announced for 2015.

The export-orientated company produces metal components, currently employing 370 staff.

Head of development and economy at the Narva city government, Georgi Ignatov, said the company is the second largest private employer in the city and pays high salaries.

Narva Mayor Eduard East said the year has not been an easy one, pointing to the weak ruble and low oil prices.

Russian water filter manufacturer Aquaphor opened a new plant in Narva which will employ 300 people once it is in full swing next fall. Recently a foundation which oversees four industrial parks in NE Estonia said it is hoping to create 4,400 new jobs in the next five years.

--

The state-owned Port of Tallinn is expecting a 41-million euro profit in 2015, roughly the same figure as this year.

The budget, which was approved by the supervisory board on Tuesday, forecasts an 111-million euro turnover. The state will receive around 31 million euros in dividends and 8 million in taxes.

Cargo volumes are expected to drop slightly, which will be offset by a small increase in passenger numbers. The precise expectations are 27.9 million tons of cargo next year and 9.66 million passengers. 

Next year's biggest investment for the Port of Tallinn is financing the construction of ferries, which will start in the autumn of 2016 to service passengers between the mainland and its major islands.

Minister of Economic Affairs Urve Palo and the Port of Tallinn signed an agreement last week for the ferry contract. The 10-year contract signed on December 11 will start on October 1, 2016.

S. Abel, J.M. Laats

The name field cannot be empty
No more than 50 characters
Comment field cannot be empty
No more than 50 characters
Comment field cannot be empty
No more than 1024 characters
{{error}}

Message forwarded to the editor

This Ip-address has limited access

See also

There are no comments yet. Be the first!

Reply to comment

+{{childComment.ReplyToName}}:
Reply to comment
Reply

Laadi juurde ({{take2}})
The name field cannot be empty
No more than 50 characters
Comment field cannot be empty
No more than 1024 characters
{{error}}
Add new comment