Enterprise Estonia's budget slashed

(Postimees/Scanpix)
11/20/2014 3:19 PM
Category: Economy

Enterprise Estonia (EAS), set up in 2000 to help businesses, has seen its budget cut by a fourth in the new EU budget period, and will focus more on advising and training rather than mere financing of Estonian companies and industry.

The institution's budget was 784 million euros during the previous budget period of 2007-2013, with that figure being shaved by 25 percent in the new seven-year period.

“By 2020, we would like to morph into an advice-giving organization, which would have the means to achieve necessary results in cooperation with the businesses,” said Hanno Tomberg, the head of the board at EAS.

EAS is turning its focus to innovation and exports, attracting favorable foreign investments and boosting entrepreneurship outside of the capital, projects such as a cafe or beauty parlor in Tallinn will become less important, he said.

Tomberg also said products which would be competitive outside of Estonia will be preferred, as will higher-paid jobs which would add greater value to resources.

EAS hopes to boost the value added per employee in Estonia from 70 to 80 percent of the European Union's average by 2020.


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