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Content Assessment: Assessing the Digital Capabilities of Investment Promotion Agencies: The 2023 Emerging Europe Report
Information - 94%
Insight - 92%
Relevance - 90%
Objectivity - 93%
Authority - 95%
93%
Excellent
A short percentage-based assessment of the qualitative benefit of the recent announcement by Emerging Europe of its Investment Promotion Report for 2023.
Editor’s Note: The Investment Promotion Report 2023 is a product of the staff of Emerging Europe, a London-based growth hub that empowers public and private organizations to grow and expand internationally. Emerging Europe is a go-to partner for businesses and organizations looking to navigate emerging Europe or grow in the region.
Emerging Europe is a prominent source of English-language business information about the region, reaching 2.5 million unique readers each year, mostly in the US, UK, Germany, Poland, and Romania. The site has over 900 political leaders and renowned experts as contributors and is regularly quoted by key opinion leaders on a global scale, such as the Guardian, Politico, the World Bank, and the United Nations.
Emerging Europe also runs bespoke capacity-building training and workshops to strengthen the communications, media relations, and business development skills of start-ups, scale-ups, and more mature companies, empowering them and giving them tools to succeed.
Their reports, white papers, surveys, analyses — and bespoke, client-specific market intelligence — help organizations thrive by providing valuable data, access to key stakeholders, and insight to make the right business decisions. The publications released to the public are consulted by over 20,000 professionals every year.
Their annual Investment Promotion Report assesses how well investment promotion agencies across 23 countries in emerging Europe promote their markets and serve investors. It has become a reference for Investment Promotion Agency (IPA) performance and benchmarking.
Background Note: The Emerging Europe “Investment Promotion Report 2023” comprehensively evaluates investment promotion agencies across various countries. These agencies play a crucial role in attracting and facilitating foreign direct investment (FDI) into their respective countries, thereby contributing to economic growth and development. The report ranks their performance based on criteria such as information validity, support, community-building efforts, online presence and ease of use, innovativeness and creativity, and response to current developments. This report may as a valuable tool for professionals in cybersecurity, information governance, and eDiscovery as it offers insights into the information management practices of these agencies.
Industry Report Summary
Emerging Europe Investment Promotion Report 2023
ComplexDiscovery Staff
The “Investment Promotion Report 2023” is a comprehensive analysis of the digital maturity of Investment Promotion Agencies (IPAs) across emerging Europe. The report, authored by Emerging Europe, a London-based intelligence, community, and news platform, provides a detailed assessment of IPAs based on several key parameters, including the validity of information, support and community building, online presence and ease of use, innovativeness and creativity, and response to current developments.
The 2023 report reveals a dynamic landscape of digital transformation among IPAs in the region. Estonia leads the pack, securing the top position with a final score of 90. Other countries like Lithuania, Latvia, and Ukraine follow closely, demonstrating significant progress in their digital capabilities. The report also provides a five-year ranking of IPAs, offering a historical perspective on the digital evolution of these agencies.
In addition to the IPA rankings, the report also incorporates the UN E-Government Development Index (EGDI) rankings. The EGDI is a crucial tool in assessing the digital maturity of a country’s public services, including its IPAs. In the 2022 EGDI rankings, countries from emerging Europe have performed exceptionally well, surpassing the global average. Estonia, Slovenia, Lithuania, and Latvia have made substantial progress, ranking within the top 30 worldwide.
This report is of significant importance to cybersecurity, information governance, and eDiscovery professionals. The digital maturity of IPAs, as reflected in their EGDI and IPA rankings, can provide insights into the robustness of their cybersecurity measures, the effectiveness of their information governance, and the efficiency of their eDiscovery processes. A high-ranking IPA is likely to have robust cybersecurity measures in place, effective information governance, and efficient eDiscovery processes, which are crucial in today’s digital age.
Ranking of Investment Promotion Agencies (IPAs)
2023 Ranking
In 2023, the overall ranking of investment promotion agencies saw Estonia and Lithuania taking the top two spots, with Estonia scoring a total of 90 points and Lithuania following closely with 84.5 points. These rankings were based on several factors, including the validity of information, support and community building, online presence and ease of use, innovativeness and creativity, and response to current developments.
Estonia excelled in innovation, creativity, and community building, while Lithuania made significant strides in support and community-building components. Latvia took the third spot, marking the first time the top three positions were held by the Baltic countries. Latvia’s ranking recognized its efforts to create a virtual ecosystem that enhances the user experience of potential investors.
Despite the challenges posed by Russia’s invasion, Ukraine managed to secure the fourth position by providing relevant information about the country to investors and offering guidance on managing potential investments, and enhancing postwar development. Czechia took the fifth position, impressing with its integration of PowerBI into its website, which allows users to interact with data and tailor reports for their needs.
Other countries in the top ten included Moldova, Slovenia, Georgia, North Macedonia, and Poland. Slovenia and North Macedonia climbed significantly in the rankings, with Slovenia showing improvements in the validity of information and online presence components, while North Macedonia improved its online presence and innovativeness.
Most of the investment promotion agencies showed improvements in 2023, with a clear trend toward making their online presence more accessible for all categories of users. However, there is still room for improvement, particularly for the agencies of Kosovo and Azerbaijan, which need to enhance their online platforms to improve information accessibility and user experience for potential investors.
Five-Year Ranking
The Investment Promotion Report also provides a detailed ranking of IPAs over the past five years, focusing on the validity of information as a key factor, which carries a weight of 30% in the overall ranking.
Estonia has consistently held the top spot for the past five years, except for 2019, when it was ranked second. On the other hand, Lithuania has consistently held the second spot, except for 2019, when it was ranked first. This shows the consistent performance of these two countries in providing valid and reliable information to potential investors.
Latvia, which is ranked third in 2023, has shown significant improvement over the years, moving up from the 11th spot in 2019. Similarly, Ukraine ranked fourth in 2023, has consistently been in the top five over the past five years, showing its commitment to providing valid and reliable information.
Czechia ranked fifth in 2023, has also shown consistent performance, maintaining a spot in the top seven over the past five years. This consistency is a testament to the country’s focus on providing valid and reliable information to potential investors.
On the other hand, some countries have shown significant improvement over the years. For instance, Moldova, which is ranked sixth in 2023, has moved up from the 23rd spot in 2019. Similarly, North Macedonia, ranked ninth in 2023, has improved its ranking from 18th in 2019.
These rankings provide a comprehensive overview of the effectiveness of IPAs in providing valid and reliable information to potential investors over the past five years. They highlight the areas where each country excels and where improvements can be made.
The UN E-Government Development Index (EGDI)
The UN E-Government Development Index (EGDI) is a crucial tool in assessing the digital maturity of a country’s public services, including its IPAs. The EGDI evaluates online services’ scope and quality, telecommunication infrastructure status, and inherent human capacity. It’s a composite index ranges from 0 to 1, with 1 being the highest achievable score.
In the context of IPAs, the EGDI is particularly relevant as it reflects the digital capabilities of these agencies, which are often the first point of contact for potential investors. A high EGDI score indicates that an IPA is likely to have a robust online presence, efficient digital services, and a strong capacity to use digital technologies in its operations. This can enhance the investor experience, streamline investment processes, and ultimately contribute to attracting more foreign direct investment.
In the 2022 EGDI rankings, countries from emerging Europe have performed exceptionally well, surpassing the global average of 0.6102. Estonia leads the pack, securing the eighth position globally with an impressive EGDI score of 0.9393. This high score is a testament to Estonia’s digital-first approach and its successful e-Estonia initiative, which has digitized almost all aspects of public services.
Other countries in the region have also made significant strides in their digital government implementation. Slovenia, Lithuania, and Latvia have made substantial progress, ranking within the top 30 worldwide with EGDI scores of 0.8781, 0.8745, and 0.8599, respectively. Countries like Poland, Serbia, Croatia, Czechia, Ukraine, and Slovakia have also achieved a “Very High EGDI” status, indicating their strong commitment to digital transformation.
However, it’s important to note that while most countries in the region have attained a very high EGDI score, a few countries, including North Macedonia, Azerbaijan, and Bosnia and Herzegovina, still have room for improvement in their e-government initiatives, as indicated by their EGDI scores.
The EGDI rankings underscore the importance of digital transformation in enhancing the effectiveness of IPAs. As the world continues to navigate the digital revolution, these rankings serve as a valuable benchmark for IPAs to assess their digital maturity and identify areas for further improvement.
Wrapping Up: The Impact and Insights of the 2023 Emerging Europe Investment Promotion Report
The “Investment Promotion Report 2023” serves as a critical resource for understanding the digital evolution of IPAs across emerging Europe. It comprehensively evaluates these agencies’ performance, offering a unique perspective on their digital capabilities and effectiveness in attracting and facilitating foreign direct investment. For cybersecurity, information governance, and eDiscovery professionals, the report presents invaluable insights into the information management practices of IPAs. The full report, packed with a wealth of data and insights, can be accessed and downloaded from Emerging Europe.
Learn more and download the complete report from Emerging Europe.
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