Presentation is loading. Please wait.

Presentation is loading. Please wait.

WHAT CAN ESTONIA SOLVE FOR YOU? KRISTI TIIVAS Estonian Investment Agency » investinestonia.com.

Similar presentations


Presentation on theme: "WHAT CAN ESTONIA SOLVE FOR YOU? KRISTI TIIVAS Estonian Investment Agency » investinestonia.com."— Presentation transcript:

1 WHAT CAN ESTONIA SOLVE FOR YOU? KRISTI TIIVAS Estonian Investment Agency » investinestonia.com

2 Area 45,227 km2 (similar to Denmark or Netherlands), about 50% forest, At the heart of the Baltic Sea Currency Euro Population 1.3 million (68% Estonians, 25% Russians) Capital Tallinn (403,000) Member of EU, Eurozone, NATO, Schengen, OECD A few words of introduction Credit ratings FitchA+ S&PAA- Moody’sA1

3 Steadily growing economy * forecast Source: Statistics Estonia and Ministry of Finance Exports represent about 91% of Estonia’s GDP

4 According to OECD Economic Survey, our strong recovery from the economic crisis has benefited from structural strengths of the Estonian economy:  flexible labor force,  business friendly regulation,  well capitalized financial institutions,  successful transition to euro,  and sustained credibility of fiscal policy According to OECD Economic Survey, our strong recovery from the economic crisis has benefited from structural strengths of the Estonian economy:  flexible labor force,  business friendly regulation,  well capitalized financial institutions,  successful transition to euro,  and sustained credibility of fiscal policy Estonia is one of the most successful countries in CEE in attracting FDI How did we do it? 0% corporate income tax on reinvested profits – favourable for growing companies 2013 Unemployment 8.6% Average salary 948 EUR Minimum salary320 EUR 2013 Unemployment 8.6% Average salary 948 EUR Minimum salary320 EUR Lowest government debt in EU

5 Our business environment is best for international business Establishing a company in 15 minutes 0% income tax on reinvested profits Flat-rate income tax at 21% (lowered to 20% in 2015) Remote access – e-residency to be launched in Dec 2014 No restrictions to free movement of capital Minimal government intervention, lowest government debt in Europe Foreign investors Can own company 100% Can own land, real estate Residence permits for directors and specialists Same rights as local investors

6 Small nation must be flexible  Estonians are in the lead in CEE in terms of educational level  99% of high school students are learning English at school; 71% of profesional workforce is fluent in ate least one language  Forward-looking mindset of universities  Tallinn Tech – active cooperation with major universities in the world  Tartu University - one of the oldest universities of Europe (1632)  Over 60% of the population is engaged in the services sector  Cost base is more efficient than in most of Western Europe  Estonians rather break their arm than a promise

7 High ratings in business environment rankings Source: World Bank – Doing Business th in Index of Economic Freedom 2014 Wall Street Journal / The Heritage Foundation 6 th in Trading Across Borders 2015 World Bank 2 nd in the Internet Freedom Freedom House 29 th in Global Competitiveness Report 2014 World Economic Forum 28 th in Corruption Perceptions Index 2013 Transparency International 11 th in Index of Economic Freedom 2014 Wall Street Journal / The Heritage Foundation 6 th in Trading Across Borders 2015 World Bank 2 nd in the Internet Freedom Freedom House 29 th in Global Competitiveness Report 2014 World Economic Forum 28 th in Corruption Perceptions Index 2013 Transparency International

8 The future is here  Citizens/residents have unique online identity: 1.2 million active ID cards (population: 1.3 million)  100% of schools and government offices have broadband connection  70% of homes have broadband connection  110% mobile penetration  98% of the bank transfers are performed electronically  95% of the income tax declarations made via the e-Tax Board

9 Digital ID gives us access to wide array of public e-services  digital signature  e-elections  e-school  e-Tax Board  e-Customs  e-Health  e-police  Mobile parking  Mobile payments  Internet banking  Citizen’s Registry  and many more…

10 The history of e-Estonia 2000: Launch of e-Tax Board 2000: Launch of m-Parking 2003: Launch of ID bus ticket 2005: i-Voting was introduced 2007: Launch of e-Police system 2008: Launch of e-Health system 2010: Launch of e-Prescription 2013: X-Road Europe introduced 2013: Online Border-Crossing Queue System 2014: e-residency

11 More start-ups per capita than in any other country in Europe...

12 So this is why Estonia:  Stability  Excellent economic growth numbers since joining EU and NATO  Successful management of economic crisis, lowest government debt in EU  Connecting East and West  Accessible – geographically, logistically and socially  Communication technology makes distances in Estonia irrelevant  Ease and efficiency of doing business  Ranked among top 20 in most of pertaining indices by World Bank Group  Low bureacracy and corruption, advanced e-society  Significant cost efficiency compared with EU average – labour, taxes, property, energy  Smart people  Ranked 4th in the world in natural sciences, 11th in math studies by PISA  #1 in Europe for startups per capita  Country of foreign investors  Foreign investors have played a decisive role in building Estonian economy  Attracting FDI not with incentives, but with favorable business environment  Great demo country to implement and test innovations!

13 WHAT CAN WE SOLVE FOR YOU?


Download ppt "WHAT CAN ESTONIA SOLVE FOR YOU? KRISTI TIIVAS Estonian Investment Agency » investinestonia.com."

Similar presentations


Ads by Google