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Shuvalov: modernization will not succeed without foreign investment

17.06.2011 10:00 / Vedomosti

During the St-Petersburg International Economic Forum, a panel discussion on "International Economic Centre Development" took place. The moderator, First Deputy President of VTB Yuri Soloviev asked why Russia needs an IFC.

Russia is forming for itself the order for modernization and accelerated development, and any "new Russia" initiatives need significant funds, the first Deputy Prime Minister Igor Shuvalov answered.

According to him, we can receive these funds through the instruments which already exist: the traditional markets of Asia, Frankfurt, New York or London. But when we speak about the formation of an IFC in Moscow, we are talking about the transformation of the financial system into something that will channel capital out of the markets with excess cash into projects in Russia and in our partner countries, such as Kazakhstan, Belarus, Kyrgyzstan, Tajikistan, Armenia, Moldova, Ukraine, Shuvalov said.

The best way to move the capital not only to Russia but to the partner countries as well is to create a mediator with a better understanding of the new business projects. In Shuvalov`s opinion, capital can be raised with the help of modern technologies. Modernization will not succeed without money, Shuvalov noted. According to him, the MIFC Taskforce, headed by Alexander Voloshin, Ex-Director of the Presidential Executive Office partners with the Frankfurt Stock Exchange: they own a concept of coexisting Stock Exchanges.

Soloviev asked the Director of FSFM Dmitriy Pankin whether priority will be given to the work of financial regulators within the Eurasian Economic Community. Yes, we need to reform the national regulation and follow international standards; competition exists not only between countries, but between regulators as well, said Pankin. If we are not up to international standards, we will be excluded from the capital markets and nobody will work with us, he said.

Soloviev also asked the President of MICEX Ruben Aganbegyan if IFC was a State-owned business project or a business project with the State? It is hard to draw the line, Aganbegyan replied. This is an example of an infrastructure project that can`t be based only on the will of participants, without state participation.

Project Group №1Project Group №5Ruben AganbegyanDmitry PankinIgor ShuvalovYuri SolovievAlexander Voloshin