Russia needs to strengthen the real economy and build a convenient urban infrastructure in order to establish an international financial center in Moscow, leading foreign experts said in Davos.
Moscow's financial center, which forms part of President Dmitry Medvedev's vision of modernizing the Russian economy, is being established by the presidential council for financial markets, headed by Alexander Voloshin, who worked as chief of presidential staff under Boris Yeltsin.
Medvedev first announced the project at the 12th St. Petersburg International Economic Forum in 2008, stressing that it was aimed at turning Russia's national currency, the ruble, into a leading regional currency.
"When investments are made in the creation of a financial center, the real economy should be strengthened at the level of both big and midsized enterprises," Deutsche Bank CEO Josef Ackermann said Friday at the World Economic Forum in Davos.
Russian presidential aide Arkady Dvorkovich said Friday that Moscow will prepare proposals on the creation of a global financial center within three to four months. He said the center would be attractive to foreign companies as the Russian government did not plan to toughen laws for businesses or raise taxes.
Today, there are two major global financial centers - London and New York. As of October 2010, Moscow ranked 68 out of 75 on the list of international financial centers.
NYSE chief Duncan Niederauer said Russia needs an economy with a great growth potential, a stable currency, a strong political system, a well-functioning capital market and a good but not excessive regulation, as well as talented specialists.
He said Moscow has shown good indicators on these issues, noting that the Russian ruble is stable, just as the political situation, and adding that the capital market is developing in the country.
Ackermann, in turn, said the Russian financial system is coping with the global crisis well.
The experts also said that a city nominated for a financial center should be comfortable and attract talents.
Before speeches by international experts, Moscow Mayor Sergei Sobyanin told businesspeople of the Russian capital's development program for the next few years, including infrastructure, hospitals, schools, cultural and sports facilities.
DAVOS, January 29 (RIA Novosti)
