Estonia, Finland see potential for cooperation between industrial companies

TALLINN - Meeting on the sidelines of an industrial fair in the Finnish city of Tampere, Estonian Minister of Economic Affairs and Industry Erkki Keldo and his Finnish counterpart Wille Rydman found that industrial companies of the two countries have good potential for cooperation.

The ministers discussed common challenges in increasing the competitiveness of the economy and possible solutions, such as the support measure for large investments recently approved by the Estonian government.

"We found that these measures are a great way for the public sector to support the creation of a good investment environment for both new and existing companies. There was a lot of interest in the structure of the measure for large investments to be applied in Estonia and I indicated that Finnish companies are also welcome to invest in Estonia," Keldo said according to spokespeople. 

The ministers also saw several opportunities for cooperation between the defense industry companies of both countries.

"The Finnish minister of economic affairs was impressed by our government's initiative to support the development of the Estonian defense industry, which will be facilitated by both the Defense Fund and the channeling of 400 million euros for assistance to Ukraine, enabling our defense industry companies to offer their products for this purpose. We see growing synergies between the defense industries of both countries, which should definitely be exploited," Keldo said. 

At the industrial fair in Tampere, the minister of economic affairs and industry visited the stands of the Estonian industrial companies participating in the fair. According to Keldo, it is important to support Estonian companies that are looking for new export opportunities on foreign markets and are making contacts.

"Estonian industrial enterprises are open to digitalization and the deployment of artificial intelligence, which helps to make complex industrial processes simpler and order fulfillment more flexible. And that's what our companies are actively working on already," the minister said. 

Andri Haran, CEO of the Federation of Estonian Engineering Industry, described it as very positive that Minister Erkki Keldo has come to support Estonian companies at the Alihankita fair.

"This is a sign that the minister's messages about the importance of industry are also being translated into action," Haran said.

In his speech at the fair, the Estonian minster stressed the importance of artificial intelligence and digitalization in increasing the competitiveness of Estonian industry. In a panel discussion on the sidelines of the fair, he stressed that the state needs to create conditions and an environment where businesses are willing to invest more in research and development. The minister gave concrete examples of what is already being done to this end: a measure has been set up to support the remuneration of employees involved in research and development, and the state is encouraging innovation procurement so that companies can get a reference for competing on foreign markets with their innovative solutions.

Alihankinta 2024, an industrial trade fair held in Tampere, is the second largest trade fair for the outsourcing industry and a leading industrial fair in Finland, focusing on the fields of metal, machinery, plastics, electronics and IT industries. Estonia is represented there with a joint stand of 12 companies and the Federation of Estonian Engineering Industry. The companies that are part of the joint stand include Valdek, TB Works, Astro Baltics, Pentamet, Tech Group, Plastone, Radius Machining, Boomerang Cable, Danival MW, Exmet Services, Hoob, Smitech. In addition, some Estonian businesses have their own displays or booths: Lapi MT, Hanval Metall, K.MET, MPK-Import, Proforce Industry, and RGR Airon.