Speaking at the 6th Baikal Economic Forum in Irkutsk on Thursday, the Russian presidential chief of staff touted the creation of an international financial center in Moscow. Sergei Naryshkin suggested that the center should be created not only in the Russian capital, but in Russian regions as well.
The bottom line is that a would-be financial hub should add significantly to creating a full-fledged regional banking system in Russia, our correspondent reports. With plenty of banks currently in place in Moscow, more efforts are needed to start forming a relevant banking system in Russian regions, Naryshkin , in turn, said, urging a full-blown collaboration between local authorities and investors. Using their own assets, Russia’s megacities should try to foray into international investment markets, Naryshkin pointed out.
As for Moscow, it will hopefully turn into the headquarters of the Russian International Financial Center, Naryshkin concluded. It means, our correspondent contends, that Russian authorities are poised and ready to develop the project on a nation-wide basis – something that was also echoed by many participants of the Baikal Forum. Creating a major financial hub in Russia is a formidable yet feasible task, believes Dmitry Piskulov, of the Moscow-based National Foreign Exchange Association.
"With an array of global financial centers already operating in Hong Kong, London, New York, Singapore and Tokyo, we should first and foremost define a status of our financial center," Piskulov says. "In this regard, Moscow is rightly touted as a regional financial center already now that it is boosting trade and economic cooperation with CIS countries. Many point to Moscow’s favorable financial environment, which prompts more CIS counterparts to cooperate," Piskulov goes on to say. "The hope is that Moscow, with its big banks and financial corporations, will remain a major regional financial center for years to come," the Russian expert concludes.
At the same time, pundits point out that the next couple of years may well see Russia turning into a global financial center. Being mapped out by the government, an action-plan to this effect includes the creation of a transparent taxation system in Russia, which, experts explain, will help attract more foreign investments to the country. Promoting financial integration between Russia and the rest of the world remains a key priority, which will contribute to Russia’s status as a major international player to be reckoned with. In this respect, analysts reiterate the necessity of cooperating more with Russian regions, whose economic landscape and organization drive will add greatly to creating a global financial center in Russia.
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