Frankfurt Main Finance supports development of the financial center of Moscow
On January 30, 2012 the German Federal Ministry of Economics and Technology and the Ministry of Economic Development of the Russian Federation signed a Memorandum of Understanding in Berlin under which the German financial centre Frankfurt will support the development of an International Financial Centre in Moscow. The German Economics Ministry expressly singles out the Hessian Ministry of Economics, Transport, Urban and Regional Development and the initiative Frankfurt Main Finance as the driving forces behind this cooperation.
“After intensive negotiations, in an extremely constructive process we have now raised the quality of cooperation to a new level that gives us scope for action in a wide area,” Hesse’s economics minister Dieter Posch declared. The Memorandum specifies explicit fields of activity on which both sides intend to collaborate. The German partners will, for example, provide support with the development of a financial centre index like the one devised by the universities in Frankfurt. They will also help identify the infrastructure required and assist with preparations for Moscow’s build-up as a financial centre. Improving international perception of Moscow as a financial centre is another objective cited in the Memorandum.
With both parties’ signatures to the agreement in Berlin, the further road map was coordinated in the Hessian capital Wiesbaden (f.l.t.r.): Petr. D. Vinogradov, Nail Edikhanov (The Government of Moscow), Vladislav E. Fedotov (Ministry of Economic Development of the Russian Federation), Kai Riasol González (Frankfurt Main Finance), Dr. Stephan Bredt, Dr. Helmut Kern and Bernd Kistner (Hessian Ministry of Economics), and Irina Tabolova and Roman Kirindassov (Deutsche Börse AG)
“This agreement forms a basis for the financial centre Frankfurt to partner a key Russian Government project on an equal footing and considerably strengthens its international competitiveness,” Mr. Posch said. At the end of February the minister will head an economic delegation to the Russian Federation: “We shall use the visit to further reinforce our cooperation and to consult on the next concrete steps and a timeline for them.”
Lutz Raettig, Spokesman for the Executive Committee of Frankfurt Main Finance, commented: “Frankfurt will benefit enormously from its signature under the Memorandum. In assigning the parties lead management at their respective national levels we see the document acting as a door-opener for us to set up important business contacts and leads. We would therefore like to express our very special thanks to Economics Minister Posch, whose tireless effort and commitment has played such an instrumental part in economic cooperation between our two financial centres.” Mr. Raettig will accompany the minister to Moscow.
Update March 29 2012: For more information read The Voice of Russia's interview with Hubertus Väth (Frankfurt Main Finance's Acting Managing Director): Moscow as a financial center is a city of opportunities.
