Stenbock House, 18 September 2024 – Speaking at the annual ‘Äriplaan 2025’ conference, Estonian Prime Minister Kristen Michal urged entrepreneurs to continue investing in the nation’s economy while emphasizing the crucial role of security in driving enterprise growth.
In his address, Michal acknowledged the inherent link between business confidence and national security. “Economic growth relies on a sense of trust in the state,” Michal stated. “Security is a matter for all of us, and the contribution everyone makes – from bankers to bakers – is equally important.”
The Prime Minister outlined the government’s plans to reduce the national budget deficit while safeguarding critical investments. “We are cutting public spending by close to a billion euros, but our commitment to strengthening security is unwavering,” he explained. “The temporary security tax we propose is vital to acquiring the ammunition and developing the key capabilities we need.”
Michal also pointed to optimistic economic forecasts, suggesting a path toward recovery despite recent challenges. “We aim to create the best conditions for entrepreneurs to invest in difficult circumstances,” he said. “We are streamlining processes, reviewing the Public Procurement Act, and implementing support measures for major investments. Additionally, we will accelerate the use of EU funds to retain and attract new projects to Estonia.”
Highlighting the burgeoning potential of Estonia’s defense sector, Michal described the role it could play in stimulating broader economic growth. “Defense investments are not only key to our national security but will also benefit the economy,” he remarked. “Estonia’s defense industry has a target of reaching a billion euros by 2030, and the state will support this through the rapid development of a defense industrial park and the launch of a Defense Investment Fund.”
The ‘Äriplaan’ conference, in its 26th year, serves as a platform for business leaders and experts to discuss strategies shaping the future of Estonia’s economy.
