TOP ESTONIAN ENTERPRISES

President
of the Republic
of Estonia
at the Entrepreneurship
Award Gala
in the Concert Hall of
Estonia on September 15,
2009 in Tallinn
Even in the difficult times of the present day we
most certainly need some celebration as well.
Also, we all need optimism and especially faith
in the future right now. In spite of everything,
this faith has been preserved in us. We just need
to know how to see it. Let the presentation of
the entrepreneurship awards today inspire hope
in us. There are enterprises and entrepreneurs
in Estonia who manage well in spite of everything
even in the times most difficult for the
economy.
In comparison with a time one year ago, we are
already wiser today. New winds have started to
blow in the world economy. It is entirely possible
that global economy has reached the turning
point right now, or is just about to get there.
that the national economic policy has also covered
one half of the journey, if we are to consider
the efforts made so far to balance the
state budget.
But the other half will not be easier to navigate.
The role of the budget for 2010 is critical in
many aspects – both for the fiscal sustainability
and the coming of the euro.
There is still one more topic I want to touch
upon. This topic was on my desk already on the
very first day I took office, and it will remain
there for yet some time to come. It is the topic
of the productivity of the Estonian economy,
which still lags far behind in comparison with
the developed European countries.
TOOMAS HENDRIK ILVES
The President of the
Republic of Estonia
In that sense there is less uncertainty than a
year ago. And there is all the more reason to
look forward, as the economic recession in
Estonia will not go on for ever.
The great global crises changes the economies,
the former relations of power, as well as people.
Most certainly, the Estonian economy today
is not the same “bubble economy” we experienced
only recently. In that sense the changes
have been more substantial than the ones
demonstrated by the statistics only.
Probably the difficult times have also changed
the people present here today. You are certainly
more realistic. But I hope that also more inventive
and innovative.
The world economy is emerging from the crisis
and may well have walked half of the road on its
way to a new rise. It is quite possible that the
Estonian economy has also covered half of the
road or will have, very soon. Should this be so, we
have also covered half of the journey on our way
to becoming adjusted to the new situation. That
said, however, we still have another half to go.
It has been said that the fastest to react to the
recession and to adjust to the changed circumstances
were the simple Estonian people. They
have done so by limiting their consumption and
costs. Including those, whose salary has not
significantly decreased. And those, who do not
have to fear for losing their jobs.
It is quite obvious that there was little or no
need to change anything during the good times,
as we were doing fairly well, anyway. This
means that changes are urgently needed today,
as the new rise can be hardly expected to follow
the old trail. The flood of cheap money, experienced
some years ago, will never come in the
same form again. The development acceleration,
which automatically accompanied European
Union Member State status, is today in the
past.
Although we do not know yet what the new rise
will be like and which sectors will be in the lead,
it is clear, that it will be different from the previous
one. And let us be ready for that also in
our spirit, as without new solutions and values
there is a risk that we will not notice that rise.
I do not want to repeat my words about investing
into education, science and development, as
they have begun to sound like a mantra already.
This should go without saying. For it is not
possible to image the economy of a successful
Estonia without those three keywords.
That is why I will only repeat one sentence from
my speech from the last year, which went like
this, and I quote: “I hope that the main prizes
will go to innovative enterprises”. The productivity
of the economy cannot be expected to increase
without innovative solutions, and the
legendary industriousness (or laboriousness?)
of the Estonians alone will not be enough.
I am sure that also a large part of the businesses
have undergone an adjustment. We
know that those, who cannot adapt to the
changed world, will simply soon cease to exist
according to the logic of economy.
For the closing I wish the entrepreneurs
strength to manage well today and to have good
ideas in the future. It all depends on you, what
the Estonian economy will look like tomorrow,
in a year and in ten years.
The economic policy of the state has also
changed over the past year. It is quite possible
I wish everyone hope in the future! •
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