Company of the Year 2024 is Electrical Equipment Manufacturer Harju Elekter
On November 2nd, the most outstanding companies were recognized at the “Estonia’s Best Companies 2024” awards gala. The title of Company of the Year was awarded to electrical equipment manufacturer Harju Elekter, which has demonstrated excellent results in the digitalization of its production processes.
According to Kati Kusmin, CEO of the Enterprise Estonia, Harju Elekter sets an example for long-established manufacturing companies. "To take our economy to the next level, digitalization of industries is one of the most critical challenges. This enables increased productivity, cost reduction, and accelerated innovation—key factors for international market success,” said Kusmin.
In addition to the Company of the Year title, Harju Elekter, which also received the title of Industry Digitalizer of the Year, generates more than 70% of its revenue from exports. Digital solutions across the production process, the use of high-tech industrial automation, and the adoption of artificial intelligence allow Harju Elekter to remain attractive to international partners and competitive in terms of product price and quality. This approach has also fostered new collaborative projects—an important direction for Harju Elekter has been the development of data centers in cooperation with major German industrial corporations, serving both within the European Union and beyond. “High-level cooperation projects increase Estonia’s visibility and, in the long run, open doors for other companies as well,” Kusmin highlighted the broader impact of the Company of the Year.
CEO of the Estonian Employers’ Confederation, Hando Sutter, explained that Harju Elekter, the Company of the Year, is an excellent example of how a long-standing company can be a leader in automation, digitalization, and innovation. "Especially in these challenging economic times, it is crucial to highlight the achievements of inspiring role models, as this encourages other companies and thus helps enhance the economy's competitiveness."
Director General of the Estonian Chamber of Commerce and Industry, Mait Palts, noted that every entrepreneur who successfully navigates changing conditions is worth recognizing, as job creation and contributions to the economy ensure better well-being for all of us. "The competitiveness of Estonian companies is one of the pillars of our economy, and this year’s competition winners are bold, proactive, and competitive," emphasized Palts.
The Company of the Year was selected from the best participants of the "Enterprise Award" competition organized by the Enterprise Estonia and the Estonian Employers' Confederation, as well as the "Competitiveness Ranking" by the Estonian Chamber of Commerce and Industry.
The nominees for Company of the Year included:
- Exporter of the Year: Nortal
- Industry Digitalizer of the Year: Harju Elekter
- Innovator of the Year: DefSecIntel Solutions
- Sustainability Promoter of the Year: Estiko-Plastar
- Tourism Promoter of the Year: OKO Restaurants
- Family Business of the Year: Bauroc
- Foreign Investor of the Year: HANZA Mechanics Tartu
- Most Competitive Industrial and Energy Company: Eesti Gaas
- Most Competitive Trade Company: Auto 100
- Most Competitive Service Company: Swedbank
The title of Young Entrepreneur of the Year went to Silver Pütsep, CEO and owner of Top Marine, a leading provider of complete floating dock solutions in the Baltic and Nordic countries.
The most competitive Estonian companies by sector in 2024 are as follows:
- Most Competitive Tourism and Catering Company: Estravel Group
- Most Competitive Telecommunications, Communication, and IT Company: Telia Estonia
- Most Competitive Food Industry Company: Tartu Mill
- Most Competitive Engineering, Architecture, and Design Company: Energiapartner
- Most Competitive Construction Company: Merko Ehitus
- Most Competitive Real Estate Company: Elke Group
- Most Competitive Financial Intermediation Company: Swedbank
- Most Competitive Agriculture, Forestry, and Fisheries Company: Tornator Estonia
- Most Competitive Transport and Logistics Company: Jetflite
The Ministry of Economic Affairs and Communications recognized the Entrepreneurship Account created in cooperation with the Tax and Customs Board and LHV Bank with the Entrepreneurship Promotion Award, along with the Tartu Film Fund, which has had a significant impact on the regional economy.
The Company of the Year was selected by a prestigious jury consisting of: Sandra Särav, Deputy Secretary General for Economy and Innovation; Kati Kusmin, CEO of the Enterprise Estonia; Arto Aas, former CEO of the Estonian Employers' Confederation; Kadri Mägi-Lehtsi, a member of the Council of the Estonian Employers' Confederation (Roche Estonia); Mait Palts, Director General of the Estonian Chamber of Commerce and Industry; Mart Ustav, representative of the 2023 Company of the Year (Icosagen); Madis Müller, Governor of Eesti Pank; Toomas Asser, former Chairman of the Council of Rectors and Rector of the University of Tartu; and Kristi Klaas, Deputy Secretary General for Green Reform at the Ministry of Climate.
The recognition event for Estonia's best companies is organized by the Enterprise Estonia, the Estonian Chamber of Commerce and Industry, and the Estonian Employers' Confederation.