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Brits investigate Estonia’s possibilities of becoming a financial centre

Marika Priske, the chancellor of the Ministry of Economic Affairs and Communications, signed a cooperating agreement with British economy experts from firm Oxera Cosulting Ltd., to investigate Estonia’s possibilities to develop financial services, the Ministry announced.

The country of Estonia’s size and geographic location may increase its gross domestic product by developing financial services more powerfully. The research sees if this is possible and what should we do.

Although several financial institutions have gone from the market or changed their operating principles due to financial crisis, there’s a need to map the situation after the financial crisis – from, where and how the money is moving in Europe.

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The research also clears Estonia’s position in the value chain of financial services – how developed is our financial sector and which are today’s assumptions of growth.

The research analyzes main factors that determine location of financial institutions. In addition it maps certain financial services’ by-areas in which Estonia has the greatest growth potential and make proposals to bring them to life.

The final report will be ready in July this year.

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ADD YOUR COMMENT
Pothead, how about if Estonia would start importing Indian prostitutes and drug addicts? I am sure they are badly needed.

In general, Pakistanis work cheaper than Indians, so let Estonia open doors for them.
~Polpa di Pomodoro [21.04.2009, 13:57]
sorry to disturb you in your highly productive thread but the solution is right here... estonia needs to legalize drugs and prostitution: no need to import indians the pros are all here already! Sex tourism is the best industry for Estonia, plenty of close customers and no investment needed!
~pothead [21.04.2009, 13:13]
There was a discussion of Tallinn as financial centre also back in February, the link and copy of text is below..

http://www.tallinn.ee/eng/departments/uudised?id=2
4721&filter_otsing_uudis_rubriik_id=10


Tallinn seeks to become the financial centre of the region by 2012


23.02.2009
At a think tank held in the House of the Blackheads under the auspices of Enterprise Estonia and the City of Tallinn on 18 February around 70 business people and representatives of the public sector discussed the possibilities of Tallinn as a financial centre.

"You normally have to advertise products and services, and advertise them a lot, but a good legal and tax environment, competitive prices and excellent products are the advertisement for a financial centre, and investors will naturally be drawn to it," said James Oates, a British CEO working in Estonia.

Discussions were held in working groups covering four topics: education and labour; the tax environment and legislation; IT and support services; and international marketing. Government and ministry support plays a vital role in the development of Estonian's financial services sector, which is useful to the country as a whole through employment, taxes, the financing of enterprise and the activities of foreign investors. Experts say that a strong financial services sector leads to a strong enterprise environment boasting competitive workers.

Niches highlighted by Kristel Kivinurm-Priisalm were the management of funds and portfolios, administration services and private banking, in which Estonia could be highly competitive.

In the case of education and labour, the need for consistent cooperation between universities and companies was highlighted, as was the importance of English-language education. The involvement of foreign teachers and lecturers will help make the financial education provided by our universities internationally competitive.

The security, flexibility and speed of IT systems and innovative services are our strengths in the IT field. Looking to the future, developing IT products in Estonia and selling them via licences will prove profitable, not developing products on a one-off basis outside of Estonia.

"We have an interesting time and a lot of work ahead of us," said Gert Stahl, Director of the Internationalisation Division of Enterprise Estonia. But he remained optimistic of success: "Turning those dreams into reality by 2012 is worth the effort!"
~GeorgeF [21.04.2009, 11:02]
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