Enterprise Estonia: Stora Enso financial centre an economic boon

Enterprise Estonia logo.
Enterprise Estonia logo. Source: ERR

Chief of national entrepreneurship support organisation Enterprise Estonia's foreign investment division Allan Selirand has stated that the establishment of wood and paper group Stora Enso's financial services centre in Tallinn is a good example of accelerating economic development through jobs with a high added value.

As noted by ERR News yesterday, the Stora Enso financial centre is set to happen this year and will employ around 60 staff.

"Our aim is to bring to Estonia the kind of investments that would create smart jobs, have a high value added and that would move our economy forward as strongly as possible,'' said Mr. Selirand.

''Stora Enso's plan to establish a strong competence centre in Tallinn, which is aimed at the automisation of processes, the implementation of new digital technologies as well as data analysis, will certainly do this,"he went on.

Enterprise Estonia support valued at €200,000

Enterprise Estonia is to support the development of Stora Enso's Tallinn service centre within the main financial services centre of the group to the tune of €200,000.

This entails the transfer of work from various service centres located in Europe and India, and an increase in the local workforce as stated.

"It is pleasing that we can offer the support necessary for companies and it is also positive that the high level of the Estonian IT field is enticing large players here," Mr. Selirand went on, adding that there is constant and active work ongoing at Enterprise Estonia in order to entice other such development centres here.

Equally as important, he says, is the propagating of existing simpler service centres into more complex developments.

"It is good if an accounting service is offered from Estonia to an entire group, but it is even better if the digitalization and automisation of accounting processes are being dealt with too," Mr. Selirand stated.

Criteria for getting Enterprise Estonia support

Enterprise Estonia's support service and development centre support is aimed at companies that operate in at least two countries and are part of a larger group which can boast a revenue of at least €100 million over the past few years.

Moreover at least 20 new full-time jobs must be created by any initiative, with an average salary of at least one and a half times the Estonian average, based on the county average in the location of a proposed centre.

It is hoped that this will attract support and development cents with greater value added to Estonia.

Previous beneficiaries in Estonia

Of concrete previous examples, Enterprise Estonia supported the development of Swiss industrial group ABB's regional business service centre in Tallinn, and the expansion of German business solution firm Arvato Financial Solutions' innovation and development centre, also in Tallinn.

Stora Enso is provider of renewable solutions in the field of packaging, biomaterials, wooden structures and paper.

The group's customers include packaging manufacturers, trademark owners, paper and cardboard manufacturers, publishers, retailers, printers, processors and construction companies.

Stora Enso currently employs approximately 26,000 people in more than 30 countries, and the company's sales revenue in 2017 totaled €10 billion, while operating profit was €1 billion. Stora Enso is listed on the Nasdaq Helsinki and Nasdaq Stockholm stock exchanges.

Editor: Andrew Whyte

Source: BNS

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