FinanceEstonia International Forum 2013

FinanceEstonia International Forum

2013

June 6th to 7th in Tallinn, Estonia

WIFI password in Swissotel conference center is: events

Dear participant of the Forum

I am glad to welcome you to the first FinanceEstonia International Fo-rum, which profiles Estonia as a location for financial services.

We have guests from 17 countries and Estonia’s top experts from a range of business fields participating: asset management, bank-ing, IT, legal, advisory and business transformation to name but a few.

Besides a strong presence of leading Nordic banks, today there are more than 30 cross-border financial and shared services pro-viders in Estonia. We believe that we have an excellent platform on which to generate much more business.

As a location Estonia stands out internationally for it’s prudent fis-cal policy (AA- rating), strong economic growth (3.2% in 2012) and well capitalized banking sector (Tier I ratio of 23%). We are well known for our buzzing Startup scene and innovative e-solutions and infrastructure (#22 in the Global IT Report). And we are very proud of our skilful and hard-working people!

We believe that amid financial crises and growing challenges to improve efficiency, Estonia is in an excellent position to develop into a strong location for financial services.

This Forum will be full of insight and discussion on how to capi-talize on our platform in order to offer better business services to an even wider audience. I encourage your active participation and net-working to find opportunities to work together.

I hope this Forum offers you great insights and valuable new con-nections!

Priit Põldoja FinanceEstonia Chairman of the Board

9:00 Networking and Morning Coffee

9:30 Opening Discussion: What does Estonia have to offer and why one should consider Estonia as a destination for financial services?

Moderator: James Oates, Cicero Capital, CEODebater: Priit PõldOJa, FinanceEstonia, Chairman of the BoardDebater: madis müller, Bank of Estonia, Vice President

June 6th

The Plenary DaySwissotel Tallinn

10:00 Capital Markets: Why is a domestic capital market necessary for Estonia and how does it support the multinationals who operate here?

Presenter: aare tammemäe, FinanceEstonia, Member of the BoardModerator: ülO Kallas, FinanceEstonia, Capital Markets work-stream LeaderDebater: margus uudam, EstVCA, Chairman of the BoardDebater: NiKlas JOhaNssON, AP2, Member of Executive Board

10:50 Treasury & Shared Service: Which are the key trends in Global Business Services and how can Estonia differentiate for success?

Presenter: tOm BaNgemaNN, SVP Business Transformation, The Hackett GroupModerator: Neil mathiesON, FinanceEstonia, Head of T&SSCDebater: alaiN Falys, Co-founder and CEO, OB10 and Venture Partner, Imperial InnovationsDebater: Peter KliNgeBiel, Konecranes, Head of Financial Support Service Centre

11:45 Lunch

12:45 Fund Administration: What niches of Fund Management can be delivered out of Estonia?

Presenter: mihKel õim, FinanceEstonia, Fund Services work-stream LeaderModerator: Julia segerKraNtz, Estonian CSD, Managing DirectorDebater: VeiKO tali, Estonian Ministry of Finance, Secretary GeneralDebater: Katre saard, Alpcot Capital Management Ltd, Founding Parter

13:45 International Private Banking: What are HNW (High Net Worth) individuals’ needs and how does Estonia meet those needs?

Presenter: guNNar tOOmemets, Swedbank Estonia, Head of Private BankingModerator: mae haNseN, FinanceEstonia, CEODebater: Kristel meOs, Zenith Capital Management, Partner; Head of Private Banking, FinanceEstoniaDebater: COsta VayeNas, UBS AG, Managing Director, WM Head of EM Research

14:30 Energy Break

15:00 Estonian Start-up’s: What are Estonian’s technology Startup success stories and how do you create a lucrative environment for Startups and spin-offs?

Presenter: heidi KaKKO, SmartCap, CEOModerator: yrJö OJasaar, TMK, Chairman of the BoardDebater: timO hOlOPaiNeN, Managing Director, Crystalsol

Additional information and registration: financeestonia.eu

15:45 Closing Discussion: What is the future of financial services in Europe and how does Estonia fit into the picture?

Moderator: edward luCas, The Economist, journalistDebater: JürgeN ligi, Estonian Minister of FinanceDebater: graham BishOP, GrahamBishop, Principal

16:45 Closing Remarks

17:00 Socialising, Drinks and Canapés

19:00 Forum Dinner at Estonia Concert HallMore info on page 64

June 7th

The Workshop DayPlease find the location for each workshop at the back inside cover of the book.

10:00 First Workshop Session (presentations, open discussions and company visits)

BUSINESS ENVIRONMENT

Online services – on the way to the future 1 raiNO ParON, Partner, Raidla Lejins & Norcous sVeN PaPP, Partner, Raidla Lejins & Norcous

PRIVATE EQUITY, VENTURE CAPITAL

How to build a global financial services company from Estonia? The experience of Trigon Capital 2aNdrus alBer, Director of Investor Relations, Trigon Capital

PRIVATE EQUITY, VENTURE CAPITAL

How private equity creates value? 3Peeter saKs, Managing Partner, BaltCap

BUSINESS TRANSFORMATION

Global Business Service trends and best practise 4tOm BaNgemaNN, Senior Vice President Business Transformation, The Hackett Group

BANKING

Solid Banking in the new normality 5VaiKO tammeVäli, Executive Manager in Private Banking and Member of the Board, Swedbank

PRIVATE BANKING

New wealth vs. old wealth 6Kristel meOs, Partner, Wealth Management, Zenith Capital Management, Private Banking working-stream Leader, FinanceEstonia aNtON gaNs, Business Advisor, Zenith Capital Management

ADVISORY

How the Estonian tax environment can support your business? 7hedi wahtramäe, Senior Tax Manager, Ernst&Young Baltic AS

12:30 Break / Logistics

14:00 Second Workshop Session (presentations, open discussions and company visits)

LEGAL

Investment environment of the Estonian IT/TMT sector 8lauri almaNN, Attorney at Law, Law Firm VARUL, luuKas KristJaN ilVes, International Cooperation Manager, Estonian Information System’s Authority arNe aNsPer, Development Manager, R&D company Cybernetica

FINANCIAL PROCESSES

Shared Service Centers in Estonia – a practical overview of the benefits 9Karl-eriC sChNeider, Country Manager, Itella Information sami seiKKula, Director, Business and Product Management, Itella Information

DEBT AND EQUITY FINANCING

M&A deals in the Baltic’s – emphasis on Estonia, case studies and trends 10aare tammemäe, Senior Partner, Redgate Capital

IT

The trends in alternative banking – what are the pros and cons of services moving from conventional banking to niche players? 11Peeter KlaNBerg, CEO, Mindware

BANKING

Estonia’s macro and financial environment compared to the global environment. Multinational’s benefits from doing business with Nordea Group 12aNdreas laaNe, Head of Banking, Nordea Bank Estonia tõNu Palm, Chief Economist, Nordea Bank Estonia ülari Kiisla, Head of Private Banking, Nordea Bank Estonia

LEGAL

Estonian tax system for holding, property, treasury, trading, investments, manufacturing and services companies 13 KaidO lOOr, Partner, Sorainen

FUNDING AND FINANCIAL RISK

Funding and financial risk best practice 14Neil mathiesON, Head of T&SSC, FinanceEstonia / TreasuryView

[ 12 ] FinanceEstonia International Forum 2013

Participants

Olesia abramova Ernst & Young Baltic

giles adu Brook Street Partners

Oliver ait Ministry of Economic Affairs and Communication

andrus alber Trigon Capital

lauri almann Law Firm VARUL

mart altvee Redgate Capital

Jan andersoo Cofi

Pedro anjos Estonia’s Honorary Consul for Angola

mati annus Sunny Business Services

tõnis arro Estonian Development Fund

thomas auväärt Estonian Ministry of Finance

daiga auziņa-melalksne NASDAQ OMX Tallinn

tom Bangemann Business Transformation, The Hacket Group

Kai Becker Pontos Group

Vitaly Berezka Russian Energy Agency

graham Bishop GrahamBishop

werner Blessing BIOMETRY

inge Butkeviciute Morgan Stanley

Benoit Cerfontaine Luxembourg for Finance

daniela Cervova UBS

davide Cesaro AZ Life

Jens Christiansen Christiansen Consulting

Piers Coke-wallis Prospera Estonia

william Cronenberg ICCMCA

michael donahue Intrum Justitia

tommi elo Merilampi Attorneys

göran emtesjö ABEK Partners

Jasmin etelämäki City of Helsinki

tiiu evert Enterprise Estonia

alain Falys Imperial Innovations

alexander Filatov Tehnonord

Filippo Fontana AZ Life

denis girko OC LLC Effective investments

aldis greitans Itella Information Group

Veiko haavapuu Statoil Fuel & Retail Eesti

mae hansen FinanceEstonia

Paula harrison British Embassy

FinanceEstonia International Forum 2013 [ 13 ]

Joakim helenius Trigon Capital

märt helmja Swedbank

ingrid hindrikson Tallinn City Enterprise Board

martin hirvoja Enterprise Estonia

timo holopainen Crystalsol

Chris holtby British Embassy

matti hyyrynen EBRD

magdalena Jankowska O-I

aare Järvan Prime Minister’s Office

Niklas Johansson APS

gert Jostov Technopolis Ülemiste

arja Jurmu Pohjola Bank plc Estonian Branch

Jari Aarre Kähkönen TreSol

marko Kairjak Law Firm VARUL

heidi Kakko SmartCap

Kaido Kaljulaid KIT Finance Europe

ülo Kallas FinanceEstonia

Kadri Kallas Sorainen

lauri Karp KFPD

sander Kärson Law Firm VARUL

garvan Keating CountryProfiler

Olli Keinänen City of Helsinki

Kilvar Kessler The Financial Supervision Authority

Fahad Khan Morgan Stanley

muhammad Naeem Khan Muhammad Akram & Sons Trading & Investment

Peeter Klanberg Mindware

Peter Klingebiel Konecranes

andrus Kluge Eesti Krediidipank

martin Kõdar BaltCap

anti Kõdar Law Firm VARUL

Kristiina Koel Rieber & Son Estonia

sergey Kolesnikov

Veronika Kozlova Suerte Finance Service

Vahur Kraft Nordea Bank Finland Plc Estonia branch

Jako Kruuse Nordic CF Advisory

Oliver Kullman BaltCap

grete Kuura University of Gothenburg

Kätlin Kuuspalu Aureus Capital

lehar Kütt Kredex

andreas laane Nordea Bank Finland Plc Estonia branch

Pilleriin laanemets Club Shipping Group

gerd laub SEB Pank

annely lautre Trust Nordics

Kristjan lepik Estonian Development Fund

Jürgen ligi Ministry of Finance

Oliver liidemann City Centre Administration


merit lind Law Firm GLIMSTEDT

tiina link Innovation Norway

enn listra Tallinn University of Technology

Vadim lobov Synergy University

Kaido loor SORAINEN

torfinn losvik Marat

edward lucas The Economist

ardo lünekund Seed Forum

Carlo lustrissimi Aureus Capital

ants mailend Law Firm VARUL

tuomas majuri Federation of Finnish Financial Services

Karina maksimova UBS

sáez mansilla Openfinance

Veikko maripuu Redgate Capital

Neil mathieson KeyCap

Kadri mats Ministry of Economic Affairs and Communication

gennady medetskiy Synergy Innovations

Kristel meos Zenith Capital Management

ege metsandi FinanceEstonia

matthew mezinskis ArchInvest

Kolbjørn midtun Mirror Accounting

Valmar moritz Eesti Krediidipank

madis müller Eesti Pank

Kati Nikopensius Tehnopol Startup Incubator

Christian Nilsson S&P Capital IQ

Oksana Novožilova Aureus Capital

James Oates Cicero Capital

mihkel õim IM Concept

harri Ojala PKC Group

ander Ojandu Advisio

yrjö Ojasaar Estonian Service Industry Association

margot Ots Confent

Kaarel Ots UniCredit Bank

Priit Paesalu Enterprise Estonia

taavi Pahapill Ernst & Young Baltic

terje Pällo FinanceEstonia

Pille Parikas Mindware

raino Paron Raidla Lejins & Norcous

signe Peil Konecranes

reijo Pentikäinen Reyl

hannes Pihl Zenith Capital Management

madis Pihlasalu Tallinn School of Economics

martin Põder Ministry of Finance

Priit Põldoja FinanceEstonia

Janusz Poltorak O-I

Jüri raidla Raidla Lejins & Norcous

reet raidur SEB Pank

Veiko räim Eesti Energia


endrik randoja Confent

mart repnau Tallinn City Enterprise Board

wolfgang ressler Crystalsol

alexander riesenkampff Riesenkampff

Katre saard Alpcot Capital Management

Kaspar saarman Nordic CF Advisory

Peeter saks BaltCap

merlin salvik Hedman Partners Attorneys-at-Law

Chris schilling O-I

Karl schneider Itella Information

Julia segerkrantz Estonian CSD

ladislav sekerka USB

Vishal sharma Qualitex

Kärt siilats European Investment Fund

erlend sild COSCO Estonia

marek skreta USB

Jesus sobral Citywire

aku sorainen Sorainen

alexei stankevich Third Rome Group

Veiko tali Ministry of Finance

Priiten tamm Prospera Estonia

aare tammemäe Redgate Capital

Vaiko tammeväli Swedbank

Christian testman Trust Nordics

Kristi tiivas Enterprise Estonia

ranno tingas Ernst & Young

margus tinno Colliers International

gunnar toomemets Swedbank Estonia

Piret treiberg Ministry of Economic Affairs and Communications

andrus treier KredEx

aleksander tsenter A-100

rita ukkivi Konecranes

margus uudam EstVCA

raivo Vare Estonian Development Fund

mari Vavulski Enterprise Estonia

Costa Vayenas UBS

toms Veidemanis Latvian Private Bank Association

andrus Viirg Enterprise Estonia Silicon Valley

Jari Virta Federation of Finnish Financial Services

hedi wahtramäe Ernst & Young Baltic

gerda zigiene Lithuanian Financial Markets Institute

margus zuravljov TargetOne


What does Estonia have to offer and why should one consider Estonia as a destination for financial services?

James Oates, CEO, Cicero Capital

James Oates is moderator of the first session at the Forum. what are his thoughts on why one should consider estonia as a destination for financial services? does estonia need some policy changes and how could it promote itself better? we asked James these questions dur-ing an interview as we prepared for the Forum.

what does estonia have to offer to the international finance scene?Estonia is part of the West, its primary trading relations are, and will remain, oriented to Europe. However the prox-imity of Russia offers many opportuni-ties for the future. For example, Russian infrastructure is so inefficient it is often better to use Estonian ports rather than Russian. As trade expands business and investors can use Estonia as an easy en-try point to Russia. Finance often follows physical trade flows and I think the op-portunity exists if we can build on our ports, railway and roads and connect with the vast railway network in Russia and even as far as Kazakhstan and West-

ern China. The Russian’s recognize the benefits and this, in my view, is what is driving the gradual warming of relations. All this combined provides global trading opportunities and means we need to de-velop financial markets in tandem.

why should one consider estonia as a destination for financial services?I would highlight three main reasons - Estonian geography, innovation and at-titude.

I believe that for first time in perhaps 800 years Estonian geography is a posi-tive factor. If you look at the map the hin-terlands of Russia, Ukraine and even Western China are suddenly very close


and Estonian ports offer them access to Europe. Trade finance has to be there to support this development however.

There are many examples in the World where locations might seem rath-er small or random on first appearance but which are actually extremely im-portant as delivery points. I am not just talking about ports but the whole infra-structure. It is also evident from history that large financial centers like Amster-dam and London created their markets around physical trade. Why should Esto-nia do anything different?

The other side of the coin is, do Es-tonian’s have the skills to execute this? Here is where innovation steps in. In the cases of Amsterdam and London their big advantage was their relatively high rate of literacy in the eigheenth and nineteenth centuries. The modern day equivalent of literacy is computer pro-gramming and in Estonia this is taught from the first grade in some schools. Estonia is also ranked very high on the worldwide innovation scene. So, in that sense, Estonia has similar opportunities to London and Amsterdam two centuries ago.

By attitude I mean a culture of work-ing hard. Estonians are honest, open, sincere and hard working. Estonia is a solutions oriented society not a process oriented one. That’s quite rare combi-nation! To my mind it is a very easy cul-ture to engage with and Estonian nego-tiations are very efficient and that saves time. I believe Estonian society has re-covered from all the troubles of the past and the two language groups living here are integrating rapidly. To my mind Es-

tonia is the most advanced among the Eastern-Central Europe states, if we should even define Estonia as part of that region any more.

what kind of policy changes are re-quired to make estonia more attractive in financial markets?I think that “well begun is half done” and the foundations of today’s Estonia were laid down very well in early 90’s. I’m sure that the ongoing debate about the future direction of the country will also create new ideas and new energy.

One issue where I have concerns is physical infrastructure. For example Rail Baltica, even if the latest technology is deployed it is still 4 hours to Warsaw and another 4 hours to Berlin. The plane is much faster. The railway would cost trillions and is 18th century technology. I would go for modern highway’s instead, it’s much cheaper now and driverless technology is coming, so the advantage of rail over road is too small to justify the extra cost.

I therefore think the only real trans-port infrastructure that we need are de-cent highways. There are not many to build in Estonia, perhaps: Tallinn - Tar-tu, Tallinn - Narva and Tallinn - Ikla (that continues to Riga). Obviously in order to fully benefit from new highways it re-quires neighboring countries to also in-vest.

Another observation is that the per-ception that Estonia is a low tax country is in fact not true, Estonia has quite high taxes overall. I’d like to see labor taxes lowered and other taxes such as land tax rise.


Where Estonia is weak is on soft pow-er issues. When you compare Estonia with Lithuania for example, you see that the Lithuanian’s are much better at en-gaging and marketing to key people. A recent example is Barclays Bank IT cen-tre in Vilnius, where the Lithuanian’s managed to engage and persuade them to relocate their back office.

how do we best promote the advantag-es estonia has?Estonia has a lot of advantages but Es-tonian’s are generally not extroverts, they do not generally go out and promote themselves, even when their ideas are world beaters.

In marketing a country you have to engage people, not just mechanistically but actually interact with human coun-terparts and carry out marketing activi-ties. You need to look into their eyes and invite them over. This is extremely diffi-cult for Estonian’s as on one hand they are honest and sincere but on the other

they are too critical about themselves. It is probably due to historical reasons when overly positive and extrovert peo-ple ended up in Siberia!

Nowadays we need to look on the bright side because this is an essential part of being competitive. Stop being shy, Estonia is part of the EU, part of NATO, part of the OECD and has such strong economic foundations it has no problem being in a currency union with Germany. If someone would have told that to Esto-nian’s 20 years ago they would have been extremely happy, so there is a lot to be proud about!

should the government take a more ac-tive approach in promoting estonia and if so how?The question is rather what does Estonia do next? There is a national debate go-ing on of about what Estonia is and this Forum is part of it. Is it just more of the same? Is Estonia an Indian-like reserva-tion just for Estonian speaking people? It

I would highlight three main reasons why

Estonia can be a destination for financial

services - Estonian geography, innovation and

attitude.


should surely be something more. Estonia has not gone down the road

of multi-culturalism and is unlikely to do so. It is necessary for Estonia to open up and naturally there are certain limits. If Estonia feels secure in its identity then it is much easier to be open. I think that Russia is no longer trying to break down the door and the EU is just a mechanism that enables member states to co-oper-ate, it is not a state itself. The govern-ment can do a lot to boost the identity and self-awareness of Estonians and they will then market the country them-selves.

Latvia has clearly changed a lot re-cently and is recovering well because they are showing a lot of pragmatism in the process. Estonia is therefore part of an increasingly successful region, in-deed the emerging Nordic-Baltic region is not merely a European leader it is a world beater. Estonian’s have great op-portunities, they should seize them with both hands.


Notes


Why is a domestic capital market necessary for Estonia and how does it support the multinationals who operate here?

aare tammemäe, Member of the Board, FinanceEstonia

some might argue whether a domestic capital market is needed in a small economy such as estonia. we interviewed aare tammemäe to find out why a capital market is important for estonia, what it would take to develop one further and what should the role of government and the private sector be in that.

what is your evaluation of estonia’s capital markets?Estonian capital markets are under de-veloped. Private equity availability is lim-ited to a very few local buy-out funds and public equity markets are not attractive to new issuers due to low liquidity and a lack of serious institutional investors. Public and private debt markets are al-most non-existent, with even a govern-ment benchmark bond not available. In a small country like Estonia we cannot rely only on foreign capital flows, we need to establish our own capital and investor base for the turbulent times.

It is not impossible task, there is around 5 billion Euros in private bank de-posits and 1.6 billion Euros in public and private pension funds in Estonia which could play an important role in develop-ing local capital markets. One therefore cannot say that there is no capital avail-able however access to that capital for small and mid-sized local companies is extremely difficult.

On the other hand the banking sector is pretty well developed, largely thanks to Scandinavian banks. During the boom times the banks were eager to compete for investment projects and loan vol-


umes rocketed. However after Lehman went under in 2008 bank borrowing col-lapsed and has never fully recovered since.

A study by the McKinsey Global Insti-tute in March 2013 pointed out that fi-nancial depth in traditional or well de-veloped economies, as measured by the value of financial assets, is at least 400% of GDP. In developing countries it is only 150% and in the case of Estonia even less. By any measure it is clear that the capital market in Estonia is thin.

is there enough capital available in the market?Yes and no, we have accumulated some capital but it is not available to small and mid-sized companies because they do not meet the institutional investors’ in-vestment criteria, usually because they are too small. Of the 1.6 billion Euros of assets under management in local pen-sion funds less than 10% of this capital is invested in local companies.

I cannot blame the pension fund man-agers because some of them are already investing in pre-IPO companies and spe-cific asset classes like real-estate. It is a supply and demand issue, there are not so many attractive listed companies or bond instruments available on the stock market. It’s a bit of a paradox but this needs to be addressed.

how would you compare estonia with more developed capital markets and why does it matter?In developed countries the local investor base plays a significant role in domestic private equity, bond or direct investment

markets – in European and Nordic coun-tries on average nearly 50% of the capital invested in the domestic market comes from local sources.

In Estonia less than 10% of our pen-sion fund investments are made domes-tically. In other words domestic capital is invested mostly outside Estonia while foreign capital is not participating signif-icantly in our domestic capital market at all.

The lack of a well-functioning capi-tal market means there are limited exit possibilities for private equity investors and local growth companies. Instead of accessing the local stock market as a competitive source of capital companies are often sold to strategic investors. The knock-on effect may be that value-add-ed jobs move away from Estonia hence a home bias is good thing. We have much to learn from our Nordic neighbors.

how would you compare estonia with other Baltic capital markets?In my opinion both Latvia and Lithu-ania have recognized the need to take a stronger approach to developing domes-tic capital markets, with the state active in supporting initiatives.

We see more activity in terms of ven-ture capital offerings, the JEREMIE ini-tiative by the European Investment Fund for example. Also, the public debt capi-tal markets in Latvia and Lithuania have developed better than in Estonia, with many government and corporate debt instruments listed on local stock ex-changes. This experience and track re-cord has helped attract foreign investors too.


does estonia need a capital market when the possibility exists to access in-ternational capital markets?Global, cross-border capital markets have developed very fast during the last 20 years however cross-border capital avail-ability has collapsed since the last crisis and this provides a serious warning to us. The McKinsey Global Institute survey re-ported that global cross-border capital flows contracted by as much as 7 trillion US Dollars between 2007 and 2012. West-ern Europe accounted for more than 70%

of this drop. Financing from the European Central Bank and other public institutions now accounts for more than 50% of capi-tal flows within Europe.

how can we develop a domestic capital market further?How do you develop an entire financial ecosystem? There isn’t one magic pill for that, it is a process of complex actions.

Both the supply of capital and instru-ments offered has to be improved.

The state plays a vital role in initiating certain actions. Firstly, the government can improve the provision of early stage and private equity capital for start-up and mid-market companies, where the need for financing is greatest. We can

see the first positive steps being taken – the European Investment Fund together with the three Baltic governments have committed to inject up to EUR 100m eq-uity into a fund-of-funds which will then be invested through Baltic private equity companies.

Secondly, the government can facili-tate local pension fund managers to be-come more active in the domestic capital market by lifting investment restrictions.

Finally, the government can list some of the state-owned enterprises on the

local stock exchange and issue bonds in-stead of borrowing from banks, in turn developing the domestic institutional and retail investor base.

The solution therefore consists of ac-tions both on the regulatory side and making more investment instruments available. With the government’s help it would be possible to get pension funds and other investors (investment funds, private banks, etc) more active in the do-mestic capital market.

what can the private sector do in order to develop capital markets?The private sector should react to the needs of entrepreneurs in Estonia, es-pecially those with growth plans which

Local capital markets are as an important

part of state infrastructure as roads and

education. They have to be in place and work

effectively.


need to be financed. The private sector can also pinpoint problems in access-ing capital and communicate these to the government. Furthermore it can in-crease awareness among foreign inves-tors about Estonian growth companies in various value-added sectors like IT, ex-port oriented production and services. Finally, it can create an industry of pro-fessional asset managers who work with different professional investment com-panies.

what do you recommend in order to de-velop estonia’s capital markets?FinanceEstonia has outlined a mixture of different options to create a strong do-mestic financial ecosystem.

Capital markets should be developed in an intelligent manner that ensures access to capital at different stages of a company’s growth. Provision of early and growth stage capital is not adequate to-day. Pension funds are not active play-ers in the domestic capital markets yet and there is a lack of quality issuers on public debt and equity markets. The state can support development by issu-ing bonds and listing state-owned enter-prises on the local stock exchange.

Local capital markets are as an im-portant part of state infrastructure as roads and education. They have to be in place and work effectively. If not we risk missing a lot of growth opportunities and losing our competitive edge in several industries simply because of a lack of proper financing. I am happy to see the state has begun taking actions in order to address these matters however a lot needs to be done.


Notes


Which are the key trends in Global Business Services and how can Estonia differentiate for success?

tom Bangemann, SVP Business Transformation, The Hackett Group

we talked to one of the key presenters and business services expert tom Bangemann about the trends in global Business services and location decision criteria. tom also shares his views on how estonia is perceived in the global Business services community and what small countries can do to succeed in this field of business.

which are the key trends in global Busi-ness services?From a global perspective we currently have around 5,000 service centers each employing c.150 people on average, so the estimate is that at least 1 million people work in this sector, a significant number. If we look at the companies, then there is no better service delivery model available so the trend will contin-ue to grow at around 10-20% in all major areas: finance, IT, procurement and HR. Analyzing such jobs currently performed in Western Europe and North America it is feasible that another 2 million jobs could be migrated to new locations.

If you consider about Estonia’s posi-

tion in this framework then in the Bal-tic’s we have around 120 centers, which is a respectable proportion. Of that there are c.30 in Estonia, 40 in Latvia and 50 in Lithuania. The number is maybe not huge but it equates to thousands of jobs and the labor market is well developed for this sector.

The main driver for Offshoring ser-vices is still cost, but combined with ca-pabilities because the main reason for Offshoring is to get the job done. A fun-damental difference compared to when Offshoring started is that, back then, service centers were established in some location where the company al-ready operated. Nowadays centers can


be located in totally new environments for the company. This is a big advantage for Estonia as not many companies of considerable size are present here.

As the shared services model became trusted and popular companies started to look for new locations and the Baltic’s came into the equation. This is a very logical development as the Baltic’s have a similar skill base as Western Europe but the cost base is lower. Also, the loca-tion is geographically favorable for Euro-pean and especially Nordic companies.

how are location decisions made and on which factors?Companies do Offshore far away but from a gut feel perspective prefer to stay closer to home if possible. The principle is that you can go 10% of the distance and gain 90% of the benefits, meaning you then have to go a further 90% of the dis-tance just to capture the remaining 10% of the benefits. For Nordic companies the Baltic countries are therefore a very logi-cal choice.

The location decision is always based on financial and non-financial factors. You don’t have to be the best in the fi-nancial factors but you do need to score well. The final decision is always based on non-financial factors.

The first criteria is still labor cost, but combined with skills – ultimately you are hiring a group of people who need to possess the right skills to get the job done. Qualitative criteria are becoming more important however and this is good news for Estonia because although Es-tonia’s cost level is still low it is already higher than in Latvia and Lithuania.

Cultural aspects are also important. Obviously companies that seek a loca-tion for their service center would prefer to deal with people like themselves. In this aspect Estonia is not differentiated from other Baltic countries as, despite their differences, they are all perceived as Nordic in the Offshoring business. I believe that the work ethic in Estonia is something between Finland and Germa-ny however.

The legal and regulatory framework is also something that is considered. For Estonia it is not a big issue as it is a member of the EU, the box is ticked, but it is an important box and one which differentiates Estonia very strongly from countries such as Belarus and Ukraine.

In addition to that mentioned above, accessibility is an important criteria and in terms of the Nordic region Estonia has good connections.The legal and regula-tory framework is also something that is considered. For Estonia it is not a big is-sue as it is a member of the EU, the box is ticked, but it is an important box and one which differentiates Estonia very strongly from countries such as Belarus and Ukraine.

how is estonia perceived in the global Business services community?In Estonia companies are not very big so people have become used to doing differ-ent tasks. To some extent this defines the image that Estonia has in the eyes of the Offshoring business.

What that means is that Estonia is maybe not top of the list when a com-pany requires a 500 hundred strong unit that carries out very standardized tasks.


However Estonia is very strong when a smaller and more agile unit is required. If a company has the need for very ver-satile activities - like 5 people doing this and 4 people doing that, work being done in various languages, some during the day and some at night, etc - this is an opportunity for Estonia as Estonian employees tend to be able to carry out more complex tasks by themselves and not just to repeat simple routines. Most of the centers in Estonia are of small to medium size and the Offshoring compa-nies very happy with such flexibility as a qualitative criteria.

as a small country, can estonia succeed and if so how?There are two steps in attracting service centers. One is to get them here initially the other to encourage expansion once they are established. The most difficult thing is to attract people initially, this is about 80% of the entire task.

Once interest in the country is estab-lished you just need to have a good prod-uct and work on the packaging. When you don’t have a great product then you’re in difficulty. But the Baltic’s do have a very good product, the problem is that you are too honest about every de-tail! Try to be more creative, if there is not enough capacity at first glance then try to figure out how to combine resourc-es and make it happen for the client. In terms of size it might be difficult to sell the idea of a 1,000 strong unit in Estonia, that is probably easier elsewhere, Esto-nia is more about qualitative factors.

In selling Estonia first look at whom are you talking to. Many promote their

If a company has

the need for very

versatile activities this

is an opportunity for

Estonia as Estonian

employees tend to be

able to carry out more

complex tasks by

themselves and not

just to repeat simple

routines.


countries with a standard presentation. If it is a Nordic company then I would promote the issue that Estonia is logisti-cally and culturally close to the Nordic’s. If it’s a US company I would promote the idea that Estonia is part of EU and a neighbor to Russia, that might be an in-teresting combination. Prepare a list of 20 arguments then blend them accord-ing to who the target client is.

Another selling point for Estonia is its e-solutions, whether it is dealing with governmental institutions through e-channels or having WIFI hotspots spread throughout the country. This is a very popular topic right now with everyone eager to learn how this e-society can save costs.

what service centers are established in estonia that provide good benchmarks to those interested in investing here?If the interest is in basic finance work then Stora Enso and Fortum are good examples. They have been doing it for a long period of time and on a large, inter-national scale.

AGA is a nice example for companies interested in customer service - their center is small but has a versatile port-folio in terms of servicing customers in many different channels and using a considerable amount of technology.

Arvato is a great example of servicing a huge client such as Microsoft and this co-operation is based on the Outsourc-ing model.


Notes


What niches of Fund Management can be delivered out of Estonia?

mihkel õim, FinanceEstonia, Fund Services workstream leader

we met mihkel õim prior to the Forum to explore his views on the benefits of having fund administration conducted from estonia, and how the estonian legislative environment supports this. mihkel also outlines which companies have their fund administration in estonia and what their experience has been. you will also read his opinion on estonia’s position in terms of trust level compared to traditional mar-kets such as luxembourg and ireland.

what niches of Fund management can be delivered out of estonia?Fund management is defined by three core functions in its business value chain - Investment management, Distribution and Administration. Fund management is developing to become a cross-border business thus companies need to change their business models to make them suitable for such business, open up their value chain and search for new efficien-cies. Estonia has the possibility to serve as regional hub for fund administration.

what drives this trend of opening the value chain?Fund management, as with many busi-

nesses, is changing from local to global. Historically most money has been invest-ed domestically, for example a US fund manager gathered money from US in-vestors and invested into US equities and bonds. Investing outside the US was con-sidered “alternative” and only a tiny pro-portion of the overall portfolio.

Increasingly funds invest globally. This requires investment managers to be located in or close to the markets where they invest to ensure knowledge. There is also a clear need for someone to explain these markets and products to investors - that is the distribution el-ement and has to be performed where the investor is. If an investment is done


in the US and the client is located in Asia then putting those ends together is the administration, a key business in its own right today.

how established do you believe this trend is? This trend has been apparent for quite some time but has become more pro-nounced in the past decade or so. Such globalization developments tend to start in the US. If we compare fund manage-ment to the aviation industry then we see the same pattern - aviation was first lib-eralized in US, then in Europe and now we see how small domestic airlines struggle for survival. Likewise in the European fund industry this trend has been present in bigger, well developed countries and is now starting in smaller, neighboring countries.

It is also important to understand that these trends are often triggered and un-derpinned by changes in the legislative environment. In Europe that has mainly meant the UCITS directive. First imple-mented in 1986, another major reform occurred with implementation of UCITS IV last year. The UCITS framework, ini-tially drafted to enable cross-border business within the EU, has evolved to become the accepted industry standard thus even fund managers in Asia and other emerging markets use it to estab-lish their products.

what are the benefits of having Fund administration conducted from esto-nia?Firstly we should understand that we don’t talk on a global scale but a regional

one. And here, if business in neighboring countries will be opened to cross-bor-der activities, there is a clear benefit for Estonia to be selected as a location for fund administration. Being an EU mem-ber close to Nordic and Eastern regions we are proximate to significant mar-kets, have the benefit of UCITS imple-mented in our legislation and the Euro as our currency. Not many of our neighbors have the Euro as their currency and in certain technical aspects that is actually quite important.

does estonian legislation support Fund administration?We don’t have any special tax or legis-lative features that attract fund man-agement business to Estonia. I believe our strength is in the transparency and simplicity which characterizes Estonia’s business and social environment gen-erally. The overall dynamics in Estonia are also positive towards building a new business, that also being reflected in our corporate taxation system. Estonia’s cost level is also favorable compared to many. If we compare our environment to more traditional locations then we do not have legacy issues we need to address in or-der to be more efficient - agility and the ability to grasp new ways of doing things are Estonia’s advantages.

which companies have their Fund ad-ministration in estonia and what has their experience been?Historically we have had a lot of pan-Baltic business performed out of major commercial banks in Estonia. Not only fund management but wider securities


markets related activities. So certain-ly there is some experience within big banking groups which is perhaps not vis-ible to the public but has created industry knowledge, an important foundation.

As a more tangible example we had a small fund manager from London es-tablish their administration in Estonia this year. I also consider Limestone and Northern Star as other good examples of how core administrative activities are performed in Estonia while their “face” is in Finland and fund structure domi-ciled in Luxembourg.

what is our trust level compared to tra-ditional markets such as luxembourg and ireland?A certain trust factor is present in all business decisions but I wouldn’t say it is only about trust, it is also about habit. There are long established habits in the way funds have been run, with Dublin and Luxembourg clearly benefiting from these.

There are particular reasons for such habits, these locations used to be very liberal in terms of taxation but this is no longer the case. The industry is moving strongly away from typical “tax haven” related structures. Historical advantag-

es and habits are therefore not sustain-able in the new environment and such rapid changes create possibilities for Es-tonia.

There are also examples of new types of trust being generated here - NATO’s Cyber Defense Center is located in Es-tonia, Microsoft didn’t relocate Skype’s headquarters from Estonia after acquir-ing it and many more. It is not any more about being a tax haven, but being a dy-namic, efficient, IT-oriented and trans-parent environment.

It is not any more about being a tax haven,

but being a dynamic, efficient, IT-oriented and

transparent environment.


Notes


What are HNW (High Net Worth) individuals’ needs and how does Estonia meet those needs?

gunnar toomemets, Head of Private Banking, Swedbank Estonia

in this interview we provide a preliminary flavor to the discussion on Private Banking at the Forum. Presenter gunnar toomemets shares his opinions on how well prepared his estonian counterparts are to meet the needs of hNw individuals and how estonia’s high-tech infrastructure will help private banking offerings. we also analyze the image that estonia has from a trust perspective and how the presence of large Nordic banks affects estonia’s capability to offer services in the hNw segment.

how well prepared are estonian com-panies to meet the needs of hNw indi-viduals?The cost and revenue structure of inter-national private banking has been built up based on the environment before the last recession. In order to meet the needs of HNW individuals private bank-ing needs to become much more effi-cient than it has traditionally been.

Estonia is small and agile and I be-lieve it is easier for us to make the nec-essary changes faster than established

players. We already have a simple and transparent tax system, we’re known for the ease of doing business, the ability to speak languages is high (English, Rus-sian, Finnish, etc) and the geographi-cal location between East and West is favorable. So, the attraction of private banking clients to Estonia from both East and West can clearly be envisaged.

Of course there are aspects where we are not and cannot be top of the league. Our private bankers do not have decades of experience and have not helped cli-


ents generate wealth over generations. But we do have other benefits.

Looking at future customers needs then top of the list are their expecta-tions for transparency, fast and conveni-ent service and e-solutions which enable them to do their banking wherever they are. We see that future customers have less time and we are able to offer them convenience. The relatively low cost base of Estonia is one of our advantag-es and I believe that from the customer’s point of view we are much more cost-ef-ficient than Western competition. Also,

for many customers Estonia’s location is important, clients from the East look for opportunities to do business with Europe - we know both cultures and languages and can act as a professional intermedi-ary.

estonia is known for it’s high-tech ser-vices and infrastructure - how will that help private banking offerings?Private Banking’s essence is, among other things, about making its custom-ers lives more convenient. E-solutions give private banking clients convenience

to have an overview of their assets, un-dertake transactions and even partici-pate in stock exchange activity over their mobile phone for example.

In private banking e-solutions we are in the club of big players. We do not have all the imaginable gadgets but we need to think about the requirements of the average client. We aim to offer the most innovative and user-friendly solutions in areas that make a difference, for exam-ple we are still at the very top in terms of how fast a client can establish an ac-count.

what image does estonia have from a trust perspective and how does that af-fect hNw individuals’ decisions?There was a very good Ernst & Young survey about clients relationships with their bank. Two of the most important criteria were the reputation of the bank and the competence level of the person-al advisor at the bank. We are connected to Scandinavian banks and that gives us extra credibility. As far as competence is concerned we have a very good track re-cord and feedback from our current cus-tomer base.

The reputation of our private banking and

competence of our staff are at a very high level.

On the other hand our criteria for becoming a

private banking customer and the fees are

considerably lower than in Western Europe.


The next challenge is to prove our ca-pabilities to a larger audience - the in-ternational market for Estonian private banking sector is quite substantial. The reputation of our private banking and competence of our staff are at a very high level. On the other hand our criteria for becoming a private banking custom-er and the fees are considerably lower than in Western Europe.

are estonian visa requirements sup-portive of our international private banking efforts?So far we have mainly focused on attract-ing Russian speaking private banking cli-ents from abroad. Lately we have seen a development that we attract more clients from the UK, Germany and Scandinavia, either to manage their private wealth or establish a company here. I believe the visa requirements in Estonia are quite liberal, today our clients do not have problems with visa requirements nor other obstacles.

how does the presence of large Nordic banks affect estonia’s capability to of-fer services in the hNw segment?It gives us a good opportunity to adopt the best practices which have worked in Nordic countries, where private bank-ing has been established for decades. We need to learn from that and add our own flavors – these include being agile, close customer relationships, multilin-gual capability, favourable geographical location, e-solutions and a reasonable cost base.


Notes


What are Estonian’s technology Startup success stories and how do you create a lucrative environment for Startups and spin-offs?

heidi Kakko, CEO, SmartCap

estonia is well known for its successful startup scene. in an interview with presenter heidi Kakko we inquire, who are estonia’s startup successes and what led to their success? are there special measures which estonia has undertaken in order to create a lucrative environ-ment for startup business? startup businesses often provide good benchmarks in terms of agility so we ask, what can large corporations learn from them?

who are estonia’s startup successes and what led to their success? The most successful startup from Esto-nia is not new news, Skype, which has proven its value through an exit. For startups without a valuation yet the crite-ria for defining success may be growth in sales proving the business model, reach-ing positive cash flow or attracting the next round of financing from reputable international VC’s. In the very early stag-es it is important that leading interna-

tional investors find the business model and potential of Estonian startups inter-esting because, usually, local funding is insufficient to build a truly global com-pany.

The next success story from Estonia may be Transferwise, Fortumo, Real-eyes, GrabCAD or even some company we do not yet know. Those names, in ad-dition to Erply and Pipedrive, are already well recognized. I believe that in terms of being recognized within its sector Grab-


CAD is a good example, having engaged one million mechanical engineers glob-ally from an estimated total market of two million.

Many of these rising stars already had international teams from the start and relocated themselves closer to markets, clients and money. Estonian’s are very good at providing solutions to problems and in technological development, but truly global companies are built by in-ternational teams. So, it is desirable that more C-level people are attracted as a company grows.

what measures has estonia undertak-en in order to create a lucrative envi-ronment for startup business and what are the results?The heritage and positive example of Skype is a big influencer, Skype has prov-en that the abilities and knowledge of Es-tonian IT staff are world class.

As Estonia is a small country the only way to build a global business is to have great ambitions and think with a global mindset. A real winning team is global in nature, like Transferwise, which es-tablished its business in London from the outset offering a clever and cost-ef-fective solution for international money transfers – the service had a true need and market from day one.

If there are technology driven start-ups and problem driven startups then for the former the market has to be created and for the latter the market is already there. I believe that Estonian startups are well suited to both groups because they want to think big and can deliver the technology.

It might sound like a joke but even our climate contributes to the environment for startups. The weather in Estonia is Nordic, so sometimes people prefer to work and solve global problems instead of relaxing on the beach.

what can large corporations learn from startups in areas such as operations and hr?Startup is a temporary phase. Firstly the business model has to be proven and then focus given to building up the organ-ization. This organization has to possess great agility thus larger and established companies can learn from startups’ flexibility and efficiency. In practice that means how to hire and fire fast, how to change processes fast and how to be open to change.

Operations and HR can prove difficult dilemmas even for the founders of start-ups however. In a startup there is a lot of enthusiasm and fun involved in the pro-cess, but when you start building a larg-er company you need to make a big shift in mindset to an administrative frame-work. I don’t think that implementing procedures and rules necessarily have to kill innovation though, the door slides both ways - large companies can learn a lot from startups and vice versa.

what role can startups play in the inno-vation strategy of large multinationals?More developed organizations need startups to drive innovation. When Sie-mens, BMW and the like create their long-term vision they in parallel seek in-novations to reach their goals and cre-ate or maintain competitive advantage.


Such innovation is often outsourced and for them startups are often the best re-source to solve certain problems quickly and in a more efficient and creative man-ner. I believe that Estonian startups have a lot of potential to partner with such large corporations.

We have a competitive advantage in IT applications and how to provide smart services based upon IT. Startups have the agility and power to offer an inno-vative and more efficient way of doing things. If Estonia adopts this as a stra-tegic focus then it’s possible to not only change the industries and companies in Estonia, but in the whole world.

For large

organizations

startups are often the

best resource to solve

certain problems

quickly and in a more

efficient and creative

manner.


Notes


What is the future of financial services in Europe and how does Estonia fit into the picture?

edward lucas, Journalist, The Economist

together with edward lucas from the economist we explore the out-look for the european economy, euro and role of european financial services in the global context. edward also shares his views on how small New european countries contribute to maintaining european fi-nancial stability. do these New european countries have the potential to dominate some niches in finance and what might these be?

what is the outlook for the european economy and euro?I am sure that the Northern European economic model works. State support to markets creates a resilient environment and you can witness the prosperity of northern countries, they are all growing. Like Northern Europe, the New Europe is also growing. The question is, can it ex-port its economic model and are coun-tries like Greece capable of using this model?

what is your opinion about european structural reforms?The biggest problem in Europe is that we have taken the reforms and replaced them with austerity. You can have a bal-

anced budget at 0% but if people are re-tiring at the age of 55 it still presents a problem. On the other hand, if the budget deficit is 10% but people retire at 75 it is a much better situation. It is important to encourage entrepreneurship as they do in Asia and North Europe, closer to home Sweden has high taxes but still a very en-trepreneurial business environment.

has europe become too focused on bal-ancing budgets?There is never a good time to cut spend-ing. My worry is not the quantity of spend-ing but the quality of it - we need to spend on the right things and not argue about how big a percentage of GDP it should be. We need to rethink how we meas-


ure spending in Europe. Common sense should also be applied, we do not need to provide free transportation to rich people for example. I think your government is very efficient in handling these matters.

how can small New european countries contribute to maintaining european fi-nancial stability?They cannot in quantity terms but with good governance they can. I would send people from the Estonian tax department to Greece to help them sort out their tax system.

what is the role of european financial services in the global context?European financial services are not in great shape. British banks especial-ly have made large mistakes and cur-rently do not enjoy a great reputation at home or abroad. Our biggest strength is our capital market but even this is un-der pressure from the likes of Dubai and Shanghai.

do New european countries have the potential to dominate some niches in finance and what these might be?Peer-to-peer lending for example is an area where you could contribute and compete with the larger economies in Europe and North America. You don’t have legacy issues or infrastructure to manage and can implement innovative approaches, with a low cost base and quickly.

what is your view on the current uK vs. rest of the europe debate?For me Britain is part of Europe and it an-

noys me that Britain is confronting Eu-rope. At this point in time I see the de-velopments as favorable towards Britain so I don’t see any reasons why we should get out, it is beneficial for both of us in economical and political terms to stay in the EU.

Like North-

Europe, the New

Europe is also

growing. The question

is, can it export its

economic model and

are countries like

Greece capable of

using this model?


Notes


What is the future of financial services in Europe and how does Estonia fit into the picture?

graham Bishop, Principal, GrahamBishop

we discussed the outlook for the european economy and euro to-gether with the economist and closing panelist of the Forum, graham Bishop. in this interview graham also shares his views on the role of european financial services in the global context and the potential small countries have to dominate some niches in finance.

what is the outlook for the european economy?I take the view that the European econ-omy and Euro are about to start recov-ering. The reason I feel confident about that is the degree of austerity on the one hand and on the other competitiveness improvements are becoming apparent, as evidenced in declining labor costs in the Euro area as a whole. This shows that Europe is becoming more competitive within itself but also against the rest of the World.

In the 1980‘s in the UK the late Mrs. Thatcher pushed through improvements in the labor market and competitive-ness. A couple of years later the UK ex-perienced very strong growth. We will not see such fast growth in the case of

Europe any time soon however, the Eu-ropean population is barely growing, it is becoming older and people have to work to a later age in order to keep labor costs low. Here we are in tougher situation compared to US where the population is still growing at 1-2% a year.

what is your view on europe’s austerity measures?There is no alternative, in the Euro area as a whole public sector debt is up to 90-95% of GDP and many banks are re-luctant to lend to certain countries. The growth of public debt and budget deficits has got to stop, if the debt ratio will not decline then problematic countries will find themselves shut out of the financial markets. The market is merely an inter-


mediary between savers and borrowers and market participants have a moral obligation to savers not to lend to coun-tries that will not pay back.

what is the outlook for the euro?I do realize there is a lot of discussion go-ing on about whether the Euro will sur-vive, but if the Euro were in such serious trouble then, may I ask, why is it still so strong against the US Dollar? There is a basic inconsistency in such stories about the Euro falling apart given new coun-tries seek to join, such as Latvia next year. We see no real threat of a coun-try leaving the Euro zone. In a few years when strenuous budget cutting is no longer required I expect Poland, for ex-ample, to join the Euro and I’m very con-fident more will follow.

what is the role of european financial services in the global context?Europe is a very major economic and financial area, the size of EU GDP is just behind that of the US and still well ahead of China and India. We are also the World’s largest exporter. The financial services required to support the payment flows, letters of credit for import and ex-port, etc mean that the rest of the World requires a mechanism to deal with Euro payments and Euro short term credits. The scale of this business gives the Eu-ropean financial services industry global impact.

Then let’s consider the retirement savings that 330 million people have, these savings need to be invested some-where. Some of these will be invested outside the Euro area therefore there is

export of capital from Europe to the US, China, India, etc.

will the euro take over from the us dol-lar as the world’s major reserve cur-rency?Sterling was the reserve currency of the World until the First World War and then faded out. The US has many problems, public debt coming first, and the sub-prime crisis highlighted that the US Dol-lar might not be the safest choice as a re-serve currency.

There are some signs that the role of the US Dollar as a reserve currency is fading. At present the only alternative is the Euro but to achieve reserve currency status the Euro will have to work out its problems. The Euro becoming the major reserve currency would also imply that the US has very deep problems, which would have a terrible effect on the world economy.

The UK example shows that when a reserve currency falls out of favor it falls out big time, and fast. The threat is there as the US is not tackling the problems they have.

how can small New european countries contribute to maintaining european fi-nancial stability?The first contribution is by being stable themselves. Cyprus is very small but has caused a lot of instability, Greece is much larger and their problems have initiated a debate about the entire future of the Euro. So, small and large countries con-tribute by first ensuring their own eco-nomic and financial stability.

Another opportunity is to assist in


solving problems elsewhere. The ques-tion is, if you see countries or institu-tions like banks indulging in practices that are not wise, is it reasonable for you to blow the whistle and refuse servicing those whose activities you find unsound? In an ideal world you might think that, but in the real world that doesn’t really happen.

Of course taking the opportunity to add your voice as Finance Minister at Ecofin with well researched and spoken words does matter. You can - and should - add your voice where another country is indulging in unsound economic prac-tices. To add your voice and support the European Commission does force such states to become sound again, so this does have a helpful effect.

do New european countries have the potential to dominate some niches in finance and what these might be?The European banking system has to shrink by something like half. We have

to move towards a system of credit in-termediation that is somewhat similar to the US - the capital market component has to rise dramatically. The capital mar-kets will want to offer corporate bonds, infrastructure bonds to meet long-term investment needs, asset-backed securi-ties, loans to credit cards, loans to SME’s, etc. This must be done properly and not

in the manner which got out of control last time.

All of that is a niche. The big decisions are probably made in finance centers such as London but then the security has to be held somewhere, payments have to be made and someone has to hold and service the asset. So these activities can be outsourced to any country, such as Estonia.

I take the view that the European economy

and Euro are about to start recovering. The

reason I feel confident about that is the degree of

austerity on the one hand and on the other

competitiveness improvements are becoming

apparent.


Notes


Team of FinanceEstonia

margot OtsPhone +372 501 [email protected]

mae hansenChief Executive OfficerPhone +372 5332 [email protected]

terje PälloMarketing and Development ManagerTel: +372 511 [email protected]

Forum Desk

June 6th

Forum DinnerThe dinner will be held at the Estonia Concert Hall, located within the Estonia Theatre House, Estonia’s most recognizable theatre house and one which holds deep symbolic value for our nation. The building, celebrating its centennial this autumn, has been used as a theatre, military hospital, church and was the site of Estonia’s first ever parliament. In this landmark building we shall enjoy a festive program in good company, together with delectable dishes and music to suit the mood. Also, do not exclude the possibility of other pleasant surprises.

Location: Estonia Road 4 Phone +614 7705Attending the dinner requires pre-registration carried out during your registration to the conference. Please double-check with the forum desk if you hesitate, whether you have registered to the dinner.

Sightseeing in TallinnWe do hope that in addition to the intensive two-day Forum program you will be able to find time to do some sightseeing around the ancient city of Tallinn and to explore and get to know a bit more about the local culture. We are going to suggest some places worth visiting that would undoubtedly expand your understanding of Estonia and would serve as a pleasant distraction in between the business meetings:

iCt demOCeNter - The ICT Demo Center in Tallinn is the place to see Estonian ICT in action. Its purpose is to showcase the nation’s ICT solutions all in one facility, providing visitors with hands-on examples of what they are and how they work.

rOCCa al mare OPeN air museum - Get a glimpse of true Estonian countryside and village life in the Estonian Open Air Museum. The Estonian Open Air Museum is akin to a village, with 12 farms, as well as its own church, tavern and schoolhouse.

walK iN Old tOwN - Tallinn’s medieval Old Town is known around the world for its well-preserved completeness and authentic Hanseatic architecture. Enchanting atmosphere, rich cultural scene, beautiful surroundings and plenty of galleries, cafes and restaurants to choose from: there is something for everyone in Tallinn.

seaPlaNe harBOur - The Seaplane hangars are architecturally unique in the whole World. The complex was initially completed as part of “Peter the Greats Naval Fortress”in 1916-1917. The new museum combines both past and present, land and sea.

ParK KardiOrg aNd Kumu - Kadriorg is famed mostly for its baroque palace and park ensemble, begun in 1718 as the summer palace for the family of Russian tsar Peter I. KUMU is the first purpose-built museum in Estonia where both classical and contemporary Estonian art are displayed.

talliNN tV tOwer – This newly renovated landmark offers a panoramic view from 170 metres, a restaurant on the 22nd floor and interactive multimedia solutions that introduce Estonia and Tallinn.

1:10 000www.regio.ee/kaardid

© 2011

0 100 200 m

[email protected]

Estonia ViruFI

Trollipeatus; TrammipeatusJohdinautopysäkki; RaitiovaunupysäkkiTrolleybus stop; Tram stopTrîëëåéáóñnay ostanovka; Tramvajnay ostanovka

Muuseum; Mälestusmärk; Vaateplatvorm Museo; Muistomerkki; NäköalapaikkaMuseum; Monument; Viewing platformÌóçåé; Pamytnik; Smotrovay ploäadka

Tankla; Parkla; Parkimismaja Bensiiniasema; Pysäköintialue; PysäköintitaloFilling station; Car parking; Parking house Avtostanciy; Avtostoynka; Krõtay avtostoynka

Tualett; InvatualettKäymälä; InvakäymäläToilet; Toilet for disabledTualet; Tualet dly invalidovSpordiväljak; Mänguväljak Urheilukenttä; LeikkikenttäSports ground; PlaygroundSportploäadka; Detskay ploäadka

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Hirvepark

Harjumägi

Kanutiaed

Politseiaed

Kompassiväljak

Rauahaljak

Rannamägi

Lindamägi

Falgi park

Tuvi park

Poolamägi

Tiigiveski park

Tammsaare park

Toompark

Kalamajakalmistupark

Vaiknepark

Kadrioru park

Roosiaed

Apollo plats

Tornide väljak

Fahle aed

Falgi õu

Harjuorg

Kuberneri aed

Taani Kuningaaed

Virumägi

Uus turg

Lembitupark

Hõlmikpuuhaljak

Koidupark

Järvemets

Jüriöö

park

Luigetiik

Snel

li tii

k

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T a l l i n n a l a h t

Vaskjala-Ülemiste kanal

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Siselinna kalmistu

Kaarli kalmistu

Sõjaväekalmistu

TOOMPEA

ALL-LINN

VANALINN

SIKUPILLI

KADRIORG

JUHKENTALI

KELDRIMÄE

TORUPILLI

KOMPASSI

RAUA

SADAMA

KASSISABA

TÕNISMÄE

TATARI

SIBULAKÜLA

MAAKRI

SÜDALINN

KALAMAJA

KELMIKÜLA

OLD TOWN

ÜLEMISTE

VEERENNI

Pilstickeritorn ja trepp

Neitsi-torn

Landskronetorn

Nunnatorn

Saunatorn

Stoltingi torn

Viruvärav

Hinketorn

Assauwetorn

Ingeri bastion

Rootsi bastion

Skoone bastion

Kiek in de Kök

PikkHermann

Patkuli treppja vaateplats

Kohtuotsavaateplats

Kuldjalatorn

Nunnade-tagune torn

Loewen-schede torn

Grusbeke-tagune torn

Wulfardi-tagune torn

Paks Margareta

SuurRannavärav

Köismäetorn

Platetorn

Hattorpe-tagune torn

Hellemannitorn

Bremenitorn

Munkade-tagune

torn

Eppingitorn

Telliskivi

Baltijaam

Paberi

Linnahall

Merepuiestee

Viru

Estonia

Viru

Põhjapuiestee

Põhjapuiestee

Fr.R.Kreutzwaldi

"Kosmos"

Hobujaama

Keskturg

Volta

Vineeri

Lubja

Autobussijaam

Majaka

Majakapõik

Pae

Väike-PaalaÜlemiste

J.Poska

KadriorgL.Koidula

Sikupilli

Tondi

"Kalev"

Tallinn-Väike

Koidu

Taksopark

Tehnika

Ristiku

Tehnika

Taksopark

Endla

A.Adamsoni

Tõnismägi

Tõnismägi

Tõnismägi

Balti jaam

Hotell“Tallinn”

Kelmiküla

Kaubamaja

Vabaduseväljak

Hotell"Tallinn"

Tihase

Koskla

Eesti Meremuuseumi muuseumlaevadViron merenkulkumuseon museovenet Museum ships of Estonian Maritime MuseumКорабли-музеи Эстонского морского музея

LastemuuseumNukkemuseoChildren’s MuseumМузей кукол

Energia avastuskeskusTiedekeskus EnergiaScience Centre EnergyЦентр энергий

Rotermanni kvartal, Eesti ArhitektuurimuuseumRotermannin kortteli, Viron arkkitehtuurimuseoRotermann Quarter, Museum of Estonian ArchitectureКвартал Ротерманна, Эстонский архитектурный музей

Eesti MeremuuseumViron merenkulkumuseo Estonian Maritime MuseumЭстонский морской музей

MiinimuuseumMiinamuseoMine MuseumМузей мин

Oleviste kirikOlevisten kirkkoSt. Olav’s ChurchЦерковь Олевисте

Eppingi tornEppingin torniEpping TowerБашня Эппинга

Eesti LoodusmuuseumViron luonnontieteellinen museoEstonian Museum of Natural HistoryЭстонский музей природы

Issanda Muutmise peakirikKristuksen kirkastumisen kirkkoChurch of the Transfiguration of Our LordЦерковь Преображения Господня

Eesti Tarbekunsti- ja DisainimuuseumViron taideteollisuus- ja muotoilumuseoEstonian Museum of Applied Art and DesignМузей прикладного искусства и дизайна

Eesti TervishoiumuuseumViron terveydenhoitomuseoEstonian Health Care MuseumЭстонский музей здравоохранения

Pääs linnamüürilePääsy kaupunginmuurille Entrance to the Town WallВход на городскую стену

Tallinna LinnamuuseumTallinnan kaupunginmuseoTallinn City MuseumТаллиннский городской музей

Püha Nikolai Imetegija kirikPyhän Nikolai Ihmeidentekijän kirkkoSt. Nicholas’ Orthodox ChurchЦерковь Святого Николая Чудотворца

Peeter-Pauli kirikPietarin ja Paavalin kirkkoChurch of Sts. Peter and PaulЦерковь Петра и Павла

Katariina käikKatariinankujaSt. Catherine’s PassageПереулок Катарины

Püha Vaimu kirikPyhän Hengen kirkkoHoly Spirit ChurchЦерковь Святого Духа

RaeapteekRaadinapteekkiTown Hall PharmacyРатушная аптека

HUVIVÄÄRSUSED JA MUUSEUMID / NÄHTÄVYYDET JA MUSEOT / PLACES OF INTEREST AND MUSEUMS / ДОСТОПРИМЕЧАТЕЛЬНОСТИ И МУЗЕИ

KESKLINNKESKUSTACITY CENTREЦЕНТР ГОРОДА

RaekodaRaatihuoneTown HallРатуша

Raevangla fotomuuseumRaadinvankilan valokuvamuseoTown Prison - Museum of PhotographyФотомузей в Ратушной тюрьме

Adamson-Ericu MuuseumAdamson-Ericin museoAdamson Eric MuseumМузей Адамсона-Эрика

Niguliste muuseumNigulisten museoNiguliste MuseumМузей Нигулисте

Eesti Teatri- ja Muusika-muuseumViron teatteri- ja musiikkimuseoEstonian Theatre and Music MuseumЭстонский музей театра и музыки

Kiek in de Kök ja bastionide käigudKiek in de Kök ja bastionin käytävätKiek in de Kök tower and passages under Swedish and Ingermanland BastionsБашня Кик-ин-де-Кёк и подземные ходы в толще бастионов

Stenbocki maja (Vabariigi Valitsus)Stenbockin talo (Viron halli-tuksen rakennus)Stenbock’s House (House of Estonian Government)Дом Стенбока (Дом правительства Эстонии)

ToomkirikTuomiokirkkoCathedral of Saint Mary the VirginДомский собор

Aleksander Nevski katedraalAleksanteri Nevskin katedraaliAlexander Nevsky CathedralСобор Александра Невского

Pikk Hermann ja Toompea linnus (Riigikogu)Pitkä Hermanni ja Toompean linna(Viron parlamentin rakennus)Tall Hermann’s Tower and Toompea Castle (The Parliament of Estonia)Длинный Герман и замок Тоомпеа(Дом парламента Эстонии)

Okupatsiooni ja Vabadusvõitluse Muuseum Viron miehitysten ja vapaustaistelujen museoMuseum of Occupation and of Fight for FreedomМузей оккупаций

Kaarli kirikKaarlenkirkkoCharles XI’s ChurchЦерковь Карла

Vabadussõja võidusammasVapaussodan voitonpatsasThe statue of liberty of the War of IndependenceМонумент Победы в Освободительной Войне

Jaani kirikJohanneksenkirkkoSt. John’s ChurchЦерковь Яана

Rahvusooper Estonia ja kontserdisaalKansallisooppera Estonia ja konserttisaliEstonian National Opera and Concert HallНациональная опера Эстония и концертный зал

Jaani SeekJohanneksen vaivaistaloSt. John’s AlmshouseБогадельня Св. Яана

A.H. Tammsaare muuseumA.H. Tammsaaren museoA.H. Tammsaare MuseumМузей А.Х. Таммсааре

Eduard Vilde muuseumEduard Vilden museoEduard Vilde MuseumМузей Э. Вильде

Kadrioru loss - Väliskunsti muuseumKadriorgin palatsi - Kadriorgin taidemuseoKadriorg Palace - The Kadriorg Art MuseumКадриоргский дворец - Музей зарубежного искусства

Presidendi residentsPresidentin virka-asuntoPresident’s ResidenceРезиденция Президента

Peeter I majamuuseumPietari Suuren talomuseoPeter the Great’s CottageДом-музей Петра I

Mikkeli muuseumMikkelin museoMikkel MuseumМузей Миккеля

Miia-Milla-Manda MuuseumLastenmuseo Miia-Milla-MandaChildren’s Museum Miia-Milla-Manda Детский музей Мииа-Милла-Манда

Kumu kunstimuuseumKumu taidemuseoKumu Art MuseumХудожественный музей Kumu

LauluväljakLaulukenttäSong Festival GroundsПевческое поле

Eesti Ajaloomuuseum - Maarjamäe lossViron historiallinen museo - Maarjamäen kartanoEstonian History Museum - Maarjamäe PalaceЭстонский исторический музей - замок Маарьямяги


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Workshop locationsJune 7th, at 10:001. Office of Raidla Lejins & Nor-cousRoosikrantsi 2Phone +372 640 7170

2. Office of Trigon CapitalViru Väljak 2 (Metro Plaza)Phone +372 667 9200

3. Office of BaltCapTartu Road 2 (City Plaza)Phone +372 665 0280

4. Office of ArengufondRotermanni 8Phone +372 616 1100

5. Office of SwedbankLiivalaia 10Phone +372 503 0879

6. Office of Zenith Capital Man-agementTartu Road 7-7Phone +372 505 0496

7. Office of Ernst & Young BalticRävala 4Phone +372 611 4610

June 7th, at 14:008. Office of Law firm VARULAhtri 6APhone +372 626 4300

9. Office of Itella InformationPärnu Road 139E/13Phone +372 651 9000

10. Office of Redgate CapitalPärnu Road 10Phone +372 666 8200

11. Office of MindwarePärnu Road 158Phone + 372 685 0170

12. Office of Nordea Bank EstoniaLiivalaia 45Phone +372 628 3431

13. Office of SorainenPärnu Road 15 (Kawe Plaza)Phone +372 640 0900

14. Office of ArengufondRotermanni 8Phone +372 616 1100

9

10

11

131 ca 3km

ca 3km

0 100 200m

© REGIO KL-11-068

1:10 000www.regio.ee/kaardid

© 2011

0 100 200 m

[email protected]

Estonia ViruFI

Trollipeatus; TrammipeatusJohdinautopysäkki; RaitiovaunupysäkkiTrolleybus stop; Tram stopTrîëëåéáóñnay ostanovka; Tramvajnay ostanovka

Muuseum; Mälestusmärk; Vaateplatvorm Museo; Muistomerkki; NäköalapaikkaMuseum; Monument; Viewing platformÌóçåé; Pamytnik; Smotrovay ploäadka

Tankla; Parkla; Parkimismaja Bensiiniasema; Pysäköintialue; PysäköintitaloFilling station; Car parking; Parking house Avtostanciy; Avtostoynka; Krõtay avtostoynka

Tualett; InvatualettKäymälä; InvakäymäläToilet; Toilet for disabledTualet; Tualet dly invalidovSpordiväljak; Mänguväljak Urheilukenttä; LeikkikenttäSports ground; PlaygroundSportploäadka; Detskay ploäadka

Kino; Teater; Kontserdisaal Elokuvateatteri; Teatteri; KonserttisaliCinema; Theatre; Concert Hall Kinoteatr; Teatr; Koncertnûj çàë

Raudteejaam; Bussijaam Rautatieasema; Linja-autoasemaRailway station; Bus stationZeleçnodoroznõj vokçal; Avtovokçal

Lennujaam; SadamLentoasema; SatamaAirport; PortAwroport; Port

Kaubanduskeskus; Turg; PostkontorOstoskeskus; Tori; PostiShopping centre; Market; Post office Supermarket; Rõnok; Po÷ta

Kirik; Sünagoog; Saatkond Kirkko; Synagoga; SuurlähetystöChurch; Synagogue; Embassy

Cerkov<; Sinagoga; Posol<stvoHotell; Hostel; RaviasutusHotelli; Hostelli; TerveyskeskusHotel; Hostel; HospitalGostinica; Hostel; Medicinskaÿ pomoä<

TurismiinfokeskusMatkailuneuvonta

Tourist information centreTuristi÷eskij

informacionnõj centr

Niguliste 2/Kullassepa 4 (+372) 645 7777www.tourism.tallinn.ee

Viru väljak 4 (+372) 610 1557www.tourism.tallinn.ee

LEPPEMÄRGID / MERKKIEN SELITYKSET / LEGEND / УСЛОВНЫЕ ОБОЗНАЧЕНИЯ

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Majakapõik

Pae

Väike-PaalaÜlemiste

J.Poska

KadriorgL.Koidula

Sikupilli

Tondi

"Kalev"

Tallinn-Väike

Koidu

Taksopark

Tehnika

Ristiku

Tehnika

Taksopark

Endla

A.Adamsoni

Tõnismägi

Tõnismägi

Tõnismägi

Balti jaam

Hotell“Tallinn”

Kelmiküla

Kaubamaja

Vabaduseväljak

Hotell"Tallinn"

Tihase

Koskla

Eesti Meremuuseumi muuseumlaevadViron merenkulkumuseon museovenet Museum ships of Estonian Maritime MuseumКорабли-музеи Эстонского морского музея

LastemuuseumNukkemuseoChildren’s MuseumМузей кукол

Energia avastuskeskusTiedekeskus EnergiaScience Centre EnergyЦентр энергий

Rotermanni kvartal, Eesti ArhitektuurimuuseumRotermannin kortteli, Viron arkkitehtuurimuseoRotermann Quarter, Museum of Estonian ArchitectureКвартал Ротерманна, Эстонский архитектурный музей

Eesti MeremuuseumViron merenkulkumuseo Estonian Maritime MuseumЭстонский морской музей

MiinimuuseumMiinamuseoMine MuseumМузей мин

Oleviste kirikOlevisten kirkkoSt. Olav’s ChurchЦерковь Олевисте

Eppingi tornEppingin torniEpping TowerБашня Эппинга

Eesti LoodusmuuseumViron luonnontieteellinen museoEstonian Museum of Natural HistoryЭстонский музей природы

Issanda Muutmise peakirikKristuksen kirkastumisen kirkkoChurch of the Transfiguration of Our LordЦерковь Преображения Господня

Eesti Tarbekunsti- ja DisainimuuseumViron taideteollisuus- ja muotoilumuseoEstonian Museum of Applied Art and DesignМузей прикладного искусства и дизайна

Eesti TervishoiumuuseumViron terveydenhoitomuseoEstonian Health Care MuseumЭстонский музей здравоохранения

Pääs linnamüürilePääsy kaupunginmuurille Entrance to the Town WallВход на городскую стену

Tallinna LinnamuuseumTallinnan kaupunginmuseoTallinn City MuseumТаллиннский городской музей

Püha Nikolai Imetegija kirikPyhän Nikolai Ihmeidentekijän kirkkoSt. Nicholas’ Orthodox ChurchЦерковь Святого Николая Чудотворца

Peeter-Pauli kirikPietarin ja Paavalin kirkkoChurch of Sts. Peter and PaulЦерковь Петра и Павла

Katariina käikKatariinankujaSt. Catherine’s PassageПереулок Катарины

Püha Vaimu kirikPyhän Hengen kirkkoHoly Spirit ChurchЦерковь Святого Духа

RaeapteekRaadinapteekkiTown Hall PharmacyРатушная аптека

HUVIVÄÄRSUSED JA MUUSEUMID / NÄHTÄVYYDET JA MUSEOT / PLACES OF INTEREST AND MUSEUMS / ДОСТОПРИМЕЧАТЕЛЬНОСТИ И МУЗЕИ


RaekodaRaatihuoneTown HallРатуша

Raevangla fotomuuseumRaadinvankilan valokuvamuseoTown Prison - Museum of PhotographyФотомузей в Ратушной тюрьме

Adamson-Ericu MuuseumAdamson-Ericin museoAdamson Eric MuseumМузей Адамсона-Эрика

Niguliste muuseumNigulisten museoNiguliste MuseumМузей Нигулисте

Eesti Teatri- ja Muusika-muuseumViron teatteri- ja musiikkimuseoEstonian Theatre and Music MuseumЭстонский музей театра и музыки

Kiek in de Kök ja bastionide käigudKiek in de Kök ja bastionin käytävätKiek in de Kök tower and passages under Swedish and Ingermanland BastionsБашня Кик-ин-де-Кёк и подземные ходы в толще бастионов

Stenbocki maja (Vabariigi Valitsus)Stenbockin talo (Viron halli-tuksen rakennus)Stenbock’s House (House of Estonian Government)Дом Стенбока (Дом правительства Эстонии)

ToomkirikTuomiokirkkoCathedral of Saint Mary the VirginДомский собор

Aleksander Nevski katedraalAleksanteri Nevskin katedraaliAlexander Nevsky CathedralСобор Александра Невского

Pikk Hermann ja Toompea linnus (Riigikogu)Pitkä Hermanni ja Toompean linna(Viron parlamentin rakennus)Tall Hermann’s Tower and Toompea Castle (The Parliament of Estonia)Длинный Герман и замок Тоомпеа(Дом парламента Эстонии)

Okupatsiooni ja Vabadusvõitluse Muuseum Viron miehitysten ja vapaustaistelujen museoMuseum of Occupation and of Fight for FreedomМузей оккупаций

Kaarli kirikKaarlenkirkkoCharles XI’s ChurchЦерковь Карла

Vabadussõja võidusammasVapaussodan voitonpatsasThe statue of liberty of the War of IndependenceМонумент Победы в Освободительной Войне

Jaani kirikJohanneksenkirkkoSt. John’s ChurchЦерковь Яана

Rahvusooper Estonia ja kontserdisaalKansallisooppera Estonia ja konserttisaliEstonian National Opera and Concert HallНациональная опера Эстония и концертный зал

Jaani SeekJohanneksen vaivaistaloSt. John’s AlmshouseБогадельня Св. Яана

A.H. Tammsaare muuseumA.H. Tammsaaren museoA.H. Tammsaare MuseumМузей А.Х. Таммсааре

Eduard Vilde muuseumEduard Vilden museoEduard Vilde MuseumМузей Э. Вильде

Kadrioru loss - Väliskunsti muuseumKadriorgin palatsi - Kadriorgin taidemuseoKadriorg Palace - The Kadriorg Art MuseumКадриоргский дворец - Музей зарубежного искусства

Presidendi residentsPresidentin virka-asuntoPresident’s ResidenceРезиденция Президента

Peeter I majamuuseumPietari Suuren talomuseoPeter the Great’s CottageДом-музей Петра I

Mikkeli muuseumMikkelin museoMikkel MuseumМузей Миккеля

Miia-Milla-Manda MuuseumLastenmuseo Miia-Milla-MandaChildren’s Museum Miia-Milla-Manda Детский музей Мииа-Милла-Манда

Kumu kunstimuuseumKumu taidemuseoKumu Art MuseumХудожественный музей Kumu

LauluväljakLaulukenttäSong Festival GroundsПевческое поле

Eesti Ajaloomuuseum - Maarjamäe lossViron historiallinen museo - Maarjamäen kartanoEstonian History Museum - Maarjamäe PalaceЭстонский исторический музей - замок Маарьямяги


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Main locations15. Swissotel TallinnTornimäe 3 Phone +372 624 0000

16. Estonia Concert HallEstonia Road 4Phone +614 7705

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FinanceEstonia is a Public-Private cluster initiative with the aim of promoting Estonian financial services exports and continuously enhancing the development of local capital markets. Our activities aim at increasing Estonia’s competitiveness while establishing it as a vibrant and innovative location for financial services.

Whilst we are responsible for development of the financial sector as a whole, our activities are focused on priority niches in which Estonia has strengths and which support our overall mission.

Cluster membership is open to Corporates, Financial institutions and Professional advisors wishing to use Estonia as a base for domestic and international business and provides the opportunity to access new knowledge and contacts, impact the environment and grow your business.

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FinanceEstonia International Forum 2013

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