Minister of Foreign Affairs of The Republic of Estonia H E Margus Tsahkna
Doha, Qatar: The diplomatic relations between Qatar and Estonia began nearly three decades ago, marking significant progress in trade and businesses, said an official, adding that ‘large scale investments’ are a pivotal step to deepening ties between the nations.
In an exclusive interview with The Peninsula, the Minister of Foreign Affairs of The Republic of Estonia H E Margus Tsahkna said, “We are very much interested in long-term investments in our economy and the reason is that we have all the preconditions for that. We are innovating across various sectors such as renewable energy, logistics, transportation, and cybersecurity.”
He remarked that Estonia’s presence in the country highlights the resilient role it plays across industries. “I’m very happy that many Estonian companies have reached here and the region and started working mainly in the digitalization and the IT sector,” H E Tsahkna noted.
He also lauded Qatar’s invaluable humanitarian efforts as a mediator in supporting Ukraine and the ongoing Middle East conflicts. “We are not only concerned regarding the war in Ukraine but also understand globally the need to support Palestine,” Minister Tsahkna said.
H E Tsahkna visited Doha last week and met with numerous Qatari officials exploring ways to enhance investment opportunities. “We have a great interest in the digital agenda strategy for 2030 because Estonia has been very active in digitalisation of our public sector services and also together with the private sector. So, we discussed what can we do more, how can we deepen our relations, and bring business,” he said.
He pointed out “We have a brilliant hub for startup companies and the e-residency programme, which gives people the opportunity globally to be our e-residents so they can enjoy our programme and through us the EUs business environment.”
Highlighting the economic impact and challenges faced by Estonia, the Minister said “because of Russia’s aggression in Ukraine, Europe has cut more than 60 percent trade with Russia to hurt Russia’s war machine. Of course, it influenced us as well, but we are working on finding new and interesting markets and opportunities to boost the Estonian economy.”
The Estonian economy showed a modest growth of 0.1 percent from Q2 2024 as per the latest flash estimate. While the economy appears to be bottoming out of recession, general sentiment remains cautious, and a gradual recovery is anticipated. Although domestic demand remains subdued, there are encouraging signs from external markets that could drive future growth.
He also stressed that the country needs investment in renewable energy to bolster its economy. “We need to bring in investments for innovation across all industries though we need to jump on a new level. But now our economy is not developing too well but it’s a good thing sometimes, as they give you a wake-up call and make you better,” Minister Tsahkna added. According to Statistics Estonia, GDP decreased by 0.7 percent compared to the same period last year in the third quarter of 2024. The GDP at current prices amounted to €10bn.
