Companies in the Baltics should reach out to bigger markets in Europe, where their offering can add a lot of value especially when considering the current nearshoring trend.
When Baltic companies go international, they are mostly focusing on the Baltics, Sweden, and Finland. Those are the natural international business partner countries for Estonia. Martin Kõdar knows there is much more potential though: “Baltic businesses should dare to reach out beyond those evident neighboring countries. The quality of our workforce, the drive to automate industrial and business processes, and the high labor and business ethics, are key success factors for Estonian and Baltic companies to do business internationally, e.g. with companies from Germany, the Benelux and France.”
Perfect fit for the region with the highest GDP of Europe
The highest GDP of Europe is out there, waiting for Estonian companies to make an international business move. Martin Kõdar: “Definitely in 2025, many Western European companies are going to nearshore their subcontracting and their supply lines. It has become too much of a risk to depend on China, India, and South-East Asia. They are now looking closer by, and the Baltics are one of the best regions for this nearshoring intention.”
The Baltics and definitely Estonia is culturally close to the business culture of Western Europe, so it must be possible to find a great match. “The first thing Baltic companies have to do is to reach out and make themselves known. This is not our natural strength, but I believe that organisations such as ImpactBuilders could be of great help for our businesses to go international.”
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