TALLINN, Estonia (ChatnewsTV) — The Estonian government on Thursday approved a new €2 million export support measure, aimed at strengthening the country’s export capacity and helping companies expand into foreign markets.
According to a statement released on Thursday by the office of the Estonian Prime Minister, the initiative, spearheaded by Minister of Economic Affairs and Industry Erkki Keldo, will provide financial backing to professional associations seeking to promote value-added products and services abroad.
Prime Minister Kristen Michal emphasized the critical need for such measures in light of recent export challenges.
“Our exports have been shrinking for the past seven quarters, mainly due to the slowdown in the economies of Estonia’s largest trading partners,” Michal said following the cabinet meeting at Stenbock House. “Effective measures are needed if we are to get exports back on track and ensure further growth.”
Michal noted a slight improvement between the first and second quarters of 2024 but stressed the importance of supporting higher-value exports. “The new support measure will help companies boost their export capacity through more effective activities via representative organisations, so that more solutions with higher added value find their way to foreign markets,” he added.
The plan, which will be financed through EU structural funds, aims to empower business associations to take proactive steps in promoting exports. Minister Keldo highlighted the measure’s importance, stating it was developed in response to requests from industry groups.
“It is very important to listen to companies and their needs, and to make decisions on that basis,” Keldo said. The support will help organisations participate in international trade fairs, hire export advisors, and conduct market research, he explained.
The initiative will focus on sectors with high potential for innovation, including digital and sustainable energy solutions, health technologies, and the valorisation of local resources.
“We will be focussing on sectors with the greatest potential for innovation and international growth,” Keldo noted. The Ministry of Economic Affairs and Communications aims to launch the measure by spring 2025, with plans to support around 10 representative organisations over the next two years.
By Gabriel Ani
