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Estonian defense industry work group to meet May 2

Estonian defense industry businesses at IDEX 2017 in Abu Dhabi.
Estonian defense industry businesses at IDEX 2017 in Abu Dhabi. Source: (IDEX 2017)

Estonia's Minister of Defence Margus Tsahkna has called a meeting of the work group for the development of the country's defense industry for May 2 as part of a plan to develop proposals by the end of the year for the improvement of the industry's investment climate.

"The Estonian defense industry is on the doorstep of a major development breakthrough," the minister said in his letter to representatives of the sector. "Clear technological competitive advantages are evolving and businesses are entering an increasing number of markets all over the world."

He said that 25 Estonian defense industry businesses are active on export markets at this point and that the growth of the Estonian defense industry depends on the ability to break through into foreign markets.

"The defense industry sector is facing several challenges waiting to be solved in the near future," Tsahkna noted.

The minister said that in order for large-scale development work to provide the industry with a technological advantage, the necessary legal framework must be created, the establishment of new businesses in the fields important to them promoted, development support increased, domestic financing mechanisms diversified and possibilities sought for tapping into foreign funds to create new opportunities for linking up Estonian businesses with the EU manufacturing base.

Tsahkna sent invitations to the work group's first meeting to the Ministry of Economic Affairs and Communications, the Ministry of the Interior, the Ministry of Finance, Kredex, the Estonian Banking Association, Enterprise Estonia and the Estonian Defence Industry Association.

Editor: Aili Vahtla

Source: BNS

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