Nation Branding as an Economic Challenge for the Countries of the Middle and Eeast Europe on the Example of Estonia

Abstract

This paper presents the topic of nation branding, which is considered as a complementary factor of the traditional economic policy implemented in a given country. The concept of branding aims at creating a strong national brand for improving the brands of national products, as well as the image of the country which influences the attraction of foreign direct investments and increase the export. The example of Estonia attempts to prove that the actions for national brand changed positively the image in this country, as well as the competitiveness of the economy. For this purpose the author used the ranking of national brand and international competitiveness. The author also set as a goal to recognize if the concept of nation branding can be useful for the other countries of Central and Eastern Europe, especially Poland. The conclusion of this paper is that nation branding is an economic challenge for these countries and should be implemented as soon as possible in their strategies of country’s development.