Brits investigate Estonia’s possibilities of becoming a financial centre

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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.

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.