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Marika Priske, Secretary-General of the Ministry of Economic Affairs and Communication, signed a cooperation contract with British economy experts from Oxera Consulting Ltd, in order to find out Estonia's opportunities of developing financial services. The aim of the research is to find out the conditions that would make it possible and what must be done to achieve it.

The Ministry of Economic Affairs and Communication and the Estonian Development Fund want to create a common understanding about the future of financial services with public as well as private and non-profit sector. The research is co-financed by the "Tarkade Otsuste Fond".

According to Imre Mürk, the Development Fund's foresight expert, due to financial market crisis several financial enterprises have left the market or changed their principles, as a result, it is necessary to map the situation that is going to develop after financial crisis - from where, to where and how money will move in the future.

In addition, the research will reveal Estonia's potential positions in the value chain of financial services: how developed our financial service sector is and what are the current expectations for growth.  

In the research, the main push and pull factors that affect the financial enterprise's choice of location will be analysed. In addition, the research will reveal the financial services fields where Estonia has the greatest growth potential and suggestions for implementation will be made.

Suggestions and opinions of partners will be gathered by interviews and in workshops throughout the research. The final report of the research will be ready for autumn.

Financial services is a focus area for the foresight project "Service economy 2018" conducted by the Development Fund.