Estonia’s economic climate index stood at -19.4 points in June 2023, which was down by almost 9 points from March 2023, according to the Estonian Institute of Economic Research (EKI), ERR reports. The economic confidence index, which combines both business and consumer sentiment, stood at 78.7 points, which was significantly worse than the long-term average….
Estonia’s Minister of Defence, Hanno Pevkur, has approved a defence plan for 2024-2027 to increase the country’s military capabilities and defence forces, ERR reports. Pevkur said that Estonia would acquire “significantly more and better weapons, ammunition, and equipment,” as well as invest in people and infrastructure. The defence plans include investments in the Ämari Air…
Lithuania’s state-owned electricity supplier, Ignitis, will invest up to EUR 115mn in the development of an electric vehicle (EV) charging network in the Baltic States, GlobeNewswire reports. The investment will go towards acquiring EV charging stations. Ignitis plans to install up to 3,000 fast EV charging stations in the Baltic region by the end of…
The threat from Russia is and will remain real, and all NATO allies must understand and take it “extremely seriously,” Estonia’s Prime Minister, Kaja Kallas, stated, The Baltic Times reports. Speaking at the opening debate of a NATO conference in Vilnius, Kallas noted that all allies contributed 2% of GDP to defence in 1988 because…
The Nordic Investment Bank (NIB) has signed an agreement with Latvian capital Riga’s heating supplier, Rigas Siltums, on a ten-year loan of EUR 20mn, LSM reports. Rigas Siltums will use the funds to finance its 2022-2023 investment programme to improve the district heating infrastructure in Riga. The company will invest a total of EUR 29mn…
Lithuania’s state-owned rail freight operator, LTG Cargo, plans to buy electric locomotives for around EUR 100mn to transport cargo between Vilnius and the port of Klaipeda, Baltic News Network reports. The company has launched an international public procurement procedure for the purchase of the electric locomotives, technical maintenance, and supply of spare parts for at…
Swedish telecommunications technology company Ericsson plans to build a new manufacturing and technology facility in Estonia’s capital city of Tallinn, ERR reports. The company will invest EUR 155mn in the production centre in Tallinn’s Ülemiste City business park. Construction work is due to be completed by 2026. The facility will house testing laboratories, production lines,…
Several growth companies on Estonia’s Tallinn Stock Exchange (Nasdaq Tallinn), including Clevon, ELMO Rent, and Hagen Bikes, saw significant losses in 2022, ERR reports. ELMO Rent’s annual turnover was only half of the forecasted amount, resulting in losses that were more than double the expectations. Despite the declining share prices and growing panic among shareholders,…
Lithuania’s foreign direct investment (FDI) development agency, Invest Lithuania (Investuok Lietuvoje), approved 26 FDI projects in the first half of 2023, LRT reports. The agency reported that 12 new foreign companies have announced investments in Lithuania, and 14 foreign firms already operating in Lithuania plan to expand. The investment projects are expected to create more…