"According to the insolvency report compiled by the World Bank, Estonia is in 47th place, while countries that have been recognized in the field of insolvency, such as Finland, the U.S., Germany, Norway and Denmark, are ranked second through sixth," Prime Minister Jüri Ratas (Centre) said, describing the work of the committee in a press release.

Estonia's insolvency proceedings are currently either long and costly or do not meet the goal of returning money to creditors, or proceedings are halted altogether, he added.

The goal of the insolvency law revision initiated by the Ministry of Justice is to provide input to a fair business environment in Estonia as well as to find means of increasing the speed and efficiency of insolvency-related proceedings. The revision considers creating an insolvency service one option, while courts could also specialize to design a unified practice.

As a result of the insolvency law revision, a bill has been drawn up to amend the Bankruptcy Act and other acts which is set to be sent for coordination and to interest groups for their opinion. The bill is set to enter into force on Jan. 1, 2021.

Minister of Entrepreneurship and Information Technology Kert Kingo (EKRE) also made proposals to the Economic Development Committee regarding the promotion of foreign investments in the timber and ICT sectors, as well as to add the chemical industry into the focus of value propositions.

Within the framework of EU industrial policy strategy, six important value chains have been identified, three of which are more or less linked to the chemical industry — developing low CO2, hydrogen and battery technologies. Estonia should thus also pay attention to developing a value proposition of the chemical industry in order to ensure that the country does not remain a bystander in such a rewarding area, but is instead prepared to create high additional value in the sector, Kingo said.

Led by the prime minister, the Economic Development Committee meets on a monthly basis in order to gain an overview of the economic situation, find solutions to issues that need to be coordinated between different ministries, involve experts and stakeholders, as well as engage in the development of the economic environment.

The committee also includes the Minister of Foreign Trade and IT, Minister of Education and Research, Minister of Justice, Minister of Economic Affairs and Infrastructure, Minister of Finance, Minister of Social Affairs, and Minister of Foreign Affairs. Other ministers participate in committee meetings as needed and summoned by the prime minister.

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