Speaking at Monday's summit, Mr Ratas stressed Germany's industrial strength and orientation towards innovation, encouraging the audience to adopt yet further technological and innovation-intensive business models.

"Estonia is the best place for testing, developing, and introducing new technologies," Mr Ratas said, adding that the 5G networks soon to be rolled out in Estonia will facilitate fast digital connectivity and help make new business models viable.

5G network almost ready

"By year end, Ericsson and TalTech [formerly the Tallinn University of Technology–ed.] will launch Estonia's initial 5G pilot network on the university campus," the prime minister said.

Mr Ratas said his government supports foreign investors via a flexible, innovation-friendly set of regulations which keep bureaucracy to a minimum.

"For example, this year we launched the new 'Reporting 3.0' service bundle, which allows small and medium-size enterprises (SMEs) to dispense with tax accountants altogether, as declaring taxes becomes fully automatic by 2020. This illustrates that the government stands for providing a clear, stable and straightforward business environment," he said.

Süddeutsche Zeitung broadcast

On Tuesday, the prime minister is due to participate in a live-broadcast economic summit organised by German daily Süddeutsche Zeitung. Together with Prime Minister of Iceland Katrín Jakobsdóttir, and Serbian premier Ana Brnabić, Mr Ratas will discuss the current state and future visions of the European digital development within the context of the three countries' examples.

Mr Ratas will also meet with German Vice Chancellor and Federal finance minister Olaf Scholz, to discuss the future of the eurozone and the 2021–2027 EU budget, plus Estonian-German relations and digital cooperation.

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