e-Residency brings Estonia EUR14.4m

Estonian e-Residency card (Masayuki (Yuki) Kawagishi, CC BY)

Bulgaria’s credit rating upgraded by S&P and Fitch

Poland-Albania Business Forum to be held in Warsaw

Estonia

Estonia is one of the most technologically advanced countries in the world. Since 2014 it has provided the e-residency program to foreigners. According to the Deloitte survey so far the e-residency program has brought Estonia income of EUR14.4m (EUR1.4m in net income and EUR13m in indirect social-economic net benefits). The Baltic Course reports that by 2021 the program could bring to the country EUR31m in net income and EUR194m in indirect social-economic net benefits.

Estonia has adopted a law on e-residency that expands the e-residency digital rights to foreigners on October 21st, 2014. By 2021 the country should have 150,200 e-residents. They will set up 20,200 businesses. An average business of an e-resident will bring EUR70,000 in indirect income and very many indirect benefits.

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Bulgaria

Novinite.com informs that the international agencies S&P and Fitch increased the country’s long-term and short-term credit ratings in foreign and local currencies. S&P increased the rating from BB+/B’ to BBB-/A-3 while Fitch upgraded the long-term credit rating from BBB- to BBB.

The agencies explain that almost all the risks “associated with a substantial and sudden change in financial flows coming from abroad” have declined significantly. Public finances are stable and the country strengthens its foreign buffers. Foreign reserves accounted for 49.7 per cent of GDP by the end of 2016.

The agencies point out that there are several factors that could boost the rating in the future: acceleration of economic growth, continued decline of NPLs, and increase in fiscal buffers.

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Poland

Poland-Albania Business Forum will be held in Warsaw on December 6th. The organizer – Poland’s National Chamber of Commerce (KIG) – announces that it will be an event focused on business issues, aiming to build “closer trade and investment ties between the two countries”. As the Polish Radio reports, Albanian Prime Minister Edi Rama will attend the Forum with a group of several dozen businessmen from the following sectors: agriculture, food processing, tourism, animal husbandry and textiles. Mr. Rama will meet with Poland’s Prime Minister Beata Szydło during the event.

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What’s up in indexes

BET (of Bucharest) was closed Friday, December 1st. Wednesday, September 29th it closed at 7,793.19 index points. It’s up 14.04 per cent y/y.

BUX (of Budapest) decreased from 38,673.73 index points Thursday, November 30th to 38,188.81 index points Friday, December 1st. It’s down 1.25 per cent d/d and up 27.30 per cent y/y.

CROBEX (of Zagreb) decreased from 1,873.48 index points Thursday, November 30th to 1,861.57 index points Friday, December 1st. It’s down 0.72 per cent d/d and down 3.94 per cent y/y.

OMXR (of Riga) decreased from 1,052.78 index points Thursday, November 30th to 1,023.91 index points Friday, December 1st. It’s down 2.74 per cent d/d and up 37.88 per cent y/y.

OMXT (of Tallinn) increased from 1,237.60 index points Thursday, November 30th to 1,238.67 index points Friday, December 1st. It’s up 0.09 per cent d/d and up 18.04 per cent y/y.

OMXV (of Vilnius) increased from 660.19 index points Thursday, November 30th to 664.49 index points Friday, December 1st. It’s up 0.65 per cent d/d and up 18.90 per cent y/y.

PX (of Prague) increased from 1,059.27 index points Thursday, November 30th to 1,063.98 index points Friday, December 1st. It’s up 0.44 per cent d/d and up 20.22 per cent y/y.

SAX (of Bratislava) decreased from 322.85 index points Thursday, November 30th to 320.54 index points Friday, December 1st. It’s down 0.72 per cent d/d and up 4.90 per cent y/y.

SOFIX (of Sofia) increased from 665.03 index points Thursday, November 30th to 667.02 index points Friday, December 1st. It’s up 0.30 per cent d/d and up 18.39 per cent y/y.

UX (of Kyiv) decreased from 1,284.93 index points Thursday, November 30th to 1,282.64 index points Friday, December 1st. It’s down 0.18 per cent d/d and up 59.46 per cent y/y.

WIG20 (of Warsaw) decreased from 2,408.69 index points Thursday, November 30th to 2,389.92 index points Friday, December 1st. It’s down 0.78 per cent d/d and up 33.97 per cent y/y.

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