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Executive Report on Strategies in Estonia
ICON Group International, June 2007, Pages: 385
How to Strategically Evaluate Estonia
Perhaps the most efficient way of evaluating Estonia is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Estonia
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Estonia. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Estonia:
Openness to Trade in Estonia
Openness to Direct Investment in Estonia
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Estonia. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Estonia over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Estonia when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Estonia as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Estonia. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Estonia.
As a whole, this report presents a strategic assessment of Estonia by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN ESTONIA
Economic Fundamentals and Dynamics
Government Intervention Risks
The economic reforms put in place in Estonia have limited the government’s role in the economy to an extraordinary degree. Because of a balanced budget legal requirement and the use of the currency board system, the government has an extremely restricted range of instruments with which to influence the economy - the size of Estonia’s money supply is directly determined by the amount of foreign exchange it can attract through exports, loans or investments. The exchange rate of the Estonian Kroon to the Euro is fixed at 1 EUR =15.6466EEK. Beyond the constraints imposed by the legally mandated balanced budget, the government has been extremely reluctant to issue sovereign guarantees from international financial institutions.
In November 1999 Estonia became a member of the WTO. Since January 1, 2000, Estonia has imposed customs duties on agricultural imports from third countries (including the United States), with which it has not concluded a free trade agreement. Nevertheless, the government continues to restrict its role in the economy by not levying import tariffs on other goods and by limiting excise taxes to a small range of products.
Estonia has completed its privatization program.
Infrastructure Development
IT and Telecommunications
The Estonian telecommunications industry, which is led by Eesti Telekom, includes both the fixed line and mobile business. The Estonian mobile communications market is dominated by three operators: EMT (owned by Eesti Telekom); Radiolinja Eesti (owned by Elisa Communications) and Tele2 (owned by Tele2 AB).
Significant investments have been made into the telecommunications infrastructure. Fiber optic cables cover the entire country. Direct undersea connections to Sweden and Finland and links to neighboring Russia and Latvia guarantee first-class international communications.
The share of Internet-users is high in comparison to EU countries. Estonia leads the way among the Baltic States in Internet usage -- 43% of the population uses the Internet.
For specific information on data communication companies, visit: http://www.ee/www/business/communication/data_communication/welcome.html.
Transportation
The Estonian road network is comparable to Nordic countries in terms of its density. The infrastructure along the main highways has been improving rapidly as modern gas stations and better roads have been built. Main routes connect Estonia with Russia in the east and with Latvia in the south. The Via Baltica connects Central and Northern Europe with the Baltics. Domestic transport is dominated by road transport.
More than 90% of the freight transit through Estonia is by rail. The shortest route from Russia to Western Europe and to North America is through the Baltic States. The Estonian-Russian border is only 210 km from the Port of Tallinn by railway and 1,100 km from Moscow. The length of the railway system’s operating lines is 968 km, of which 132 km are electrified.
Located in the Baltic Sea region, Estonia has captured an increasing share of the rapidly growing trade through the Baltic Sea. There are around 100 ports along the coast of Estonia, 31 of which handle commercial shipping and are open to vessels from other countries.
Tallinn International Airport, renovated in 1999, is open to international and domestic flights. International air links with most Scandinavian and European cities have been established.
Energy
Estonia is self-sufficient in electric power; its two large oil shale-fired power plants have a generating capacity of about 3000 Megawatts -- about twice Estonia’s domestic demand. Because of its oil shale reserves, Estonia does not need to rely on other sources for fuel. Therefore, renewable energy production is marginal. The power plants are undergoing renovation to bring them into compliance with international environmental standards.
Political Risks
The Political System
Estonia is an independent and sovereign democratic republic. Estonia’s government is divided into four branches: a president, the Riigikogu (a unicameral parliament), the government (a cabinet led by the prime minister), and the courts. There is universal suffrage for Estonian citizens over 18 years of age residing in Estonia or abroad. Non-citizen permanent residents have the right to vote in municipal elections but not in national elections.
There are fewer than 15 political parties active in Estonia, and party membership is low (compared with the U.S.) but is growing.
All governments to hold power since the general elections in 1992 have proclaimed the development of an open market economy to be the main principle of economic reform.
Economic Relationship with the United States
For Estonia, trade and investment relations with the U.S. are of strategic importance; its security policy is reliant upon economic integration with the West. And, because economic prosperity encourages stability, economic relations between Estonia and the United States play a significant role in the development of a stable and prosperous Europe as a whole. This in turn benefits the United States with a stable market for U.S. companies and a friendly co-operative international partner.
The U.S. has implemented several sound policies aimed at strengthening a prosperous trading relationship. Economic policies which have helped guide U.S. - Estonian cooperation include the MFN (Most Favored Nation) regime, the General System of Preferences, and the financing programs of OPIC, U.S. TDA and the U.S. Export-Import Bank.
At this time, five economic agreements are in effect between the U.S. and Estonia. More information is available at: http://www.vm.ee/eng/kat_176/412.html.
Marketing Strategies
Distribution Channel Options
Distribution channels in Estonia are similar to the United States market. Goods may be sold through an agent, distributor, established wholesaler, or by selling directly to retail organizations.
Privately owned wholesale and trading houses are particularly strong in certain specialized sectors, such as electronics, electrical components and instruments, pharmaceutical and health care products, technical products and machinery, and raw materials and chemicals.
Agents and Distributors
One exclusive agent/distributor is usually appointed to cover the entire country. Estonian importers often represent several different product lines. In selecting a representative, the exporter should check whether that company handles competing products.
There is no clearinghouse of information for finding a partner in Estonia.
Direct Marketing Options
Direct Marketing is both a media and a way of selling. Direct marketing as a media includes direct mail and direct response advertising (press, radio and television, Internet). As a way of selling it covers mail order, direct selling and telemarketing. Both direct sales and mail order sales are showing steady growth in Estonia.
Joint Ventures and Licensing Options
Joint ventures and licensing arrangements with foreign manufactures are allowed and encouraged. Several U.S. companies have established themselves in the Estonian market with subsidiaries and joint ventures. A number of Estonian firms are interested in using their long-established contacts in the former Soviet Union to market U.S. goods. Estonians cite a number of selling points, such as their knowledge of the Russian language, culture and business environment, for using Estonia as a gateway to Russia.
Creating a Sales Office
Commercial operations in Estonia may be performed either as a “physical person” or a “legal person,” and may take one of four forms:
A general partnership;
A limited partnership;
A limited company; or
A public limited company.
Descriptions of the different forms and English-language guidelines on how to establish such firms in Estonia are available on the Web site of the Estonian Investment Agency (www.eia.ee).
Selling Strategies
Selling factors and techniques are very similar in Estonia to those in the United States. Terms generally applied to international trade with industrial countries apply to selling in Estonia. When selling through a local distributor financing is covered in mutual agreements.
Advertising and Trade Promotion
The Law on Advertising prescribes that advertisements should not be offensive to minorities (race, sex, etc.) Also provisions on child-related advertisements are included. Advertising of tobacco and tobacco products is prohibited; advertising of alcohol is strictly limited.
Trade Promotion
Most of the international fairs take place at the grounds of Estonian Fairs Ltd., located in Tallinn.
Pricing Issues
Products in Estonia are priced using the following method: CIF price + excise tax + profit + value added tax (18%).
Excise tax is levied on raw tobacco and cigarettes, cigars, cigarillos; alcohol and beer; petrol, diesel oil, jet fuel, lubricating engine oil; cars, motorcycles and yachts motor vehicles and package. Tobacco and tobacco products imported to Estonia are assessed when the excise tax tags are bought. The rate of excise duty is the price of the tax tag. The enterprises, having the national license for producing, importing and exporting of tobacco products, have the right to buy the tax tags. The excise tax is imposed on the spirits, alcoholic beverages and beer. Synthetic spirits, by-products of rectification and distilled spirits are not subject to the excise tax.
Nearly all imports, as well as domestic production, are subject to the Value Added Tax (VAT). Exemptions from VAT cover medicines, medical goods and equipment for funeral services, goods imported for non-profit purpose and some other specific goods and services the turnover of which is tax-free in Estonia.
There are no price controls in Estonia.
Supplying Customer Service
Major suppliers normally establish sales offices in Estonia that are supported by dealers. There are also importers/distributors who use a network of dealers to support their marketing efforts. As a rule, one exclusive agent/distributor is appointed to cover the entire country. Estonian importers often represent several different product lines. Importers may serve large customers themselves while dealers work with smaller customers and those located outside Tallinn. Training, usually arranged and carried out by dealers, is an important aspect of customer support.
Service points should cover the whole territory and not be limited to the capital.
Public Sector Marketing
Government procurement is governed by the Public Procurement law (January 1, 1996; amended July 1998). Conducted through open tender, government procurement may take place in one of two ways: 1) limited bidding with negotiations, or 2) a government tender open to all bidders. The law regulates public procurement that exceeds $14 500, new construction which exceeds $144 300, or the preparation of a construction site or construction services for more than $36 100. As provided for by the law in case contra versus occur with international agreements entered by the Republic of Estonia, the provisions of the agreement prevail.
Sources of Information - Announcements concerning public procurement are through Public Procurement Office and published in daily newspapers.
Intellectual Property Risks
The Estonian legal system protects property rights, including intellectual property. The Copyright Law was established in 1992. The Trademark Law, the Patent Law, and the Utility Model Law were all established in 1994. Estonia adheres to the Bern Convention, the Geneva Convention on the Protection of Phonograms, the Parish Convention, the Patent Cooperation Treaty, the NICE Agreement, the Budapest Treaty on the International Recognition of the Deposit of Microorganisms, WIPO, TRIPS and the Rome Convention. A law amending the Copyright Law, Criminal Code and the Code of Administrative Offences was adopted in 1998. It complies with the EU directives granting protection to authors, performing artists, record producers, and broadcasting organizations. At this time, Estonia does not grant royalties to foreign phonogram producers (including Americans) from countries that are not members of the Rome Convention.
It is recommended that U.S. firms desiring to register their patent or trademark seek the assistance of a reputable attorney experienced in IPR issues. The Association of Estonian Patent Attorneys (EPS) has a list of 25 certified patent attorneys.
Copyrights
Copyrights are valid for the lifetime of the artist plus 50 years. There is no application process for nor formal bestowal of copyrights -- it is automatic upon creation of the work.
Patents
Patents are granted for 20 years. Application is made at the Estonian Patent Office. Estonia also accepts patent applications (translated into Estonian) from abroad.
Trademarks
Applications must be made to the Estonian Patent Office. English language guidelines to apply for a trademark are available from the Estonian Patent Office.
Utility Models
Only a device can serve as a subject of a utility model. An application for the registration of utility model can be based on a pending patent application. English language information for registering a utility model may be obtained from the Estonian Patent Office.
Hiring Local Counsel
The use of local attorneys is recommended for U.S. firms planning to operate in Estonia or enter into contracts with Estonian companies. An updated list of Estonian attorneys can be obtained from the American Embassy, Consular Section, Kentmanni 20, 15099 Tallinn, Estonia, tel: 372 66 88 100, fax: 372 66 88 134, www.usemb.ee.
Import and Export Regulation Risks
Trade Barrier Risks
Under Estonian law all companies, regardless of their ownership structure, may carry out foreign trade relations. State-owned enterprises have neither exclusive rights nor special privileges in their purchases or sales involving exports or imports.
Currently Estonia is practicing a liberal foreign trade regime with few tariff or non-tariff barriers. As of January 2000, Estonia has imposed import tariffs on agricultural products originating in non-EU countries, including the U.S. The continued success of the external trade regime depends heavily on restructuring and revitalization of companies in the agricultural and industrial sectors.
Valuations on Imports
Goods imported into or exported from Estonia must be cleared through Estonian Customs. The term “import duties and taxes” means - duties and taxes collected on the import of goods or in connection with the import of goods, excluding fees for services. A state fee for customs clearance must be paid on the export and import of goods.
On transit through Estonia, goods are not subject to any duties and taxes.
Import duties and taxes collected by Estonian Customs include:
Customs duty
Excise duty
Value added tax (VAT)
For more information see: http://www.customs.ee/index_eng.html.
Documentation Required for Trade
Licenses are required for importing and exporting: metals; fuel; spirits; tobacco and tobacco goods; pharmaceuticals; weapons, ammunition, explosives; lottery tickets and private passenger vehicles. The license requirement applies equally to domestic and foreign firms, and licenses are issued to those firms that apply and that fulfill the application requirements. The licenses do not establish quantitative restrictions. Licenses are obtained from the Ministry of Economy.
Imports/exports must be cleared in writing, using the forms provided by the National Customs Board of Estonia. The customs declaration must be filled out by the holder of the goods or by a declarant who has been granted adequate authority by the Customs Board.
Entering Temporary Imports
Goods transiting Estonian territory are not charged duties. It is possible to obtain a temporary exemption from duty for items such as commercial samples, and for goods intended for public displays at exhibitions and fairs. If the goods are put to any unauthorized use or are not re-exported within the prescribed time period (a maximum of one year) they must go through normal customs clearance and become liable for relevant duties and taxes.
Labeling Issues
The following information, in Estonian, is required on the retail packaging, or otherwise marked on the product (a sticker, label, etc.):
Name of product (indicating clearly the contents of the package)
Name of the manufacturer or the name of the company that had the product manufactured
Amount of contents (weight or volume of the contents to be specified, measures in metric system)
If warranted, the following information should also be included on the retail packaging or otherwise clearly identified on the product: contents of the product, care instructions, operating instructions, and a warning of possible danger related to the use or disposal of the product.
A retail-size food package must show the same name of the manufacturer, packer or importer, commercial name of the product, net metric weight or volume, ingredients in descending order of weight, last recommended date of sale, and storage instructions if perishable or intended for infants. This information described above must be provided in Estonian.
Restrictions on Imports
There are no prohibited imports.
Local Standards
Estonian standards for imported goods are being developed and are based on those of the ISO (International Standards Organization). It is highly recommended that U.S. products imported into Estonia meet international or European standards.
The central body for standardization in Estonia is the National Standards Board of Estonia.
Free Trade Zone Options
There is no free port in Estonia. However, there are 130 public bonded warehouses and 22 private bonded warehouses. In addition to these warehouses, there are 15 free economic zones in which warehousing, processing and assembly are allowed.
Additional Trade Issues
The import and export of plant and plant products is permitted only with an accompanying phytosanitary certificate issued by the Estonian Plant Guarantee Inspection Board or competent foreign authorities. These goods may be imported or exported only at specified border crossings.
The import and export of livestock, fish, fowl, aquatic organisms, animal and poultry products, animal feed and its components and veterinary and biopreparations are subject to state control and enforced by the Estonian Veterinary Control Border Inspection.
Special conditions exist for importing or exporting the following products: cultural artifacts; precious metals, stones and articles containing these; medicinal products; weapons; explosives; radio broadcast equipment; rare species of plant and animals; goods subject to veterinary, food and phytosanitary control; plant preservatives; narcotic drugs and psychotropic substances; foreign currency and securities; equipment and means for recording of audiovisual production; lottery tickets; strategic goods; radioactive radiation sources; motor vehicles; building cement; and dangerous and other waste.
Adherence to Free Trade Agreements
Estonia has entered free trade agreements with: Switzerland, Latvia, Lithuania, Norway, Ukraine, the Czech Republic, the Slovak Republic, Turkey, Slovenia, Denmark, the Faro Islands, and Poland. Free trade negotiations have been started with Bulgaria and Romania.
Because it has successfully concluded EU accession negotiations, Estonia will comply with those trade agreements that the EU has made with third countries.
Investment Climate
Openness to Foreign Investment
Estonia’s government maintains a highly favorable attitude towards foreign investment, which is governed by the “Law on Foreign Investments” enacted in 1991 shortly after re-gaining independence. The Government has sought to maintain liberal policies and establish free trade agreements in order to attract investments that could produce exports. Estonia’s economy is arguably the most open in Europe.
Estonia became a full member of the European Union on May 1, 2004.
Estonia’s government does not screen foreign investments. It does, however, establish requirements for certain sectors. These requirements are not intended to restrict foreign ownership but only to regulate it and establish clear ownership responsibilities. Licenses are required for a foreign investor to become involved in: mining, energy, gas and water supply, railroad and transport, waterways, ports, dams and other water-related structures, and telecommunications and communication networks. The Estonian central bank issues licenses for foreign interests seeking to invest in or establish a bank. Government review and licensing have proven to be routine and non-discriminatory.
Estonia’s openness to foreign direct investment extends to its privatisation program, which is now complete. Only a small number of enterprises -- the country’s main port, the power plants, the postal system, the national lottery etc. -- remain state-owned.
Conversion and Transfer Policies
Estonia has been under a currency board arrangement since 1992. Initially pegged to the German mark, the Estonian kroon (EEK) has been fixed to the Euro at EEK 15.65 since January 1999.
The Estonian currency has no restrictions on its transfer or conversion. Similarly, there are no restrictions, limitations or delays involved in converting or transferring funds associated with an investment (including remittances of investment capital, earnings, loan repayments, or lease payments) into hard currencies at market rates. There is no limit on dividend distributions as long as they correspond to a company’s official earnings records. If a foreign company ceases to operate in Estonia, all its assets may be repatriated without restriction. These policies are all long-standing; there is no indication that they will be altered in any way. Foreign exchange is readily available for any purpose.
Expropriation and Compensation
Private property rights are observed in Estonia. There have been no cases of expropriation or nationalization since the country regained its independence in 1991.
Dispute Settlement
Disputes concerning investments have not been a problem since Estonia regained independence in 1991. There is no record of any significant investment dispute during the last decade.
Estonia’s judiciary is independent and insulated from government influence. Property rights and contracts are enforced by the courts. In the past, judicial decisions were occasionally arbitrary and indifferent to the law. Such decisions are increasingly rare.
Estonia’s Commercial Law has proven extremely effective and is often cited as one of the key factors that has contributed to Estonia’s successful economic reforms. The Commercial Code is consistently applied. The new Obligation Law, enacted in 2002, is the basis for all commercial agreements.
Estonia has been a member of the International Center for the Settlement of Investment Disputes since 1992, and a member of the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards since 1993.
Performance Requirements and Incentives
A fundamental principle of Estonia’s economic policy is that foreign and domestic capital is treated identically. No special investment incentives are available to foreign investors, nor is any favored treatment accorded them. Similarly, there are no specific performance requirements identified with foreign investments that differ from domestic investments.
Estonia continues to refine its immigration policies and practices. U.S. citizens are exempt from the quota regulating immigration and residence permits, as are citizens of the EU and Switzerland.
Estonia imposes few tariffs except for those on a number of agricultural products imported from non-EU countries, including the U.S. (Note: More tariffs will be levied when Estonia becomes a member of the EU in order to harmonize with EU tariff levels. End Note.) Additionally, a uniform value-added tax is levied on imports. In cases where these products are directly re-exported or used as inputs, the tax can be refunded. Excise taxes are also levied on a limited range of goods including alcohol, tobacco products, gasoline, motor vehicles, boats and various luxury goods.
There is no corporate income tax on profits reinvested in Estonia. This tax strategy was designed to promote business and accelerate economic growth by making additional funds available for investments.
Right to Private Ownership and Establishment
Private ownership and entrepreneurship are respected in Estonia. In most fields of business, participation by foreign companies or individuals is unrestricted. As provided for by the Law on Foreign Investments, foreign investors have the same rights and obligations as Estonian citizens. Foreign investors may purchase buildings and land for production purposes and establish, buy and fully own companies.
Government approval is required for foreign investment and participation in only a handful of sectors.
Competitive equality is the official standard applied to private enterprises in competition with public enterprises. Private companies do not face discrimination in relation to state-owned companies.
Intellectual Property Risks
Secured interests in property, both chattel and real, are recognized and enforced. Mortgages are quite common for both residential and commercial property and leasing as a means of financing is widespread and efficient.
The legal system protects and facilitates acquisition and disposition of all property rights, including land, buildings and mortgages. The long and complicated process of restitution is almost complete, including the area of non-residential real properties.
The Estonian legal system adequately protects property rights, including intellectual property, patterns, copyrights, trademarks, trade secrets and industrial design. Estonia adheres to the Berne Convention, WIPO and TRIPS, the Rome Convention and the Geneva Convention on the Protection of the Rights of Producers. Estonian legislation fully complies with EU directives granting protection to authors, performing artists, record producers, and broadcasting organizations. In 2002 Estonia withdrew its reservation on Article 12 of the Rome Convention, thus extending equal treatment to domestic and foreign phonogram producers. (Note: However, because the U.S. is not a member of the Rome convention, equal treatment is not extended to U.S. phonogram producers under this agreement. End Note.)
Transparency of the Regulatory System
The Government has set out transparent policies and effective laws to foster competition and establish “clear rules of the game.” However, due to the small size of Estonia’s commercial community, instances of favoritism are not uncommon despite the regulations and procedures that are designed to limit it.
Tax, labor, health and safety laws and policies have been crafted to encourage investment. While there is always room for more, the level of foreign direct investment per capita suggests that Estonia has been successful in designing a legal framework that attracts rather than discourages foreign investment.
Given the legacy of 50 years of Soviet occupation and the challenges of creating a modern bureaucracy in a relatively brief time frame, it is not surprising that some vestiges of the former system remain, especially at lower levels of the bureaucracy. Computerization, widespread Internet usage and E-Government have contributed significantly to end these practices. Estonia’s bureaucratic procedures are considered far more streamlined and transparent than those of other countries in the region.
Capital Market Risks
Estonia’s financial sector is modern and efficient. Government and Central Bank policies facilitate the free flow
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