The Russian-American Economic Forum Comes to the End in New York
The Forum was organised by RBK with the support of the Association of Regional Banks in Russia, the Onexim Group, А1, the Russian Venture Company and other organisations and companies. The Forum’s media partners were RBK TV, ITAR-TASS, Echo Moskvy Radio, City FM and the Russian News Service, the journals Profil and Company, the RBK Daily newspaper, and the Bankir.Ru agency.
“The theme of economic and financial cooperation between the Russian Federation and the United States of America is especially topical today,” observed Anatoly Aksakov, the president of ARBR, in his address to the Forum participants. “Firstly, “the rebooting” of American-Russian relations will open up new prospects for mutually beneficial cooperation in the business circles of our two countries. Secondly, the lessons of the world financial crisis demand a new approach to the structure of international financial markets, and the development of that new approach is impossible without the participation of the world’s leading powers, which Russia and the USA are. Thirdly, in spite of periods of cooling-off, during their most recent history America and Russia have demonstrated an ability to reach agreement, and to come to joint decisions both in the political and economic spheres, and this secures a solid foundation for cooperation between these two economies. And finally, both the American and Russian markets remain attractive, promising, and interesting for the development of many types of business cooperation. On this road we will be faced with many questions to which, I hope, in working together we will be able to find answers.”
It is necessary to determine what decisions will facilitate the development of commercial and economic relations between Russia and the USA, and to develop constructive approaches to preparing these decisions.
It has to be understood to what extent a project created in Moscow for an international or regional financial centre will fit in with the general development trend for the international financial market, how such project might use American experience, to what extent the interests of the Russian and American economies might facilitate Russia’s possible accession to the WTO.
We have to assess and predict the possible development vectors in the international currency market, the ratios of reserve currencies, and the role and place of young financial centres in the world’s currency landscape.
There is a real need to specify interesting and promising areas for potential investment by Russian and American investors in our country’s markets, and also the mechanisms which will facilitate the protection and effectiveness of such investments.
Our agenda includes questions about the creation of an international rating agency for the EurAsian Economic Community, adaptation for the Russian market of American experience in the creation of loans infrastructure for business, and many other things.”
During the Forum, Alexander Murychev, Chairman of the Board at the Russia Association and vice-president of RSPP conducted a roundtable on Finances and the Banks. It dealt with the current status of the currency markets, questions on creating a financial centre in Moscow, and the integration of Russia into the international financial system. The questions of mutual investments, increasing the efficiency of Russia’s banking and payment infrastructure, providing a loans infrastructure for business, the forms, methods and sources of finance to support the banking system, the experience of Russian strategic investors in American investment funds, and mechanisms to ensure the effectiveness of foreign investments in Russia were also considered. Speaking during the Forum’s opening, Alexander Murychev talked about the necessity of rapidly drafting and enacting a Russian-American treaty on stimulating investments. According to him, another urgent matter is the revitalising of the current agreement on commercial relations between Russia and the USA, which was signed back in 1990.
According to the chairman of ARBR, the new agreement should emphasise questions of financial and non-financial incentives and mutual protection of investments, in the first place, in the sphere of joint innovative and Hi-tech projects, and promoting the active cross-selling of assets.
During the Forum, roundtables were held at the Waldorf Astoria on Investment in the raw materials markets, Hi-tech and venture capital, Oil, Gas and Nuclear Power, New Technologies, and the Media and Business. The vice-president of ARBR, the Bankir.ru agency editor-in-chef Jan Art, and the press secretary of ARBR Lilia Khalikova took part in roundtable discusions.