Estonian ICT Trade Mission to UAE Explored Joint Investment Opportunities
DUBAI, UAE, Oct. 24, 2024 /PRNewswire/ -- The Republic of Estonia, represented by government organisation Trade Estonia, advanced its bilateral relations with the United Arab Emirates by organising a specialised trade mission focused on the field of information and communications technology (ICT) in the UAE. This mission aimed to learn from the UAE's best practices in this vital sector and explored ways to enhance bilateral trade relations, fostering collaboration to drive further progress and prosperity for both nations.
Led by Trade Estonia, Piret Sauter, Regional Manager for Distant Markets covering the Gulf Region, stated that the visiting delegation comprised several officials, senior business leaders, and representatives from six leading Estonian companies specialising in innovative solutions for business, artificial intelligence (AI), and cybersecurity. Coinciding with GITEX Global 2024, the delegation engaged with business leaders, investors, innovators, and prominent UAE centres in the ICT and digital economy sectors. Their goal was to exchange experiences, share success stories, and explore potential investment opportunities for Estonian companies keen to expand their partnerships in the UAE and the wider Gulf region.
She emphasised that this visit provided an invaluable opportunity to strengthen economic and trade cooperation between the two nations in sectors aligned with their shared vision. Both countries remained committed to achieving sustainable economic development and global leadership in digital transformation and innovation, with their bilateral relations steadily growing across various fields.
Piret Sauter remarked: "This trade mission aligned with Estonia's strategic economic objectives to broaden its base of global trade partners and support the international expansion of local companies into markets offering promising prospects, such as the UAE and Gulf countries, particularly in the ICT sector."
She added: "Estonia is recognised as one of the world's leading digital nations, and we aspired to leverage this progress to benefit other communities through cooperation with global partners. We regarded the UAE as a distinguished partner with ambitious future aspirations. This visit took place against the backdrop of the UAE's prominent position in the rapidly growing ICT sector, bolstered by government initiatives aimed at creating a sustainable digital economy. This made the UAE an attractive destination for investment and the development of joint projects in this field. We looked forward to learning from the innovative approaches of business leaders and collaborating on transformative initiatives that drive progress in technology and connectivity."
Piret Sauter expressed her hope that the trade mission would contribute to the creation of new partnerships that supported innovation and fostered sustainable growth for both nations in the ICT sector. She noted that Estonian companies were distinguished by their flexible and customised solutions in the global market and their capacity to collaborate with partners to achieve optimal results. The companies in the delegation were eager to establish robust relationships with regional partners to drive future technological innovation.
The Estonian companies participating in the trade mission brought a wealth of expertise in digital innovation, including AdoptoMedia, known for its innovations in predicting business KPIs, revenues, and valuations, and the AI platform Alpha 3D, which enables game developers and content creators to seamlessly transform 2D texts and images into high-quality 3D digital assets. Other participants included ConsultIT, a cybersecurity company; Digiotouch, a provider of AI-powered search tools; Wisercat Software, a leader in digital transformation solutions; and Mountbirch, a custom software and user interface development firm.
The UAE's ICT sector continued to achieve significant milestones, ranking first globally in several competitiveness indicators measuring the development and quality of communications infrastructure. According to a recent report by Mordor Intelligence, the value of the UAE ICT market reached approximately AED 174 billion in 2024, with projections to reach around AED 284 billion by 2029. The UAE's Digital Economy strategy also aimed to double the contribution of the digital economy to non-oil GDP from 11.7% to over 20% within the next decade.
Similarly, Estonia was regarded as one of the world's foremost digital nations, with a highly successful record in employing innovative and advanced technologies in government services-99% of which are available online to both citizens and foreigners, with the country aiming to achieve 100% digitalisation by the end of this year. Estonia also held an impressive track record of investments, innovations, and global rankings in ICT, ranking third worldwide in the Cybersecurity Index and first in the Global Digital Health Index.
Trade Estonia
Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.
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