Russia is halfway past its efforts to create an international financial center in Moscow, President Dmitry Medvedev said on Sunday.

At a meeting with the director of the Hong Kong Stock Exchange, Medvedev spoke about Russia’s plans to turn Moscow into an international financial hub.
“So far, we are at the organizational stage of creating an international financial center, adopting laws and seeking to improve the investment climate and create the infrastructure,” Medvedev said.
“I hope we are already halfway past our efforts to achieve the result, which is also very important,” he said.
Medvedev first announced the project at the 12th St. Petersburg International Economic Forum in 2008, stressing that it was aimed at turning Russia’s national currency, the ruble, into a leading regional currency.
Today, there are two major global financial centers - London and New York. As of October 2010, Moscow ranked 68 of 75 on the list of international financial centers.
Medvedev said on Sunday it was important for Russia to focus on international aspects of creating an international financial center.
“If we speak about internal financial issues, all of them have been resolved to some or other extent. The crisis is over and we need to focus on other aspects,” he said.
Medvedev has earlier said the financial center in Moocow will become not only the core of Russia’s financial system, but also the impetus for the development of financial markets in the entire post-Soviet region.
------Russia to set up direct investment fund in summer
Russia will set up a sovereign fund, intended to lure foreign investment to modernize the Russian economy, in summer, President Dmitry Medvedev said on Sunday.
“Already in summer, the direct investment fund will be created. It will co-finance capital investment by foreign funds and companies in Russian projects,” Medvedev said at a launch with business circles in Hong Kong.
Russia’s direct investment fund is expected to be established as a closed-end unit investment fund to be managed by national development bank Vnesheconombank.
Russia’s sovereign fund, which will have a capital of about $10 billion contributed by the federal budget, is expected to attract from $60 billion to $90 billion in foreign investment within five years.
“Modern Russia is pursuing a policy aimed at its modernization and innovative development. Foreign investment plays a special role in this process. Recently I outlined a whole number of measures intended to improve the business and investment climate in the country,” Medvedev said.
“We’ll continue measures to de-bureaucratize our economy and we’ll continue resolutely fighting corruption. In this sense, the experience of Hong Kong looks very useful,” Medvedev said.
(Source: RIA Novosti)