Businessman and president of the Estonian Olympic Committee Urmas Soorumaa said that the current economic growth was deceptive, as it was not based on traditional models.
“It is sort of deceptive. Yes, the so-called economy is growing since stock markets are growing, there is more money coming in and the amount of money in peoples’ hands is also increasing,” Soorumaa Said.
“It is likely that something has changed in peoples’ understanding. We are not in a typical economic growth that is based on production. Rather, sectors which should be reproducing in the old sense are currently doing poorly,” the businessman added.
He said the coronavirus crisis led the government to introduce hundreds of millions to the economy.
“This creates this warm feeling, but I have not heard of anyone trying to have a substantive discussion. This party will not last forever. What are we prepared to do once this party ends?” Soorumaa noted.
Soorumaa announced in May that he was looking for new funding options for his Patarei sea fortress development after state credit agency denied the businessman a loan. He confirmed on October 6 that works would continue.
“Work is ongoing, we are continuing and trying hard off our scarce resources. The money currently being spent is in the millions – designing, studies, drying the existing walls of the moisture deposited there over a long time, this will take a few years. Add to that demolishing unnecessary parts. This will all cost millions, we can handle that. But construction should start in the third quarter of next year. We need tens and tens of millions,” Soorumaa said.
The entrepreneur said that the Kalamaja district of Tallinn and its coastal area was developing, making the fortress building a very interesting and unique sight for tourists.
He said the development of the Rotermanni quarter was also not done, adding that there should be a connected seven-story object in the place of the Postimaja building and Coca Cola Plaza in mid-town Tallinn.
He said the connection between the seaside and the port to Old Town must be well thought out and established as it should be simple and walkable.
“Old Town should be directly connected to with the downtown area surrounding it. It should especially be connected in the part between the port and Old Town,” Soorumaa said.
Soorumaa also spoke about his disappointment in the government and its handling of the coronavirus crisis and said he was considering stopping all donations to political parties. According to the Political Parties Financing Surveillance Committee (ERJK), Soorumaa has donated more than EUR 1.1 million to political parties since 2013 with Center Party receiving EUR 535,000 and Reform Party receiving EUR 372,500. (ERR/Business World Magazine)