Russia is interested in attracting long-term investments not just flows of speculative capital, President Medvedev said in his speech.
It is necessary, he stressed, to re-examine the most vulnerable features of the financial market in Russia and establish a single action plan for its development, taking into account the fact that it should facilitate the modernisation of the economy in general. Russia’s financial market must also contribute to the development of the common customs space of Russia, Belarus and Kazakhstan, and encourage economic integration within the CIS and other integration associations in which Russia participates.
Dmitry Medvedev referred to the establishment of a legal basis for an international financial centre in Russia as an urgent task. Unfavorable economic conditions in various financial centres in 2009 forced Russia to change its plans, but, on the other hand, this provided the opportunity to look at current global market risks differently, and to reflect on what place in these markets the Russian Federation can take.
The President also pointed to the need to finalize the documents designed to implement the decisions of the Financial Stability Board, established at the G20 summit in April 2009.
The Presidential Council for Financial Market Development was established in October 2008. Its priorities include promoting Russia’s Financial Market Development Strategy through to 2020, as well as plans for creating an international financial centre in Russia.