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EY: Foreign investors’ interest towards Estonia has grown

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Foreign investors' interest towards Estonia has grown by 19%, according to the recently published 2012 European attractiveness survey published by auditing firm EY (formerly known as Ernst & Young).

Western Europe was ranked by investors as the second most attractive investment destination for global FDI (33%), followed by Central Eastern Europe (21%). However, the CEE has lost its sparkle from 52% of respondents in 2006 who ranked it the most attractive place in the world for an investment, to just 21% in 2012. The report added that some CEE countries and regions, including Poland, Hungary, the Czech Republic and the Baltic states, continue to attract good FDI inflows from investors seeking relatively favorable labor costs and skill availability to maximize returns.

Taavi Pahapill, EY leading consultant in Estonia, said that Estonia has improved in the overall ranking. The country rose to 25th in the "Number of FDI projects ranking" from 29th the year before. In the "Number of FDI jobs created" ranking, Estonia rose just one spot to 29th with 443 new jobs created in 2011. Most of the new jobs were created in the IT sector.

The EY European attractiveness survey measures the reality of Foreign Direct Investment (FDI) and the perceptions of more than 800 decision-makers.

Source: Malmberg, K. (2013) Ernst & Young: välisinvestorite huvi Eesti vastu on kasvanud. Äripäev, 27. juuni.
EY's 2012 European attractiveness survey, EY.com, 18. juuni