Estonia tees off trade ties

There is immense scope for initiating trade cooperation between Estonia and India in the areas of business-to-business (B2B), education and biotechnology, among others, said Juhan Parts, Minister of Economic Affairs, Estonia, on Wednesday.

“India and Estonia have cooperated extensively in the international arena, though we our progress on trade has been unsatisfactory. There are immense opportunities for both countries to work together in the B2B space,” Parts said.

India and Estonia will sign a joint ICT agreement on Thursday, Parts said, without revealing details.  “Ninety-eight per cent of our money transfers are done on the Internet. Areas like timber processing, metals and machining are major areas for Indo-Estonian cooperation,” Parts said.

On the theme of promoting business relations with Estonia, Martin Hirvoja - Member of the Board of Enterprise, Estonia, noted that Estonia has a simple and transparent taxation system. “In Estonia, profits from a business which are reinvested are not taxed. We have not been unduly dependent on a particular industry, hence we can withstand most economic shocks. There is also a very predictable business climate, with a highly educated and motivated workforce,” Hirvoja said.

Pointing out Estonia’s high levels of cross-border trading and the proximity of Tallinn, its largest city to Moscow, Hirvoja invited Indian businesses to make use of Tallinn as a transict point and utilise its efficient warehousing facilities.