Helenius to head Eesti 200 economic program

Helenius, who is currently in the process of applying for Estonian citizenship, is ready to leave the party just six months later. Photo: Sander Ilvest

Finnish-Swedish businessman Joakim Helenius went into politics last August after becoming one of the leading figures of the Parempoolsed (Right-wingers) group in Isamaa. Helenius, who is currently in the process of applying for Estonian citizenship, is ready to leave the party just six months later.

CEO of Trigon Capital talks about the reasons why his time with Isamaa was short, new challenges and how he sees the future of Estonia.

Joakim Helenius, you told Postimees that you were planning on going into politics in the ranks of Isamaa just half a year ago. My information suggests you have now tendered your resignation. Why was your time in politics cut short?

It was not cut short. While it is true that I will be leaving Isamaa, I plan to join the [non-parliamentary] Eesti 200 instead. I will become its economic policy spokesperson. I will put together an economic program that includes major reforms. I believe a lot of necessary reforms are still outstanding in Estonia.

Why not do it in Isamaa?

My time with Isamaa made me understand that I’m too progressive for them. I realized that relatively quickly talking to people in the party. I would say it was like a false start in politics. I believe I have learned much from the experience.

It is no secret that Isamaa leaders are not exactly fond of the Parempoolsed faction. How deep do these conflicts go?

It is difficult for me to say how deep the division between different camps goes. However, it is safe to say there are myriad problems at Isamaa. I wish Parempoolsed the best of luck and hope they can secure key positions in the party. They include a lot of good people. A shift in power could turn Isamaa into a normal political party.

The Isamaalased (Patriots) group has been created to act as a counterweight to Parempoolsed. Did you manage to understand why it was created?

I do not quite know what the association was about. I gathered it was a reaction from people who were not fond of what the Parempoolsed were proposing. There are other camps at Isamaa, both ideological and historical ones. A very complicated party and one where it was difficult to understand who stood for what exactly.

Support for Isamaa is teetering on the verge of the [5 percent] election threshold, while Eesti 200 seems to be very popular indeed. Was your decision merely a practical one?

I’m sure a part of people might interpret it this way. However, everyone who knows me or has read my articles understands how I see the world. Isamaa today was not for me. I believe that the future of Estonia is to be an open, Western and democratic society. A country that leaves people with the freedom to decide and live their life the way they see fit. I do not believe it is the state’s business to dictate the correct form of marriage etc.

Isamaa leader Helir-Valdor Seeder says that people need to be free to decide how they want to use their pension savings, which sounds like something you could be on board with.

There are several ways to look at it, while the choices of politicians should be in the interests of the population. The pension reform was justified by referring to individual freedom to decide. It was a clever move that I believe served the party well at the previous [Riigikogu] elections – I tip my hat to Seeder in this regard. However, looking at what is in the interests of Estonia, its economy and population, the reform has resulted in pension funds pulling their investments out of Estonia.

If memory serves, pension funds invested around €200 million into the Estonian economy in 2019. Uncertainty created by the reform saw it shrink to virtually nothing last year. And these investments will continue to be missed. While millions to be withdrawn by people leaving the so-called second pillar will liven up the economy in the short term, the next generation will have to pick up the tab.

How many others agreed with you over at Isamaa?

Not many besides yours truly. Members are reluctant to criticize the idea because they can see it has benefited the party. There were a few critics. I believe they are the people with the potential to see Isamaa survive.

There are other liberal parties besides Eesti 200. The current government is made up of two such forces, at least theoretically. Did you consider joining either [the Reform Party or the Center Party]?

I like the ideology of the Reform Party. But the word reform in its name stands for nothing at all. They are a power party the aim of which is to maintain the status quo. The main goal of the Reform Party is to repeat their strong performance at elections. This is why they are afraid to introduce meaningful change. While Center is different by nature, their main goal is the same.

I believe that Eesti 200 is prepared to pursue major reforms and should try to motivate others. I see that we could be what Isamaa was under Mart Laar a couple of decades ago. There was a party looking to the future and willing to take risks.

What should be reformed in Estonia?

The economy needs the biggest changes as everything else depends on it. It is natural that politicians like to erect new buildings – schools, hospitals and sports facilities – and some believe every small town should have its own theater. However, buildings like these cannot make Estonia wealthy. The latter requires a successful economy based on which these wishes can be granted. I see that we can catch up to Finland and Sweden and even overtake then if we get things right.

But more specifically?

Estonia has the most unicorns (startups worth at least €1 billion – ed.) per capita in Europe. We have done something right. The question now is how to support them even more successfully as a country. Universities play a key role here. We should train people to create new solutions.

I also believe that trying to reform the country through technological solutions, exciting companies could be born out of attempts to create such solutions.

What about sectors the state should develop?

The green turn is one possible avenue for public investments. While it consists of many parts, we could develop wind power. Constructing major offshore wind farms should be considered. We could borrow, build the farms and invest in storage technologies. I believe it could be a good investment to be privatized down the line.

Fiscal deficit is at an all-time high. Should we really borrow even more?

While I’m a liberal at heart, I am also a proponent of conservative fiscal policy. I believe the economy benefits from not spending money it does not generate. A view similar to Margaret Thatcher’s.

But I will not say that borrowing is wrong. The scope of the pandemic leaves one no choice but to borrow. However, under normal circumstances, we should only borrow to invest. Whereas we should invest in assets or developments with a profit potential.

Let us also talk about daily politics. Local elections – do you plan to run in Tallinn?

I’m interested in economic policy and that is what I want to do. I dream of Eesti 200 being part of the next government after Riigikogu elections and carrying out major economic reforms. I would like to be the finance minister in such a government.

As concerns local elections, I do not think I will run. Eesti 200 has people with greater interest in the field and more local know-how.

You said you left good people in Isamaa. Were you a government minister, which Isamaa members would you like to see as colleagues?

I like to see women in politics. I believe there are many problems they are better suited to solving than men. That is why it is very important to have women in politics. It is one of the things I like very much about the current cabinet. However, when it comes to Parempoolsed members, I would like to see Viktoria Ladõnskaja as education minister and Lavly Perling as justice minister.