Estonia: The Economic Development Committee of the government decided to develop the principles of supporting major investments

NordenBladet — Today, the Economic Development Committee of the government discussed opportunities as to how the State could more extensively than before support investments that have a major positive impact on the Estonian economy and labour market.

‘During the coronavirus pandemic, several countries, such as Germany, for example, have begun to actively support those companies that create high added value, provide high-paying jobs, and create wider clusters around them that develop the specific industry’, said Prime Minister Jüri Ratas. ‘For such companies to operate in Estonia as well, we also need to find new solutions how to better support their activity, doing this transparently and relying on clear principles’, said Prime Minister Jüri Ratas.

The Committee found that research-intensive, high added value business projects, that create jobs with a competitive salary for Estonian people and contribute to regional development in the area where production takes place, are especially important for the State.

The Minister of Foreign Trade and Information Technology was tasked with developing specific principles for supporting major investments and presenting these to the Government cabinet on 3 December 2020.

Background:

The objective of the Economic Development Committee of the government, formed under the 13 April 2017 Order of the Government of the Republic, is to promote the economic development of Estonia, and to improve the State’s competitiveness. The committee is chaired by the Prime Minister. The members of the Committee are: the Minister of Foreign Trade and Information Technology, the Minister of Education and Research, the Minister of Justice, the Minister of Economic Affairs and Infrastructure, the Minister of Finance, the Minister of Social Affairs, and the Minister of Foreign Affairs. Other ministers participate in the Committee meeting when summoned by the Prime Minister, if the topic area covered requires the presence of another minister. The work of the Committee is organised by the Government Office.

Source: Estonian Government