Business Services in the Baltic States
The Baltic States of Estonia, Latvia and Lithuania have large and growing markets for Shared Services, BPO and ITO.
The market has grown strongly in recent years due to factors including world-class skills in math and IT, language capability, highly competitive business environments and growing expertise - centres today manage more complex tasks and geogrpahic remits than ever before.
Numerous financial services firms such as Western Union, SEB, KPMG and Moody's utilise the Baltic region as a critical element in their global delivery of IT, analytics, client and innovation services. Likewise global multinationals such as ABB manage regional treasury and finance functions here.
2018 was a significant year in terms of the number and quality of deals, Lithuania alone announcing over 20 new wins and expansions. More will follow as weaker economic and financial market conditions force companies to seek new sources of profitability and capability.
SEE ALSO
Brexit: GBS Opportunity for the Baltic States
The UK's decision to downgrade financial and business services in Brexit negotiations creates an opportunity for Estonia, Latvia and Lithuania to help UK companies retain EU access and improve competitivenesss.