Good afternoon ladies and gentlemen, members of the Osaka Chamber of Commerce and Industry.

On behalf of the entire Estonian delegation I would like to thank you and your city for your most gracious and open hearted hospitality. And it is a distinct pleasure to be here today, at the Osaka Chamber of Commerce and Industry.

An old Estonian proverb states: ''Kes tark, see võtab õpetust'', which means, ''The wisest man is the one who is willing to learn.''

There are two ways in which the experience of Japan constitutes a valuable lesson for Estonia's development. First, for a time it could have seemed that economic success and rapid growth were possible only where traditional culture had been given up and substituted by a universal pattern of rational and profit- orientated thinking. Japan has disproved this by achieving almost unimaginable results exactly because it has also maintained its traditional culture and used its energy for new ends. Secondly, Japan has also shown that tradition may mean not only encapsulation and rigidity, but also adaptability, the capacity to transform both foreign influences and itself, if necessary, into something new and dynamic.

Estonia has learned from both of these lessons. Instead of turning back to its past sufferings, it has been able boldly to assert itself as an independent country, able to enjoy the privileges and to carry the responsibilities of freedom - a freedom it may now finally put to use in order to benefit from its position on the cross-roads of history and the meeting point of civilizations.

We hope to follow the example of Japan's economic success and we are off to strong start.

Since the re-establishment of Estonia's independence in 1991, our country has made great strides at becoming a thriving economic state within the European region, as well as globally. Our economic policies have provided positive results for our nation as a whole and our citizens individually.

In less than six years we have had tremendous accomplishments. Estonia has established legal and economic institutions as new foundations for our democratic and market orientated state. Our currency is as stable as the Deutsche Mark, we have a balanced budget, low unemployment and we continue to reduce the annual rate of inflation.

The ultimate barometer of international confidence in our economic reforms is foreign investment. Foreign investment directly indicates the world's optimism about Estonia's future and has been the driving force behind our economic growth. Per capita foreign investment in Estonia is six times the average amount in Central and Eastern Europe. According to the International Monetary Fund, by some accounts, Estonia received more foreign direct investment per capita than any of the other transition economies of Eastern Europe and the former Soviet Union, between 1993 and 1995. At times it has been almost 10% of our GDP, an extraordinary quantity comparable only to that achieved at times rapidly growing economies of Southeast Asia.

To paraphrase an American President, ''The business of Estonia truly is business.''

However, we are not content with our development to date and will continue to attempt to achieve more. We feel that we can expand our knowledge and make further progress within our country, as well as internationally by emulating from successful economic models. There are many lessons to be learned from Japan's vibrant and diverse economy.

Estonia, in some aspects is like a mirror image of Japan, poised on the opposite edge of Eurasia. Sharing information will highlight our similarities and will assist in generating new trade and investment opportunities for both of our countries. While we still have much to learn from your economic system, we feel the relationship between the business and governments of our nations will be mutually beneficial.

As a result we intend to pursue new trade opportunities in Asia and specially invite greater investment from Japan in Estonia.

As a part of this mission to intensify relations with Japan we are here today, visiting your Chamber of Commerce and Industry and on Monday I will open the Estonian Embassy in Tokyo, which will be the first Estonian Embassy in an Asian country, and, indeed, the first Baltic Embassy in Tokyo.

I was struck by the similarity in the philosophies of Japan and Estonia, upon observing the emblem of Osaka's Prefecture containing four circles, with the foundation circle supporting the circles of Hope, Prosperity and Harmony. With the symbol as a whole representing cohesion among the citizens of Osaka and unlimited possibility of growth in the future.

In Estonia too, we share in your optimism and the vision of a unified society living in peace and prosperity to be achieved through the hard work of our citizens. I look forward to future co-operation between our nations and unlimited growth.

KORE KARA TSUZUKETE MO GO-KŌI TAMAWARIMASU YŌ O- NEGAI MŌSHIAGEMASU.

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