In his address, Prime Minister Michal conceded that business and economic growth is dependent on a sense of trust and confidence in the state. He assured the audience that his government aims to guarantee precisely that, adding that the nation’s security is a matter for all and one in which the contribution everyone makes – from bankers to bakers – is equally important.
“My government is working hard to reduce the country’s budget deficit,” he said. “We will be cutting public spending by close to a billion euros, but finding the means to bolster our security and thereby invest in our economy in such difficult times isn’t just about saving on costs: the tax changes we are proposing, namely the temporary security tax, are essential if we want to be able to acquire the ammunition we need and to develop other key capabilities.”
Prime Minister Michal noted that although recent years have been hard, a number of forecasts are pointing to a return to economic growth. “Our aim as a government is to do everything we can to establish the best possible conditions in difficult circumstances for entrepreneurs to invest and provide everyday products and services,” he explained. “We are working towards making the state more efficient and for it to be quicker and easier to get things done, which is to say making rules and requirements more flexible. We are reviewing and will be amending the Public Procurement Act accordingly, and we will be backing major investments using a specific support measure. We will also be speeding up the use of money from EU funds that will help keep projects in Estonia and attract new ones to the country.”
The head of government feels that in light of the current security situation, new potential for economic growth lies in the defence industry. “It goes without saying that it is an important part of our national security, but defence investments will ultimately benefit our economy as well,” he remarked. “Defence companies have set themselves the target of our defence industry being worth one billion euros by 2030. For our part, the state will be contributing to this by accelerating the development of the defence industrial park so as to guarantee the perfect conditions for companies to hone their products. We will be launching the Defence Investment Fund as well, which will also be worth a 100 million euros, and fostering partnerships between Estonian and Ukrainian companies.”
The ‘Äriplaan’ series of conferences has been running for 26 years. It is designed for entrepreneurs and business experts to share their know-how and experience so as to shape the future of the Estonian economy.
