Categories
Events

Results of the business creation competition for Ukrainian refugee women

Results of the business creation competition for Ukrainian refugee women

On Thursday May 18, a business creation competition for Ukrainian refugee women was held in Tallinn.
The competition was co-organized by CAdFEthe NGO Hands For Ukraine (Hands for Ukraine) and FICE (Council of Foreign Investors in Estonia) and took place at the premises of VIVITA (an international network of creativity gas pedals for children and young people) in Tallinn.
4 business projects were submitted to the appreciation and vote of the public, made up of entrepreneurs and experts.

The event began with a speech by Violaine Champetier de Ribes as President of CAdFE, followed by Alice Järvet, representative of the NGO Hands For Ukraine, who showed a video summarizing the work carried out by Hands For Ukraine over the past 18 months to help rehouse Ukrainian refugee women and their children.
FICE President Peter Thomsen also gave a speech, followed by Jean-Marc Salsa, CAdFE board member and secretary, who introduced the VIVITA company, which had made its premises available for the event.

The first candidate to present her project is Olena Bezsmertna.
Based on a language-learning technique called Mnemo25, Olena Bezsmertna’s business project is based on the creation of an online language-learning platform.
The languages available for learning would be the most widely spoken in the European Union, as well as Estonian.
This is a “passive” learning technique, which involves watching a video containing numerous vocabulary words and their translations, scrolling at high speed.

The second candidate to present her project was Anna Lytvyn , accompanied by her partner, Maryna.
The business project presented is Fruitikia business selling healthy snacks made from dried produce.
Together with her partner, they make their own snacks from fruit, vegetables and meat, with the aim of offering healthy, pleasant-to-eat products that fit perfectly into a balanced diet.
Highly committed to the Ukrainian cause, they intend to donate 40% of the profits generated during the first months of the business to the Ukrainian army.
Today, faced with strong demand, their main obstacle is the lack of space in their current premises and the lack of additional machinery and tools to meet it.

The third candidate, Anna Pozdniakova, presented a project for a digital marketing agency for influencers.
With her in-depth knowledge of the Baltic influencer scene, Anna Pozdniakova would like to offer a service connecting Baltic companies with European influencers.
The aim is to offer companies the opportunity to work with the influencers who have the most suitable audience in terms of size or interests, in order to enhance the value of the product or service for sale.
On the influencer side, the agency would guarantee a simple and secure experience (protection against unpaid contracts, or contracts asking for the promotion of illegal or fraudulent products) while carrying out the contract research for them, enabling influencers to devote more time to content creation.

Finally, the fourth candidate to present her project is Halyna Proode, with Hallinn Cake.
Hallinn Cake is a business selling healthy and vegan cakes, without gluten, lactose or artificial coloring.
Fitting in perfectly with the diets that are all the rage at the moment, such as the Paleo or Keto diet, Hallinn Cake cakes are a great way to enjoy sweet desserts without damaging your health.
Halyna Proode makes her cakes herself, and has also taken courses to master such recipes, as well as learning photography to showcase her work.

After each presentation, time was set aside for discussion between each candidate and the audience, to answer questions and allow the audience to share their expertise and advice with the candidates.

During the presentations, the audience was able to taste the Fruitiki and Hallinn Cake projects while enjoying the buffet.

After the presentations, the audience was invited to vote by phone using a QR Code and the Mentimeter service.

The results are as follows:

1st place – Anna Lytvyn – Fruitiki: 13 votes

2nd place (ex aequo) – Halyna Proode – Hallinn Cake: 3 votes

2nd place (ex aequo) – Anna Pozdniakova – Influencer marketing agency: 3 votes

3rd place – Olena Bezsmertna – Mnemo25 language learning platform – 1 vote

All candidates were offered several mentoring sessions by CAdFE.
The overall winner Anna Lytvyn and her partner Maryna also won professional Estonian language courses offered by UN-IOM and a profile in Estonian World.

We congratulate the candidates on their participation, and our members on their attendance.

Don’t miss our next event:

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Categories
Articles

AI: How will Bürokratt make life easier for entrepreneurs in Estonia? Interview with Ott Velsberg

AI: How will Bürokratt make life easier for entrepreneurs in Estonia? Interview with Ott Velsberg

IA: Comment Bürokratt va simplifier la vie des entrepreneurs en Estonie? Entretien avec Ott Velsberg

The recent explosion in the use of Artificial Intelligence by the general public is only one consequence of the long-term efforts of various initiatives, both private and public, to obtain a tool capable of simplifying the lives of entrepreneurs, employees, customers and citizens in general.
Estonia, a pioneer in digitalization, couldn’t afford to miss out on the emergence of AI, and for several years now has been developing tools that could improve exchanges between the state and its citizens.

Ott Velsberg, Government Chief Data Officer at the Ministry of Economic Affairs and Communications of the Republic of Estonia, has been entrusted with this task.
Mr. Vesberg’s role, an expert in data science, is to oversee the strategic coordination and planning of the data ecosystem within the government, as well as various projects in areas such as AI, data governance and in particular citizen-centric data governance, privacy-enhancing technologies and open data.
He also leads the implementation of the government’s AI strategy and is particularly involved in the development of Bürokratt, the Estonian state’s virtual assistant.

The term Kratt comes from Estonian mythology, where it was used to designate a magical creature, born of a pact with the devil and responding to its master’s every command.
As the Kratt became dangerous to its owner when not given a task, the creature has today become a metaphor for Artificial Intelligence, a servant to be wary of.
The play on words with “bureaucrat” was therefore quite natural.
At first glance, Bürokratt appears to be a chatbot (conversational robot) comparable to the other virtual assistants you’ll come across on many websites, guiding you through your navigation and answering your questions.
Bürokratt’s ambition is to relieve citizens of cumbersome administrative procedures such as applying for permits or renewing identity papers, by offering an easy-to-use, intuitive platform accessible to all.
But then, how is Bürokratt comparable to ChatGPT, the artificial intelligence that’s in the news a lot these days?
Bürokratt’s field of competence, as developed by Mr. Velsberg’s team, is limited to those public services that are willing to adopt it.
In other words, Bürokratt will not answer your questions based on what it finds on the Internet, as ChatGPT currently does, but will rather use the resources provided by the services employing it, and will also have the power to fill in administrative documents based on the information it obtains during its discussion with the citizen, to an extent defined by the services in question.
Bürokratt does not create content to order, but uses the information you provide to speed up the processing of the most redundant tasks (filling in forms and transmitting files, for example).
To find out more about the features and benefits of Bürokratt, particularly for the business world, we spoke to Ott Velsberg, who agreed to answer our questions.

What are Bürokratt’s current areas of application and use, and how might these evolve in the future?

Today, Bürokratt has become a popular chatbot, used by numerous government agencies such as the Estonian Statistical Office, the police, the border guards and the municipality of Viimsi.
At present, Bürokratt’s primary function is to relieve users of administrative burdens and answer frequently asked questions.
Nevertheless, there is a growing demand to extend Bürokratt’s services.
The future of Bürokratt looks promising, with the aim of providing people with a single point of contact for interacting with the government and obtaining any information they may need.
The potential for optimizing communication with government and access to information makes Bürokratt an indispensable tool for the future of public services.
We are currently working on the implementation of voice interaction, the addition of several languages, an automatic translator and even a sign language recognition tool.
In concrete terms, if someone decides today to set up a business in Estonia, how can Bürokratt help them do that?
While the government agencies I mentioned earlier are already using Bürokratt, the Center for National Registers and Information Systems (RIK) is currently in the process of implementing Bürokratt into its operations.
RIK is responsible for the development and maintenance of the e-Financials portal, one of Estonia’s key business services.
Once Bürokratt has been adopted by RIK, it will be of great assistance to companies, facilitating administrative procedures for setting up a business, for example, or helping to provide the documents required for annual financial audits.
In addition to its use by RIK, Bürokratt is also able to notify companies of subsidies to which they may be entitled, inform them of new market opportunities, assist them with tax procedures and much more.
All in all, the process will be optimized and simplified.
This augurs well for the future of public services, which will become more accessible and practical for entrepreneurs.

Have you anticipated or seen any other needs among entrepreneurs in Estonia that the government could address via AI?

Bürokratt’s potential in the field of business-related services is enormous.
Artificial intelligence could provide companies with recommendations on wage differentials, business opportunities, new markets and so on.
For example, Bürokratt could make it easier to set up a business by offering resources and advice, but the service could also help with all kinds of tax-related administrative tasks, making tax legislation easier to understand.
Overall, the use of Bürokratt in the business world could significantly improve the efficiency and productivity of companies.
As technology advances, we can expect to see increasingly sophisticated tools providing an even wider range of services to businesses of all sizes.
You’ve already mentioned in an interview that Estonia isn’t the only country working on a project of this type.
Are you collaborating with other countries to develop Bürokratt?
What form does this collaboration take?
Collaboration and knowledge sharing are crucial to development and progress in the public service, especially when it comes to virtual assistants.
We are actively engaged in discussions with a number of countries to share our methods and explore technology transfer opportunities in order to create an interoperable network of virtual assistants.
For example, we were able to exchange views with Finland on their AuroraAI virtual assistant, but we also entered into discussions with Belgium about the adoption of Bürokratt, focusing on the possibility of providing public services across borders, to make them more convenient and accessible to citizens.
Through these discussions, we seek to identify points of common interest and understand how our technologies can be adapted and reused in other countries.
Our ultimate aim is to promote innovation and collaboration in the public sector, and move towards a future where citizens around the globe have access to quality public services.
Have you been approached by companies or governments to develop “their version” of Bürokratt?
Bürokratt’s popularity is not limited to government agencies.
Many companies have also expressed interest in implementing Bürokratt in their operations, and some have already taken the plunge.
The widespread adoption of Bürokratt in the private sector comes as no surprise, since the tool is available as open source software.
Companies can easily take advantage of Bürokratt’s capabilities in terms of optimizing administrative tasks, reducing costs and increasing overall efficiency.
As the use of Bürokratt becomes more widespread in many sectors, we expect more and more organizations to benefit from its many advantages.
In view of the controversies and concerns about the democratization of AI, do you consider Bürokratt to be a safe technology?
Ensuring that Bürokratt is a safe and secure technology for our users is of paramount importance to us.
Privacy, trust and cybersecurity are major components of our development process, and we systematically ensure that our tools adhere to the highest security standards.
To this end, we implement rigorous security measures and protocols throughout the development cycle, from design to deployment.
We continuously monitor and respond to potential security breaches.
Our dedication to security and privacy is reflected in the high level of trust our users place in Bürokratt.
We recognize the vital importance of maintaining this trust, and will continue to prioritize security in the development of our technologies in the future.
Note: This interview was originally conducted in English.

Arthur Fertier

Trainee at CAdFE

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Categories
Events

Cocktails and dinner with MEDEF Lille métropole: a look back at the evening at the TV Tower

Cocktail and dinner with MEDEF Lille métropole:
Review of the evening at the TV Tower

Cocktail et dîner avec le MEDEF Lille métropole: retour sur la soirée à la Tour TV

Last Monday, CAdFE members had the opportunity to visit Tallinn’s TV Tower for a cocktail party and dinner organized as part of a MEDEF Lille Métropole Learning Expedition to Estonia.
In an exceptional setting, our members and those of MEDEF Lille Métropole were able to exchange ideas and create new business opportunities.

A regional component of MEDEF, France’s leading business network (with over 173,000 members nationwide), MEDEF Lille Métropole brings together entrepreneurs who want to exchange, grow and engage in local public debate.

Particularly interested in the themes of AI and digitalization, MEDEF Lille métropole visited Estonia to meet the many players who are making this country a global reference in the digital field.
In the midst of a busy schedule of meetings, MEDEF Lille Métropole made a point of meeting CAdFE and its members for a cocktail party and dinner at the top of Tallinn’s TV Tower.

Our president, Violaine Champetier de Ribes, introduced CAdFE to MEDEF members in a speech attended by representatives of major tech and retail companies, banks, universities and research institutes.

They were able to make initial contact with CAdFE members and representatives of the French Embassy in Estonia at a cocktail party featuring Estonian products.

Discussions continued over lunch, taking in the panoramic view of Tallinn and its bay.

We would like to warmly thank our members and those of MEDEF Lille métropole for their presence at this event.

Don’t miss our next event:

Contact us!

✉ contact@ccife.ee

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Categories
Events

New beginnings: Supporting Ukrainian women through mentoring

New start:
Supporting Ukrainian women through mentoring

Nouveau départ : Soutenir les femmes ukrainiennes par le mentorat

Join us on May 18 for a presentation of four business projects run by Ukrainian refugee women in Estonia.

This event is organized in collaboration with Hands for Ukraine, an Estonian NGO that helps Ukrainian women with children find housing in Estonia, and with FICE (Foreign Investors Council of Estonia).
The competition aims to identify a group of Ukrainian women who are fluent

who want to set up their own business in Estonia.
Four projects will be presented.
Event participants will be able to vote for their favorite project.
The overall winner of the competition will receive a first prize, and all winners will be offered mentoring by members of the Chambers of Commerce.

Here’s a summary of the projects:

🍰 Halyna Proode’s project is to set up a company making plant-based cakes and desserts, gluten-free and lactose-free, without refined sugar, artificial food coloring or eggs.

💻 Anna Posdniakova’s project is to create an influencer marketing agency, bringing together all the influencers in Estonia, Latvia and Lithuania to connect them with companies looking for the best influencers.

🥓 Anna Lytvyn’s project is to set up a business selling healthy snacks such as dried fruit, dried fruit rolls, dried meat and dried vegetables.

🔠 Olena Bezsmertna’s project is to create an e-learning platform for the most widely used languages in the European Union – English, German, French – but also Estonian.
The platform will be open to any number of students, and will be based on the “Mnemo” learning technique.

Join us in supporting entrepreneurship and contributing to the integration of Ukrainian women into Estonian society.
This is an exciting initiative that reflects the values of the Estonian business community, committed to promoting diversity and inclusion.

Volunteers are needed to mentor the winners.
This is a great opportunity for members of the business community to give back and help support a group of women who are motivated and eager to succeed.

If you would like to volunteer to become a mentor or need more information about the event, please contact the Club d’Affaires des Francophones en Estonie or Hands for Ukraine or FICE for more information.

Registration is compulsory.
Tickets include access to the Ukrainian buffet.
https://bit.ly/EmpoweringUkrainianWomenThroughMentoring

Tickets for CAdFE members are free*.

The price for non-members of CAdFE is EUR 10.00 per person.

*only valid for CAdFE members with an active subscription.

If you would like to join CAdFE and benefit from the discount, please email us at events@cadfe.ee.

No refunds within 24 hours of the event.

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

Download the CCIFI Connect application

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

Download the CCIFI Connect application

Accelerate your business thanks to the 1st private network of French companies in 94 countries: 119 chambers | 33,000 companies | 4,000 events | 300 committees | 1,200 exclusive advantages

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Categories
Conferences

A look back at our conference: Opportunities and prospects for Estonia’s energy transition

Back to our conference:
Opportunities and prospects for energy transition in Estonia

Retour sur notre conférence: Opportunités et perspectives de la transition énergétique en Estonie

Last Thursday, we held our conference on the theme of energy transition in Estonia, at which our speakers, professionals from the sector, shared their visions and forecasts for the development of the energy market in the region.
Our members also had the opportunity to ask questions and discuss future issues.

The conference began with an introductory speech by our President, followed by our first speaker, Kristo Kaasik, Director of the Renewable Energy Sector at Estonia’s Ministry of Economic Affairs and Communications.
Kristo Kaasik began his speech by taking stock of Estonia’s progress towards its targets for renewable energy production and consumption, in comparison with other European countries.
Estonia is the 8th European country with the highest share of renewable energy in its production (30.2% in 2020).
Nevertheless, Estonia has real difficulties in producing low-cost energy, which penalizes it and makes it less competitive on this market.
In any case, the country is not lacking in ambition, since the government’s stated goal is for 100% of the energy produced in Estonia to be renewable by 2030.
Kristo Kaasik also gave us an overview of the resources and infrastructure being deployed to achieve these targets, via solar and especially wind power projects.
This also involves changes in legislation to speed up the launch of these projects and achieve these targets on time.
In this way, Estonia also hopes to gain energy independence.

Then it was the turn of Raido Hallik, Director of Services and Renewable Energy Development at Enefit Green.
Raido Hallik began by pointing out that the current energy crisis has highlighted the extent of the EU’s dependence on fossil fuels.
Enefit Green’s ambition is to become the largest producer of renewable energy in the Baltic States and a major player in this sector in Poland.
Enefit Green currently relies on long-term energy sales contracts to invest in new renewable energy infrastructures, with a focus on solar/wind complementarity.
In particular, our speaker stressed the need to develop offshore wind farms.
Questioned by one of our members about the absence of a development plan for nuclear energy in Estonia, Mr. Hallik explained that Estonia had no experience in this field and therefore risked wasting too much time training the many engineers and workers needed for this kind of project.

Finally, it was the turn of Stéphane Lobbedey, former director of the Normandy region’s renewable energies department, to speak.
Mr. Lobbedey began by presenting the Normandy region in terms of energy production.
The Normandy region has been at the forefront of marine renewable energies (MRE), with the very first French offshore wind farm project at Veulettes-sur-Mer in 2005.
The region’s attractiveness in terms of MRE stems from a strong focus on coordination between local authorities, energy producers and universities, as well as international cooperation (with Canada and Scotland in particular).
The Normandy region has also made major investments in its infrastructure, such as the ports of Le Havre and Cherbourg.
Mr. Lobbedey then turned to the subject of hydrogen, which again has been the source of major investment in the Normandy region.
Numerous hydrogen-related projects and initiatives were presented.
Our conference ended with a buffet and a time dedicated to exchanges and networking.
We would like to thank our speakers for their rich explanations and expertise, and our members for their presence.
Don’t miss our upcoming conferences & events:
  • April 5: Breakfast at the French Embassy in Estonia

  • April 20 – 18:00/21:00: Start-up competition – New start: Empowering Ukrainian women through mentoring

  • May 8 – Cocktail + Dinner with MEDEF Lille Métropole

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

Download the CCIFI Connect application

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Categories
Conferences

Opportunities and prospects for Estonia’s energy transition

Opportunities and prospects for the
energy transition in Estonia

Opportunités et perspectives de la transition énergétique en Estonie

Take part in our exclusive conference with leading experts on March 16.

Faced with the challenges of climate change, the European Union has set ambitious targets on several occasions since 2008.
With the “fit for 55” legislative package presented in July 2021 by the European Commission, the European Union would aim to reduce greenhouse gas emissions by 55% by 2030 and achieve carbon neutrality by 2050 in all member states.
Due to the war in Ukraine, the RePowerEU plan was adopted in 2022, with a target of 45% renewables in electricity production by 2030.
Targets have also been set for hydrogen.
For example, France is a long way from meeting its climate targets (as the French president has stated).
The country would have to make twice as much effort to get on track.
This implies a great deal of investment, while facilitating the energy transition.
So what’s the situation in Estonia?
How does the country plan to meet its targets?
How can the energy transition also help develop the economy?

with :

– Kristo Kaasik, head of the renewable energy sector at Estonia’s Ministry of Economic Affairs and Communication.

– Raido Hallik, Head of Renewable Energy Development and Services at Enefit Green

– Stéphane Lobbedey, former head of the Normandy region’s renewable energies department.

  • Registration is compulsory.
    Tickets give access to the buffet.

The price for CAdFE members is EUR 10.00 per person (a hot buffet is included).

The price for non-members of CAdFE is EUR 20.00 per person (a hot buffet is included).
* only valid for CAdFE members with an active subscription.

If you would like to subscribe to CAdFE and benefit from the discount, please send an e-mail to event@cadfe.ee.

Agenda:

18.00 Doors open and welcome buffet

18.10 Greetings from Violaine Champetier de Ribes, President of CA(d)FE.
18.15 Kristo Kaasik : Past actions and future plans to meet Estonia’s climate/energy transition targets.

-18.35 Q&A

-18.45 Raido Hallik: What are Estonia’s next (committed) steps, the challenges ahead and how is the sector evolving?

-19.05 Q&A

19.15 Stéphane Lobbedey: The Normandy experience.
How has an industrial sector been built up in marine renewable energies and hydrogen?

-19.35 Q&A

-19.45 Social time

-21.00 End

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

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Stay informed!

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

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Stay informed!

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Categories
Articles

What does the Central Bank of Estonia predict for the economy in 2023?

What economic forecasts for 2023
according to the Central Bank of Estonia?

Quelles prévisions économiques pour l’année 2023 selon la Banque Centrale d’Estonie ?

The inflationary and energy crisis affecting the European Union has been particularly severe in Estonia, with the highest inflation rate in Europe in 2022 (19.4%).
Yet demand has held up, thanks in particular to high levels of disposable savings.
This has enabled companies to achieve relatively good results.
However, the collapse in demand is beginning to show and is likely to accelerate in Q1 2023.
As a result, the macroeconomic outlook for 2023 is darkening.
A long-term exit from the crisis is possible at the expense of a balanced budget, a first for Estonia.

A macro-economic situation that has held up relatively well in 2022

In contrast to the rest of the European Union, the inflationary crisis will begin in Estonia at the end of 2021, with the reform of Pillar II of the pension system, making over a billion euros of liquidity available on the market.
Added to this is the high level of savings available as a result of the Covid crisis, which further supports demand and creates the first inflationary pressures.
The war in Ukraine, which began in February 2022, accentuated these tensions and made the situation uncontrollable: between November 2021 and November 2022, inflation was almost 22.5% (then 19.4% from January 2022 to January 2023).
Despite this high inflation, demand remained stable in the first three quarters of 2022, mainly because households opted to draw on their disposable savings.
While this helped to accelerate inflation, it also enabled companies to weather the crisis well: over the course of 2022, the unemployment rate fell by one point, from 6.2% to 5.2%.
By way of comparison, the European average is 6% at the end of 2022, and France 7.1%.
In addition to sustained demand, the post-Covid recovery is also responsible for this buoyant job market.
Labor shortages may even have emerged in certain sectors, and salaries have risen by 8.7% over 2022, with the average salary standing at almost EUR 1,682.
In 2022, however, the Estonian economy experienced a slight recession, at -0.5% according to the Central Bank of Estonia.
This should be qualified by the fact that, at the same time, the Ministry of Finance announced growth of 1%.
In any case, these figures contrast sharply with the strong dynamism of 2021, with its 8.5% growth.
Public finances were relatively sound over the year: spending to support the population came late in the year, while revenues rose sharply from the start, thanks in particular to sustained demand despite inflation.
As a result, the public deficit is below 2% for 2022.

A gloomy outlook for 2023

The strong demand of the first three quarters of 2022 has slowed since the fourth quarter, due to dwindling disposable savings and inflation outstripping wage growth.
This drop in domestic demand, combined with higher production costs due to energy inflation, is a major threat to businesses.
We must also take into account the direct consequences of European sanctions against Russia: the Central Bank of Estonia estimates that 11% of Estonian employees depend on products of Russian origin.
Faced with these difficulties, the companies concerned are likely to lay off over 1,000 employees.
Added to this are the Ukrainian refugees: at the beginning of December 2022, almost 6,300 of them were registered as unemployed, i.e. 12.6% of the registered unemployed.
In 2023, unemployment is set to soar: the Central Bank of Estonia anticipates an unemployment rate of almost 8.5% in 2023 and 8.7% in 2024.
Against this backdrop of crisis, the Central Bank of Estonia anticipates growth of 0.4% in 2023 (compared with 0.5% for the Ministry of Finance).
Similarly, inflation will fall but remain high: the Central Bank of Estonia forecasts a 9.3% rise in prices in 2023 (compared with 6.7 for the Ministry of Finance).
Although the government measures introduced in autumn 2022 may have contained energy inflation somewhat, falling temperatures are likely to push it up again.
This uncertainty, combined with falling domestic and foreign demand and rising interest rates, is discouraging companies from investing.
The Central Bank of Estonia believes that the effect of the austerity monetary policy is being counteracted by a fiscal policy that it considers to be stimulative, as it is too deficit-oriented.
In fact, the budget deficit will increase exponentially in 2023: on the one hand, revenues will fall due to the decline in consumption and the rise in non-taxable social minimums, and on the other, expenditure will rise sharply, notably due to the increase in family allowances and the rise in public-sector wages to bring them into line with the private sector.
Consequently, without major policy changes during the year, the budget deficit will be 4.6% of GDP in 2023.

A long-term way out of the crisis at the expense of a balanced budget

The region’s geopolitical context makes long-term predictions uncertain.
However, the Central Bank of Estonia anticipates a strong recovery in 2024, with growth of 3.1% (compared with 3.0 according to the Ministry of Finance) and inflation down to 2.8% (1% according to the Ministry of Finance).
In the long term, this recovery will help to reduce unemployment, which is expected to remain at 8.7% in 2024, before falling to 7.6% from 2025 onwards.
The 2023 budget voted by the Estonian Parliament at the end of November prioritized the energy and security emergency over budgetary balance by introducing numerous new expenditures (i.e. more than 3% of GDP allocated to the defense sector).
In the absence of major geopolitical or economic developments, the budget deficit should rise to 4.6% of GDP in 2023, then fall by 0.7% a year to 3.8% in 2024, 3.1% in 2025 and fall back below 3% in 2026, with a deficit of 2.6% of GDP.
According to the Central Bank of Estonia, as public spending is incompressible due to its strategic importance, the only room for manoeuvre available to the State is on the revenue side.
The Central Bank concludes its report by pointing out that the tax burden is one of the lowest in the European Union (33.3% of GDP), whereas the EU average is around 40%.

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Categories
Articles

Estonia’s foreign trade in the first three quarters of 2022

Estonia's foreign trade at
in the first three quarters of 2022

Le commerce extérieur de l’Estonie lors des trois premiers trimestres 2022

Estonia’s foreign trade in goods by value grew strongly in the first half of 2022, driven by a sharp rise in both export and import price indices.
This strong increase seems to mask a stagnation, or even a decline, in Estonian foreign trade by volume.
Nevertheless, the structure of Estonian trade remains unchanged: Estonia trades mainly with its neighbors and within the EU, leading it to develop a slight trade deficit of EUR 2.5 bn (compared with EUR 1.25 bn for the first three quarters of 2021).

Estonian foreign trade: strong price-driven growth

In the first three quarters of 2022, Estonia exported goods worth EUR 16 bn and imported goods worth EUR 18.5 bn.
In both cases, this represents a marked increase on the first three quarters of 2021, when exports totaled EUR 13.17 bn (+21%) and imports EUR 14.42 bn (+28%).
The trade deficit doubled from EUR 1.25 bn to EUR 2.5 bn (+100%).
These increases are mainly due to higher prices (export price index: +23.1% between September 2021 and September 2022, year-on-year; import price index: +24.8%).
This means that the increase in trade by value is not reflected in trade volumes.
As a result, export volumes in the first three quarters of 2022 are lower than in the first three quarters of 2021 (-2% year-on-year).
On the other hand, import volumes increased (+3.2%).
Of the 16 bn EUR of goods exported by Estonia, 10.11 bn EUR were of Estonian origin – 63% of the total exported.
The proportion is lower than in the first three quarters of 2021, when Estonia exported EUR 9.61 bn of goods of Estonian origin.

The country will export machinery and electronic equipment worth EUR 3.26 billion in 2022, EUR 242 million more than in 2021.
This type of product accounts for the largest share of exports (20.4%), followed by mineral and petroleum products (EUR 3.17 bn, or 19.9% of exports).
Exports of mineral products have risen by 43% compared with 2021 (EUR 2.225 billion in 2021), an increase of EUR 952 million.
Exports of wood products have also risen, from 1.43 billion EUR in 2021 to 1.79 billion EUR in 2022.

Machinery and electronic equipment are also the main import items, accounting for EUR 3.68 bn, or 19.9% of total imports for the year.
Mineral and petroleum products also saw the biggest increase over the year, rising from EUR 2.31 billion in the first three quarters of 2021 to EUR 3.68 billion in 2022.
This 59% increase is mainly due to higher energy and hydrocarbon prices.
Mineral and petroleum products accounted for 16% of Estonia’s imports in the first three quarters of 2021, compared with 19.9% in 2022.
In 3rd and 4th place in 2022, we find metal products (EUR 1.86 bn, +34%) and transport equipment (EUR 1.72 bn, +16%).

Trade is primarily regional and European

Estonian foreign trade is highly integrated at regional level.
Indeed, the main trading partners for goods were neighboring countries in the first three quarters of 2022 (six in the country’s top ten partners).
First and foremost is Finland, by far the most important trading partner, accounting for 15% of the country’s trade, to the tune of EUR 5.2 billion.
In second place, we find Latvia, with trade amounting to 3.95 billion EUR, or 11% of Estonia’s total trade in 2022.

Other neighboring countries in the top ten are Lithuania (3rd with EUR 2.88 bn, 8%), Sweden (4th with EUR 2.78 bn, 9.2%), Russia (6th with EUR 2.11 bn, 6%, as European sanctions had not yet come into force) and Poland (7th with EUR 1.69 bn, 5%).
All in all, more than half of Estonia’s trade is with neighboring countries (54% of trade), up 3 points on the first half of 2021, with Germany (5th; EUR 2.74 bn; 8%), the Netherlands (8th; EUR 1.34 bn; 4%), the USA (9th; EUR 1.18 bn; 3%), and Denmark (10th; EUR 767 m; 2%).

As the top ten illustrates, Estonia is very much part of the European bloc (8 partners in the top 10 are EU members).
In the first three quarters of 2022, total trade between Estonia and the rest of the EU amounted to 26.4 billion EUR, or 77% of Estonia’s total trade.
Exports to the EU reached 11.6 billion EUR in the first half of the year, up 22% on the first three quarters of 2021.
Imports from member states amounted to EUR 14.8 billion, up 30%.
Estonia recorded a trade deficit with the EU of EUR 3.2 bn in the first three quarters of 2022, compared with EUR 1.9 bn in 2021.

Bilateral trade relations with France: balanced, limited trade

Bilateral trade with France grew markedly between 2021 and 2022.
Indeed, trade between Estonia and France reached 569M EUR in the first three quarters of 2022, compared with 513M EUR over the same period in 2021.
This represents an increase of 16% in one year, less than other countries, which drops France to Estonia’s 14th trading partner.
Estonian exports to France totaled 301M EUR, up 22% on the first three quarters of 2021.
Imports from France, on the other hand, rose by 11% year-on-year to 295M EUR for the first three quarters of 2022.
This means that Estonia’s trade balance with France is almost balanced, with a trade deficit of just 6M EUR.

Estonia’s main export to France is timber and timber products, worth 76.8M EUR in the first three quarters of 2022.
These products accounted for 28% of Estonian exports to France.
The other main export sectors to France are machinery and electronic equipment (57.6M EUR; 21% of exports to France), and chemical and industrial products (45.6M EUR; 17%).
Overall, the main sectors of the Estonian economy exported less to France in 2022 than in 2021, with the exception of the wood sector (+26%) and the seeds sector, which rose by a staggering 1827% (from 0.7M EUR, 0% in 2021 to 11.49M EUR, 4% in 2022.

Conversely, Estonia imports from France mainly transport equipment (98.6M EUR; 29% of imports), metal products (65.9M EUR; 19%) and chemical products (55.2M EUR; 16%).
Estonian imports from France rose by 22% compared with the first three quarters of 2021.
This increase was mainly driven by metal products (+99%).

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Categories
Visit

Chocolala workshop with CAdFE

Chocolala workshop with CAdFE

Atelier chez Chocolala avec CAdFE

The Chocolala workshop was fantastic!

Many thanks to Youssef Laban and his team.
We learned a lot about cocoa and chocolate.
Estonians love chocolate!
They eat 13 kilos per capita per year, making them the fourth-largest chocolate consumers after the Belgians, the French and the Swiss.
Atelier chez Chocolala avec CAdFE

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Categories
Events

Special CAdFE and BECC evening France-England match on 10.12 at 9pm.

Special CAdFE and BECC evening
France-England match on 10.12 at 9pm.

Soirée spéciale CAdFE et BECC Match France-Angleterre le 10.12 à 21h00.

With the World Cup Final just around the corner, we invite you to join us for one of the most exciting matches of the tournament: France vs England!

Kick-off is at 21:00, and Nimeta Bar will be broadcasting the match on 2 big screens and 15 other TVs.
The event is free and open to all, so join us and support your favorite team!

Join us at the Nimeta bar, Suur-Karja 4, 10140 Tallinn at 9pm.

Let’s watch the game together!
No registration, no fees and the pub has no name 😉

Contact us!

✉ contact@ccife.ee

CCI France-Estonie is proudly affiliated to CCI France International, the worldwide network of French Chambers of Commerce and Industry.

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie

Contact us!

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Copyright 2024 Chambre de Commerce et d’Industrie France Estonie