Estonian businesses "not concerned about eurozone slowdown"

Businesses in Estonia are not concerned about the slowdown of industrial production in the eurozone - for now at least.

People with an investment in Estonia have heard how much of the country's import and export dealings and outsourcing are done with countries like Sweden, which are not part of the euro set-up.

Despite news provider Postimees reporting that the Purchasing Managers Index fell to its lowest ebb for two years this month, analysts and business owners believe Estonia will not feel the full effects of the eurozone recession just yet.

Indeed, head of the board at Estonian electronics manufacturer IPA Koidu Kask said that orders from the eurozone were still positive, but he admitted that any further decline would possibly have an adverse impact on the firm's profitability.

The importance of Estonia's strong relationship with Scandinavia was outlined recently, when the prime ministers of each country met.

Estonian leader Andrus Ansip remarked: "Sweden is the country that has invested the most into the Estonian economy."