The President of Estonia Toomas Hendrik Ilves stated on Thursday that the developing economy cannot be based only on services and mediation; exports-oriented innovative production operations are also necessary, writes LETA quoting Postimees Online.
The Head of State noted during opening of the expanded production facilities of Cargotec in Narva that it is not correct to consider mediation the main fuel of the economy and a developing economy cannot rely on services alone. He added that services and mediation operations formed too much of Estonia’s economy before the crisis.
“I believe that is clear to all people here that the biggest economic decline after the Second World War – and the first extensive economic crisis in a globalize world – is particularly hard on smaller exports-oriented countries with open economies,” said Ilves. He added that hence it is the obligation of both Finnish and Estonian entrepreneurs to do everything in their power to develop the international competitiveness and to promote global trade.