Companies that want to invest in Estonia said Tuesday they are unlikely to do so.
U.S.-based companies, including Amazon, Twitter and Netflix, have expressed interest in investing in the Baltic country, which has a population of about 1.5 million.
But they have been unable to find investors willing to pay the $400 million needed for a 50 percent stake in the country’s state-owned energy giant.
The Estonian government has said it will take the necessary steps to ensure that the investment is made to maximize Estonian competitiveness and investment in Estonia, according to the countrys official website.
The companies are now looking for partners to help them invest in the future of the Estonian economy, the website says.
The state-run utility has not commented on the issue, the Estonia News Agency said.
The company said last year that it planned to invest about $100 million in Estonia.