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Enterprise Estonia's 2018 budget increased to €215 million

Enterprise Estonia (EAS).
Enterprise Estonia (EAS). Source: (Enterprise Estonia)

Enterprise Estonia's budget for 2018 has been endorsed at €214.9 million, up 7 percent from the previous year's budget.

Of this total, €53.8 million has been earmarked for the arEnterprise Estonia of enterprise and export, €8.3 million to the promotion of foreign investments, €11 million to the tourism sector, and €133 million to regional development projects, spokespeople for Enterprise Estonia said.

Enterprise Estonia's budget for 2017 totaled €201 million.

Funding for this year's budget includes €31.6 million from the state budget, €140.5 million from EU Structural Funds, €41.6 million from external resources, and €1.2 million from other resources.

"The goal for 2018 is twice the size of last year's goal — to bring €150 million in foreign investments and approximately 1,000 potential jobs into the country," Enterprise Estonia CEO Alo Ivask said.

According to Ivask, the Enterprise Estonia programs Work in Estonia and e-Residency, support payouts but also the day-to-day work of missions abroad and visits by foreign delegations and investors to Estonia all have an important role to play when it comes to foreign investments. Enterprise Estonia is scheduled to receive 100 delegations in 2018.

The other major focus is support for the export-related activity of Estonian businesses.

Enterprise Estonia's goal in 2018 is to help Estonian businesses increase exports by €100 million, and value added by €70 million.

"Every euro that Enterprise Estonia invests in a business as support or via another service must return €7.5 to Enterprise Estonia in growth in value added for the business," the CEO explained. "This year, we want to contribute actively to the development of at least 680 businesses."

In the tourism sector, Enterprise Estonia's goal is to increase tourism revenue by more than €33 million as a result of various activities aimed at invigorating the sector, and to achieve an increase of five percent in the number of overnight stays from priority target markets.

25 investment objects including tourist facilities, industrial enterprises and kindergartens are to be completed in 2018 with the help of regional development subsidies from Enterprise Estonia. As a result, the total number of kindergarten spots will increase by more than 400, and more than 90 kilometers of bike and pedestrian paths will be built across the country.

Editor: Aili Vahtla

Source: BNS

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