SEB survey: Estonian and Latvian companies focus on innovation, Lithuanian ones on production
The survey conducted by SEB among the CFOs of large Baltic companies in October shows that Estonian and Latvian companies are looking to engage in innovation, while Lithuanian companies would rather increase their production volumes.
The priority for Estonian and Latvian companies next year is to raise their level of efficiency through digitalisation, automation and innovative innovation. This answer was given by 28 per cent of Estonian and 24 per cent of Latvian respondents, respectively; while in Lithuania, innovation was the top priority for 21 per cent of companies. At the same time, Lithuanian companies would rather invest in increasing their production volumes, as noted by 24 per cent of companies, whereas the corresponding proportion was 13 per cent in Estonia, and only 9 per cent in Latvia.
‘While Latvian companies have often appeared a bit more conservative than their Baltic peers in SEB’s CFO Survey, then in this year’s survey they seem to be the most ambitious when it comes to company priorities. A total of 20 per cent of respondents confirmed that they wish to introduce new products/services in the coming year, while 14 per cent plan to expand to new markets. In contrast, the Lithuanians have adopted a more conservative approach, as only 13 per cent of companies plan to bring new products and services to market, and only 6 per cent plan to expand their operations in foreign markets,’ commented Artjom Sokolov, Head of Corporate Banking at SEB.
‘Estonian companies are more similar to Lithuanian enterprises in this respect, as 14 per cent want to develop their product range and 10 per cent are looking towards geographical expansion,’ added Sokolov.
About the survey: SEB organised the Survey of CFOs in the Baltic Republics for the seventh time. The focus of the survey is the assessment of companies concerning the state of the economy, key problems, and opportunities in the business environment. This year, a total of 209 companies, each with a minimum annual turnover of at least EUR 20 million, participated in the survey.
About the survey: SEB organised the Survey of CFOs in the Baltic Republics for the seventh time. The survey focuses on the assessment of undertakings concerning the state of the economy, key problems, and opportunities in the business environment. This year, a total of 209 undertakings, each with a minimum annual turnover of at least EUR 20 million, participated in the survey.
