President of the Republic of Estonia at the Entrepreneurship Award Gala in the Estonia Concert Hall

Even in the difficult times of the present day we most certainly need some celebration as well. Also, we all need optimism and especially faith in the future right now. In spite of everything, this faith has been preserved in us. We just need to know how to see it.

Let the presentation of the entrepreneurship awards today inspire hope in us. There are enterprises and entrepreneurs in Estonia who manage well in spite of everything even in the times most difficult for the economy.

In comparison with a time one year ago, we are already wiser today. New winds have started to blow in the world economy. It is entirely possible that global economy has reached the turning point right now, or is just about to get there.

In that sense there is less uncertainty than a year ago. And there is all the more reason to look forward, as the economic recession in Estonia will not go on for ever.

The great global crises changes the economies, the former relations of power, as well as people. Most certainly, the Estonian economy today is not the same “bubble economy” we experienced only recently. In that sense the changes have been more substantial than the ones demonstrated by the statistics only.

Probably the difficult times have also changed the people present here today. You are certainly more realistic. But I hope that also more inventive and innovative.

The world economy is emerging from the crisis and may well have walked half of the road on its way to a new rise. It is quite possible that the Estonian economy has also covered half of the road or will have, very soon. Should this be so, we have also covered half of the journey on our way to becoming adjusted to the new situation. That said, however, we still have another half to go.

It has been said that the fastest to react to the recession and to adjust to the changed circumstances were the simple Estonian people. They have done so by limiting their consumption and costs. Including those, whose salary has not significantly decreased. And those, who do not have to fear for losing their jobs.

I am sure that also a large part of the businesses have undergone an adjustment. We know that those, who cannot adapt to the changed world, will simply soon cease to exist according to the logic of economy.

The economic policy of the state has also changed over the past year. It is quite possible that the national economic policy has also covered one half of the journey, if we are to consider the efforts made so far to balance the state budget.

But the other half will not be easier to navigate. The role of the budget for 2010 is critical in many aspects – both for the fiscal sustainability and the coming of the euro.

There is still one more topic I want to touch upon. This topic was on my desk already on the very first day I took office, and it will remain there for yet some time to come. It is the topic of the productivity of the Estonian economy, which still lags far behind in comparison with the developed European countries.

It is quite obvious that there was little or no need to change anything during the good times, as we were doing fairly well, anyway. This means that changes are urgently needed today, as the new rise can be hardly expected to follow the old trail. The flood of cheap money, experienced some years ago, will never come in the same form again. The development acceleration, which automatically accompanied European Union Member State status, is today in the past.

Although we do not know yet what the new rise will be like and which sectors will be in the lead , it is clear, that it will be different from the previous one. And let us be ready for that also in our spirit, as without new solutions and values there is a risk that we will not notice that rise.

I do not want to repeat my words about investing into education, science and development, as they have begun to sound like a mantra already. This should go without saying. For it is not possible to image the economy of a successful Estonia without those three keywords.

That is why I will only repeat one sentence from my speech from the last year, which went like this, and I quote: “I hope that the main prizes will go to innovative enterprises”. The productivity of the economy cannot be expected to increase without innovative solutions, and the legendary industriousness (or laboriousness?) of the Estonians alone will not be enough.

For the closing I wish the entrepreneurs strength to manage well today and to have good ideas in the future. It all depends on you, what the Estonian economy will look like tomorrow, in a year and in ten years.

I wish everyone hope in the future!