In early June 2023, Estonia announced the opening of its embassy’s new premises in Singapore, as well as a trade and business hub. Estonia is among the European Union’s most digitally advanced economies, and the Estonian Business Hub is the country’s second such hub, following the opening in January 2023 of the Estonian Business Hub in Seoul, South Korea, and will serve as an avenue for the two countries to deepen trade and investment ties.
While the business hub will facilitate the entry of Estonian players in Singapore, it is also expected to function as a gateway for the city-state into the Nordic-Baltic Region – which consists of countries Finland, Denmark, Estonia, Iceland, Latvia, Lithuania, Norway and Sweden, and boasts a combined population of about 35 million and a combined GDP of USD 2.15 trillion. During discussions between the Estonian Prime Minister and Singapore’s Acting Prime Minister, sectors such as information and communications technology were seen as promising areas to foster business collaboration between the two countries. The country’s advanced digital infrastructure has also made it a magnet for start-ups from fintech to cleantech, deeptech and artificial intelligence. Additionally, the recently concluded EU-Singapore Free Trade Agreement is expected to make it even easier for Estonian companies to leverage Singapore’s regional hub status.
(Sources: Straits Times)