Consider a communication system in which a single antenna user equipment exchanges information with a multi-antenna base station via a reconfigurable intelligent surface (RIS) in the presence of spatially correlated channels and electromagnetic interference (EMI). To exploit the attractive advantages of RIS technology, accurate configuration of its reflecting elements is crucial. In this paper, we use statistical knowledge of channels and EMI to optimize the RIS elements for i) accurate channel estimation and ii) reliable data transmission. In both cases, our goal is to determine the RIS coefficients that minimize the mean square error, resulting in the formulation of two non-convex problems that share the same structure. To solve these two problems, we present an alternating optimization approach that reliably converges to a locally optimal solution. The incorporation of the diagonally scaled steepest descent algorithm, derived from Newton's method, ensures fast convergence with manageable complexity. Numerical results demonstrate the effectiveness of the proposed method under various propagation conditions. Notably, it shows significant advantages over existing alternatives that depend on a sub-optimal configuration of the RIS and are derived on the basis of different criteria.