A bank president says taxes should not be raised during a crisis

Andre Küüsvek, the president and the CEO of the Nordic Investment Bank, advises against raising taxes in a crisis.

In an interview published on the website of the Estonian Employers’ Confederation, Küüsvek said that in order to put the Estonian economy on a growth path, the focus should clearly be on stimulating investment.

Meanwhile, increasing regulation and raising the tax burden during a downturn should be reduced.

The biggest untapped opportunity for the Estonian economy lies in cooperation. Cooperation with the Nordic countries should be intensified, both in terms of physical infrastructure links and know-how.

“The Swedish model of development clusters, where innovation is created through cooperation between the state, the private sector and research potential, would be a good model,” Küüsvek suggested. 

He cited the example of the automotive cluster in Gothenburg, the research and medical cluster in Lund, the battery industry cluster in Skelleftea and the Esrange space centre in the far north of Sweden.

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