OREANDA-NEWS. December 24, 2009. “During the current recession, the opening of a company represents a major step forward, especially when it is a company based on contemporary technology. This is of further importance with the company being focused on exports, as the small domestic market of Estonia is not sufficient to ensure the necessary demand in today’s globalised world,” said President Toomas Hendrik Ilves, at the opening of the new oil refinery of Viru Chemistry Group (VKG) in Kohtla-Jarve, reported the Official website president.ee.

According to the head of state, VKG is an important player in an international context; this was shown during the president’s recent visit to Belgrade, where the Serbians knew of this Estonian company and expressed their interest in future co-operation.

“The jobs to be created are also highly important. The future of Estonia’s economy is largely dependent on our ability to create new, high-quality employment opportunities, as new jobs must be more productive than the old ones; this is the only method for enhancing the competitiveness of Estonia,” said President Ilves.