Estonia opened its embassy’s new premises as well as a trade and business hub in Singapore on Monday, June 5. The new business hub will serve as a gateway for the two countries to deepen trade and investment ties.
“Estonian companies see Singapore as an entry to South-east Asia. Vice versa, Estonia hopes to be a gateway for Singapore to Europe and the Nordic-Baltic region,” Estonian Prime Minister Kaja Kallas said.
She said the combined gross domestic product (GDP) of the Nordic-Baltic region makes it the world’s ninth-largest economy.
The eight countries in the region: Finland, Denmark, Estonia, Iceland, Latvia, Lithuania, Norway and Sweden, have a combined population of approximately 35 million. The combined GDP is around €2 trillion (S$2.9 trillion).
“I am glad that our two countries will be deepening our business ties by expanding cooperation. Especially in the areas of technology and innovation, ” Singapore’s acting Prime Minister, Lawrence Wong, agreed.
He noted that information and communications technology is a promising area to foster business collaboration between the two countries.
“Estonia has a vibrant tech start-up scene. We welcome your companies to use Singapore as a base,” Mr Wong said.
He added that the recently concluded EU-Singapore Free Trade Agreement will make it even easier for Estonian companies to leverage Singapore’s regional hub status.