Moscow's financial centre should be 'open like London's' – official
MOSCOW – Moscow must learn from London and be more welcoming to its business partners if it wants to become an international financial center, the head of a working group for the center's creation was quoted by RIA Novosti as saying on Tuesday.
"We should be open and welcoming to those who come here to do business," Alexander Voloshin told journalists at a City Week news conference, adding that Moscow should learn from London.
Russian President Dmitry Medvedev first put forward the idea of making Moscow a global financial hub at the St. Petersburg Economic Forum in 2008. The move is aimed at strengthening the ruble's position as a reserve currency.
Work is already being carried out on improving the city's financial infrastructure, and regulating financial markets, the judicial system and migration and tax policy, Voloshin said.
The official also called for an initial public offering (IPO) of a major Russian company, saying that the move would prove that Moscow's international financial center can succeed.
He also said increasing the number of international staff in Russian companies and the financial industry's share in the city's budget by up to 30-40 percent would also benefit the success of the center.
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