Baltic states ( Estonia , Latvia and Lithuania ) - a new tiger in the making?

The Economist has described the Baltic States as "the biggest, most complicated and most promising piece of the new Europe " (click here for further first-hand assessments of the Baltic market).

There are numerous potential export and investment opportunities for Scottish companies in the three countries which make up the Baltic States ( Estonia , Latvia and Lithuania ).

UK exports to the region have more than doubled in the last four years and British investment continues to rise. Agri-food, construction and building materials, and information and communications technologies are particularly promising sectors for Scottish companies.

The three Baltic States became members of the European Union on 1 May 2004 , and are expected to join NATO in November 2004.

The Baltic Sea region currently has the fastest-growing economy in the world with -

. Overall positive business climate;
. Positive economic growth;
. Strategic location, providing a springboard to other countries in the region;
. Young and skilled workforce;
. Favourable tax systems;
. Good knowledge of the Russian market; and;
. Excellent quality of life, particularly owing to cultural events and activities in major cities.

The Baltic States today are Lithuania , Latvia , and Estonia . Only Latvia and Lithuania actually speak a Baltic language and have a Baltic culture in the strict sense; the Estonian language is closer to Finnish, and is not a Baltic language. Nevertheless, all three are small nations today, and it is convenient to call them all Baltic.

With a combined population of 7.6 million across 175,000 square kilometres, the Baltic States are an attractive, forward-thinking region at the heart of Northern Europe . Although it is just over ten years since the three countries regained their independence, they have all made remarkable progress towards full market economies. Inflation remains low and the economic outlook appears to be bright.

The Baltic States lie on the eastern shore of the Baltic Sea , and are bordered by Poland , Russia , Belarus , and Finland . A much larger area was controlled by the Grand Duchy of Lithuania in the 15th and 16th centuries, when it held much of what is today Belarus and some of the Ukraine . Latvia and Estonia were ruled by the Teutonic Knights, and the dominant culture was Livonian. Lithuania has since become a much smaller country, and the Livonians have been subsumed by Latvian culture and language.

Estonia - Key Facts

Language: Estonian is the official language, Russian, Finnish, English, and German are also widely spoken.

GDP: 2003: GDP (US$): 6,069m; GDP real growth: 4.8%;GDP Per Capita (US$): 12,300; Inflation: 1.5%

Trading relationships: In 2003, Estonia was the UK 's 87th largest export market with exports valued at £92.1 million.

Population: 1,356 million (January 2003)

Latvia - Key Facts

Language: Latvian is the official language and spoken by about 70-75% of the population. Russian is understood by most of the population, while the business language is English. Interest in other foreign languages (especially those of the Nordic countries) is increasing. German is the first foreign language for elderly people.

GDP: 2003: GDP: LS 5872m ; GDP real growth: 7.5% ; GDP Per Capita: LS 2525 ; Inflation: 2.9% ; Source: IMF World Economic Outlook

Population: 2.37 million (January 2001)

Lithuania - Key Facts

Language: Lithuanian is the official language. Russian and English are the most common foreign languages spoken. Both are quite widely understood and spoken in the major towns and cities.

GDP: 2003:GDP 13,357billion Litas (3,871Bn. Euros) ;GDP real growth: 9% ;GDP per capita (US$): 3,431 (EUR 4,599)

(British investment in Lithuania has risen steadily mainly from small or medium sized companies. The strong bilateral relationship was highlighted by the successful visit of the Prince of Wales in November 2001.)

Inflation: 1.3%

Population: 3.5 million

Useful Baltic links -

Estonica -

http://www.estonica.org

UK Trade & Investment country information

https://www.uktradeinvest.gov.uk/ukti/appmanager/ukti/northerneurope

Embassy of Latvia -

http://www.latvia-usa.org/virtualguide.html

Council of Baltic Sea States -

http://www.cbss.st

The Council of the Baltic Sea States was established at a conference of the foreign ministers of Denmark , Estonia , Finland , Germany , Latvia , Lithuania , Norway , Poland , Russia , Sweden and a member of the European Commission in Copenhagen in March 1992. Iceland joined the CBSS in 1995.

Norex
Alliance between the Copenhagen Stock Exchange , Iceland Stock Exchange, Stockholmsbörsen, and Oslo Börs.
Language: English | Alphabet: Latin

BCCA - Baltic Sea Chambers of Commerce Association
Language: English | Alphabet: Latin

The Baltic Sea Information Center
Directory for business and investment opportunities in the Baltic Sea region. Provided as a joint effort by three libraries in the South of Finland.
Language: Finnish, English | Alphabet: Latin

BalticData
Database for business and public administration.
Language: English | Alphabet: Latin | Publisher: Aleksanteri Institute & Nordregio

Balticmarket.org
Information on business in the Baltic Sea region.
Language: English | Alphabet: Latin

Ceebiz
Central Europe business news.
Language: English | Alphabet: Latin | Creator: Ceebiz | Publisher: New World Publishing

Baltic Business Information Center
Language: English, Latvian, Russian | Alphabet: Latin, Cyrillic | Creator: TTinforms | Publisher: Infanet

Transition Newsletter
World Bank newsletter about reforming economies.
Language: English | Alphabet: Latin | Publisher: The World BAnk Group

BISNIS - Business Information Service for the Newly Independent States
Language: English | Alphabet: Latin | Publisher: U.S. Department of Commerce

Economic and Social Changes in the Baltic States 1992-1994
Language: English | Alphabet: Latin | Creator: Institute of Economics | Publisher: Estonian Academy of Sciences

Eurochambres / Association of European Chambers of Commerce and Industry
Language: English | Alphabet: Latin

Union of Industrial and Employers' Confederations of Europe - UNICE
Language: English, French | Alphabet: Latin

European Trade Union Confederation - ETUC
Language: English, French | Alphabet: Latin

OECD Centre For Co-operation with Non-Members - CCNM
CCNM supports development and pursuit of policy dialogue between the OECD and non-member economies.
Language: English, French | Alphabet: Latin

Baltic Sea Trade Union Network
Language: English | Alphabet: Latin

Centreurope.org
Business portal dedicated to Central and Eastern Europe dedicated to Central and Eastern Europe countries, which provides some data, addresses and links for Slovenia and other Central and Eastern European countries.
Language: French, English | Alphabet: Latin

CEE Source
Central and East European legal, political, business and economics resources.
Language: English | Alphabet: Latin | Creator: School of Law Library & Computing | Publisher: Gonzaga University, US

East-West Development - EWD
EWD is the European association of national honorary representatives appointed by the Russian and CIS government authorities to facilitate East-West business development.
Language: English | Alphabet: Latin

Baltic Rim Network
Regional business support network financed by the European Union.
Language: English | Alphabet: Latin

CEEmarket.com / Business Portal for Emerging Europe
CEEmarket.com is a reliable source of information on the macroeconomic situation in the Czech Republic, Hungary, Poland, Russia and Slovakia. It contains both news and analyses of the current economic situation, and provides coverage of key political events.
Language: English | Alphabet: Latin | Publisher: PMR Corporat