OREANDA-NEWS. June 03, 2014. According to a report by Ernst & Young, direct investments to Estonia grew by 24 percent in 2013, creating 500 new jobs, but that figure was 1,250 for Lithuanian and 1,600 for Latvia.

“It is no doubt positive that interest towards Estonia from foreign investors has grown, but the comparison with the other Baltic nations leads us to admit that they have bettered us,” Ivar Kiigemagi, a partner at the company, said.

Latvia was the most successful last year due to the transition to the Euro at the beginning of 2014. Direct investments grew by 314 percent in Latvia last year, although much of that is due to low levels the previous year.

Kiigemagi said the Latvian government has worked hard to attract investments while the Estonian slogan of a simple investment and tax system has had a declining affect.

The number of projects directly linked to foreign investments are the same across the region, with around 30 projects in each of the three nations, but the difference is the scale of the projects.