Riyadh, November 7, 2024 – Erkki Keldo, the Republic of Estonia’s Minister of Economy and Industry, highlighted the country’s dynamic approach to entrepreneurship during a panel discussion at the "Biban 24" Forum in Riyadh. He emphasized the importance of developing entrepreneurial strategies in collaboration with local Estonian companies, which has played a crucial role in attracting both local and international entrepreneurs. Keldo pointed out that entrepreneurship should be a driving force in the global economy, rather than a burden constrained by excessive regulations and organizational frameworks. He advocated for creating a flexible, innovation-driven environment to allow businesses to thrive without unnecessary hindrances.
Keldo outlined three key pillars that have contributed to Estonia’s entrepreneurial success: technology, human resources, and access to capital. He explained that Estonia has made significant efforts to ensure that startups and small and medium-sized enterprises (SMEs) have the support they need to grow and succeed. Access to capital is particularly important, as it enables startups to scale their operations and innovate. Additionally, the minister stressed the importance of fostering a talent pool of innovative individuals, noting that Estonia prioritizes attracting skilled workers who contribute to the country’s flourishing entrepreneurial ecosystem.
The minister also highlighted Estonia's leadership in the field of digitalization, positioning the country as a hub for technological advancement in Europe. Keldo noted that Estonia’s commitment to digital innovation is deeply ingrained in its culture, with a continuous pursuit of diverse solutions to maintain its competitive edge. This commitment to digital transformation, coupled with a favorable business environment, has helped Estonia become one of the fastest-growing entrepreneurial regions globally. Through its focus on technology, talent, and accessible capital, Estonia has positioned itself as a major player in Europe’s tech industry, attracting a wide range of companies, from startups to established businesses.
Keldo concluded by reiterating that Estonia’s growth as a global entrepreneurial hub is a result of its forward-thinking policies, business-friendly regulations, and emphasis on technological and digital advancement. With these elements in place, Estonia is poised to continue its rapid development in the entrepreneurial sector.
