Palestine is a developing economy and the financial services sector is still relatively young. Financial services, alongside ICT, travel and tourism, business related services and professional services, has only gained significant attention recently through an overarching export development project on Trade in Services through the efforts of the Ministry of the National Economy and Platrade in collaboration with the European Union.
In order to attain the main objectives of the economy as well as deliver its expected results, TII was hired to develop the Export Strategy for the Financial Services Sector. The project was completed using a robust methodological and innovative techniques to ensure the foundation for the sustainable development of the Export Strategy, and the development of linkages between the various sectors to achieve sustained economic development.
A combination of secondary research, one-on-one expert stakeholder interviews and industry consultations were the main research tools used for this strategic process. Stakeholder consultation was one of the most important components of the export strategy development process. A number of stakeholders from the various institutions within the financial services sector were consulted using three methods. Firstly, three different online surveys were launched targeting the private sector, donor agencies and support organisations. The various completed surveys were collated and analysed and the findings were pulled together and used as key support data for the development of the export strategy.
Another key tool used in the stakeholder consultation process was the Strategic G.O.P.P. Workshop, which is a strategic tool based on a German technique that allows maximum participation and outputs from participants. The workshop was adequately attended by representatives from all sectors including banks, insurance companies, the Palestine Exchange, Microfinance and Financial Leasing as well as representative organisations and the main regulatory bodies including PMA and PCMA.