BAKU, Azerbaijan, August 23. The Estonian government convened to deliberate on innovative strategies aimed at enhancing business diplomacy, with the objective of diversifying export markets and bolstering economic growth, Trend reports.
During the convening, officials underscored the criticality of
sustained synergistic collaboration among the Ministry of Foreign
Affairs, the Ministry of Economic Affairs and Communications, and
Enterprise Estonia in facilitating the internationalization of
domestic enterprises.
“Estonian export dynamics exhibit a pronounced concentration within
the European Union, which constitutes approximately 70 percent of
our goods and services outflows.” "Engaging with more remote
markets necessitates enhanced governmental backing and a strategic
footprint via diplomatic missions," articulated Foreign Minister
Margus Tsahkna.
Tsahkna articulated that Enterprise Estonia, in conjunction with
the Foreign Ministry, is strategically collaborating to facilitate
market penetration for enterprises, extending beyond proximate
territories to encompass more distant locales.
“Our objective is to enhance our strategic emphasis on the
Asia-Pacific region, the African continent, the Middle Eastern
territories, and the South American markets.” To execute this
initiative with optimal efficacy, it is imperative to establish
contemporary foreign representation that encompasses all pivotal
regions essential for bolstering Estonian exports and facilitating
investment attraction,” he elucidated.
Minister of Economic Affairs and Industry Erkki Keldo highlighted that entry into new markets demands thorough preparation and understanding of local business environments.
“The state can support companies by ensuring a permanent presence in target markets, helping them better understand local business culture, laws, and supply chain specifics. Through our embassies and trade advisers, Estonian companies can gain reliable information on opportunities and risks while building valuable connections with local partners and clients,” Keldo said.
He added that export priorities have been set together with industry associations and included in a national export action plan. To back these efforts, Estonia has also created a dedicated export support scheme, allowing companies to jointly prepare for entering new markets and scaling up the sale of products and services abroad.
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