Dear Ladies and Gentlemen,

As a patron of this event, I would like to share some thoughts with you before the names of this year's winners are going to be revealed.

Estonia has set herself the goal to be ready for accession to the European Union in the year 2003. To reach this goal, Estonia must develop with a greater speed than the EU. We have made considerable progress in social development, but unfavourable economic climate has curbed our economic growth in the last year or two. The current growth tempo of the Estonian economy is not fast enough to reach the level of the more backward countries of the EU in a medium perspective, let us say in a dozen years. Unfortunately, Estonia's economic growth is in some areas even lower than that of the well-developed countries, so the gap might become even wider.

It is understandable that Estonia is unable to finance her development from her own resources. Foreign investors have an important and praiseworthy role in taking Estonia to the European Union. The Estonian Investment Agency has settled the prize categories in accordance with the priorities we set for our foreign investments. The priorities are innovation, export, and creation of new jobs. At least today, also the amount of the investment is important for us. The current Estonian tax system considerably favours capital intensity when compared to labour intensity. In issuing the grand prize, the investor's success in all the above categories in considered - and certainly also other circumstances that can not be pigeonholed.

Finally, I would like to remark on a little more general plane that the acceleration of Estonia's economic development and ensuring its lasting effect must become one of our top priorities. Our thinking must acquire a strategic dimension, and reach beyond the mechanical drafting of development plans in accordance with the EU requirements and projections. We must not think in terms of money only, and must learn to see the extensive network of connections that affects the economic climate, and make extensive use of these connections. Creating favourable conditions for capital flows is not enough, we must also create the conditions to attract valuable people to Estonia and to keep those we already have. We need to create the conditions for creative thinking to prosper in Estonia.

Thank you.

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