Foreign Minister Liimets, dear Eva-Maria.  Dear business representatives from Estonia and Iceland, and other distinguished guests. Good morning!

This is the second Virtual Business Meeting of Icelandic and Estonian companies. The first one took place in November where we discussed e-governance and digital solutions in the fight against Covid-19.

Now the focus is on FinTech and various opportunities in that sector between our countries, and around the world. Businesses, in both themes – e-governance and FinTech – are based on-line. They operate in the digital world.

Many industries and economic activities rely on natural resources, such as forestry in Estonia and fisheries in Iceland, to name two obvious examples close to our hearts. These are truly important industries that continue to serve our societies well and bring great value.

But we, ourselves - people -  are the main  natural resource when it comes to IT and digitalization. It is human capital and ingenuity that is at the heart of e-trade and FinTech.

Here, smaller countries such as Iceland and Estonia do not only have an opportunity to compete with the larger ones – being small might even be an advantage.

I believe that we, who are small, can also be lean, quick and fast.

We can shorten bureaucratic processes and reduce administrative burdens, thus allowing our companies to thrive. And we need to be resourceful and innovative to withstand competition from larger countries and companies.

Here, Estonia continues to be an inspiration to Iceland as regards e-governance, with the X-Road project serving as a great example of how we can cooperate in this field.

FinTech contacts are also steadfastly growing, as evident from the number and quality of companies participating today. I am certain that Icelandic companies have various things to offer to their Estonian counterparts.

Iceland and Estonia are also natural partners on so many  other levels. Politically we are close allies in NATO, proud members of the UN, and close partners within the framework of EEA Agreement.

The fact that we are allies and friends, sharing values and interests in a rapidly moving world, is also important for business.

Last but not least, we have strong historical ties dating back to the turbulent times after the end of the Cold War. Iceland is proud to have played a part in Estonia´s brave struggle for indepence.

We look forward to commemorating 30 years of diplomatic relations with a visit to Iceland next August, where there will also be a strong focus on future trade cooperation.

Finally, allow me to express my gratitude to the organizers for preparing today´s meeting. Their hard work shows that also our Ministries have responded quickly to the Covid-pandemic by finding new and innovative ways to interact.

I wish you all a successfull couple of hours and look forward to a fruitful follow-up.