Estonia Singapore PM Business

Estonia launches business hub in Singapore

Estonia inaugurated its new embassy and trade and business hub in Singapore on Monday. Estonia ranks among the most technologically advanced economies in the European Union.

The Estonian Business Hub is located at 18 Robinson Road in Singapore’s central business district. The purpose of the business hub is to enhance trade and investment relations between the two countries.

This marks the second business hub to be established, with the first one opening in Seoul, South Korea, in January.

During the opening ceremony, Estonian Prime Minister Kaja Kallas expressed that Estonian companies view Singapore as a crucial gateway to Southeast Asia.  She also added that Estonia aspires to be a gateway for Singapore to Europe and the Nordic-Baltic region.

Kallas highlighted the impressive combined gross domestic product (GDP) of the Nordic-Baltic region, which ranks as the world’s ninth-largest economy. The region encompasses Finland, Denmark, Estonia, Iceland, Latvia, Lithuania, Norway, and Sweden. It has a collective population of approximately 35 million and a combined GDP of around €2 trillion (S$2.9 trillion).

Both Estonian and Singapore Acting PM agree on strengthening ties

Acting Prime Minister Lawrence Wong echoed Kallas’ sentiments. He emphasized that both Singapore and Estonia are well-positioned as launch pads for their respective regions.

Wong expressed his satisfaction with the expanded business collaboration between the two countries, particularly in technology and innovation. He emphasized that the information and communications technology sector holds immense potential for fostering partnerships.

Estonia boasts a highly advanced digital infrastructure, enabling 24/7 accessibility to online government services. Moreover, approximately 98 percent of businesses in the country are established online. In addition, a significant 67 percent of Estonians regularly utilize digital identification in their daily lives. This impressive digital prowess has attracted a multitude of startups across diverse sectors, such as fintech, cleantech, deeptech, and artificial intelligence.

Wong encouraged Estonian tech startups to consider Singapore as a base for expanding their operations and forming partnerships with local investors and organizations, ultimately facilitating international expansion into Southeast Asia and beyond. He also highlighted the recently concluded EU-Singapore Free Trade Agreement, which further facilitates Estonian companies’ utilization of Singapore’s regional hub status.

The Estonian embassy officials accompanying Prime Minister Kallas noted that their delegation was the largest ever to accompany an Estonian prime minister. According to the officials, this indicates a high level of interest in Singapore.

Kallas emphasized that both Estonia and Singapore are at the forefront of digital advancement globally and have much to learn from each other, as well as offer to the world.

Estonian Ambassador hopeful

Estonian Ambassador to Singapore, Mr. Priit Turk, emphasized the similarities between the two countries. These similarities include their open economies, adoption of new technology, and fostering of innovation. He expressed optimism about the potential for innovative global solutions resulting from synergies between the two nations.

Turk noted a significant shift in Estonia’s exports to Singapore in recent years. Exports have transitioned from primarily goods-based trade to a stronger emphasis on services. He expressed hope that the new Estonian Embassy and Business Hub would serve as a vital point of contact for political, economic, and cultural exchanges. He added that he hopes it would further strengthen the ties between Estonia and Singapore.

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