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The Estonian Chamber of Commerce and Industry has named CTS Engtec’s Estonian subsidiary OÜ SystemTest as one of Estonia’s most competitive project design and architecture companies. Below is the Estonian Chamber of Commerce and Industry’s press release on its selections in a total of 13 categories.
During Global Entrepreneurship Week, the Estonian Chamber of Commerce and Industry published companies who have achieved the best competitiveness ranking. A total of 1418 Estonian companies participated in the competition, with the best 13 companies selected by industry.
Director General of the Estonian Chamber of Commerce and Industry MaitPalts commented on the most competitive companies, saying: “Each year, a high competitive ranking comes as a surprise to many companies who didn’t expect such recognition. People are often so focused on their business that they don’t notice the success they have achieved.” He adds that it is especially important to recognise companies who develop their operating environment and whose results set an example to other actors. “In addition, fierce competition encourages our companies to perform even better, which in turn facilitates the development of our domestic markets and also gives our companies the opportunity to succeed on international markets,” says Palts.
“Top-ranking competitive companies are strong and successful Estonian companies in good financial standing who pay their employees a motivating wage. Years of dedicated work are behind the good results, and the companies value their customers and partners. They are also innovative and able to respond quickly to market changes,” says MarjeJosing, Director of the Estonian Institute of Economic Research, and adds: “Rapid success is not enough to clinch a company a top competitiveness ranking; the company must also be versatile, which is achieved through continued good work.”
This year, a total of 1418 companies participated in the competition. Rankings were decided based on information submitted by the participating companies and the companies sizes, and divided over 13 industries.
A summary by industry can be found HERE (in Estonian)
The aim of the competitiveness ranking for Estonian companies is to make it easier for companies to improve their competitiveness and to therefore promote the faster development of the Estonian economy. The ranking highlights the most successful companies and offers an excellent opportunity for successful companies to introduce themselves to the public and to further consolidate their competitive position. The competitiveness ranking for Estonian companies has been used since 2003.
The Estonian Institute of Economic Research (EKI) helps with the compilation of technical calculations and classifications for the competitiveness ranking. The institute collaborates with the Lausanne Institute for Management Development. The competitiveness ranking highlights participating companies that meet the requirements set in the methodology and which present the required statistical information for their economic operations over the past two years: sales profits, net profit, labour costs, capital, and average number of staff per year.
In addition, the EKI uses the information submitted by the companies to calculate essential indicators: changes in sales profits in relation to the previous year, changes in result in relation to the previous year, capital profits, average monthly labour costs per employee during the reporting year, annual productivity per employee and generation of added value (in this method: profit + labour costs).
The competitiveness ranking is part of Estonia’s largest entrepreneurship competition organised by three organisations: The Estonian Chamber of Commerce and Industry, Enterprise Estonia (EAS) and the Estonian Employers’ Confederation.
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