Replace Enterprise Estonia, Development Fund and Kredex, says Oviir

Minister of Entrepreneurship Liisa Oviir (Martin Dremljuga/ERR)
2/10/2016 10:28 AM
Category: Economy

Minister of Entrepreneurship Liisa Oviir (SDE) would like to replace Enterprise Estonia, the Development Fund, and Kredex with only two institutions to support new businesses. A new development bank and an entrepreneurship agency could also cover efforts by other state institutions to foster business development.

According to ETV’s Aktuaalne Kaamera, Oviir said on Tuesday that state support measures for developing companies would all be coordinated by these two institutions, and that Enterprise Estonia, the Development Fund, and Kredex would cease their current activities.

Oviir pointed out that the three biggest agencies of the state’s current support scheme didn’t cover all of the efforts made to help businesses, mentioning the Archimedes fund and efforts of the Ministry of Agriculture as well as Töötukassa (the unemployment insurance fund).

Mait Palts, chairman of the Estonian Chamber of Commerce and Industry, welcomed the minister’s intent to overhaul existing structures. “That we reassess existing structures and reduce the number of duplicated procedures is undoubtedly positive,” Palts said.

Editor: Dario Cavegn

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