The managers highlighted the need for more skilled workers, the government's press office said.

"Investments of research and development-intensive foreign businesses in Estonia are crucial to the development of our economy and to creating high-paid jobs. Germany is an important strategic partner for Estonia, with whom developing economic cooperation helps raise the revenue of our businesses as well as people's quality of life," Ratas said.

The prime minister reaffirmed that supporting innovation and using new technologies continues to be very important to Estonia. "A number of opportunities lie in digitization," the prime minister said. "Estonia is at present building e-services of the next generation in order to achieve so-called invisible governance. For example, this year the Reporting 3.0 project will be completed, which will lower the procedural burden of small and medium businesses as their declaration of taxes will become automatic."

The meeting was attended by representatives of some 50 companies active in Estonia or considering an expansion here, including representatives of Heinzel, Kühne + Nagel, Arvato, Axinom, Leonhard Weiss and Sornsen Holzleisten, Airbus, Lufthansa, and Axel Springer.

The event, organized annually by Enterprise Estonia, was held in Germany for the first time this year.

Economic relations between Estonia and Germany are developing consistently, but there is still room for development both for German direct investment in Estonia as well as for trade, Ratas said.

In 2017, Germany was Estonia's fourth most important trade partner for the third year in a row. The interest of German investors toward Estonia increased significantly after Estonia joined the European Union, and in terms of volume Germany is the 16th-biggest foreign investor in Estonia.

Ratas also met with Hamburg mayor Olaf Scholz. Hamburg is partner city to the German Spring cultural events series in Estonia this year, and the mayor will visit Estonia to open it in mid-April. He'll be accompanied by a business delegation as well.