KC Grupp: Estonia's potential to increase the exports of financial services discussed under the leadership of Enterprise Estonia and the City of Tallinn

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At the brainstorming session held in Tallinn, approximately 70 entrepreneurs and representatives of the public sector discussed the possibilities of Tallinn becoming the regional financial centre. Estonian entrepreneur, Margus Reinsalu, whose company Tone Tea that is founded in Estonia aims to market the functional slimming drink Fat Burner worldwide, believes that the local business climate and tax environment are very attractive for conducting investments and doing business all over the world.

The Estonian entrepreneur, Margus Reinsalu, who develops huge luxury resorts in Morocco and Brazil, invites internationally active businessmen to do their business and invest through Estonia.

Estonia has many advantages. Estonia is an EU country and it has a very attractive tax environment and competitive financial services sector, which both catch investors' attention. There are very few but significant factors that can induce investors to channel and conduct investments through Estonia. This is worth working for because the background system already favours it.

"The brainstorming session was a great example of the cooperation between the private and public sector," said Gert Stahl, the Director of Internationalisation Division of Enterprise Estonia. "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 workshops with the niches of financial services and the competitiveness of potential products under observation.

The workshop of legislation and tax environment discussed the legislation regulating the financial services sector in Estonia. The chair of the workshop, Kristel Kivinurm-Priisalm, highlighted the management of funds and portfolios, administration services and private banking as the niches in which Estonia could be highly competitive.

According to experts, Estonia has an excellent starting position for becoming the regional financial centre focusing on niche services. Last year the local environment was successfully introduced to the British investors.

Margus Reinsalu agrees that Estonia's starting position is very good: "Estonia has many advantages. Estonia is an EU country and it has a very attractive tax environment and competitive financial services sector, which both catch investors' attention. There are very few but significant factors that can induce investors to channel and conduct investments through Estonia. This is worth working for because the background system already favours it."

Published by: KC Grupp and Corpore.

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