Medvedev to discuss international financial center plan for Moscow

MOSCOW, March 4 (Itar-Tass) -- Russian President Dmitry Medvedev will chair a meeting on Friday to discuss further measures to develop Moscow into an international financial center for post-Soviet countries and possibly for Central and Eastern Europe.
Medvedev earlier described the investment climate in the country as "very bad", but said improvements cannot be achieved "by a wave of the hand" and systemic work was necessary.
He said "considerable progress was achieved" in 2010, but "we have to progress further."
Russia adopted a federal law to counter insider information and
Medvedev said it is now necessary to upgrade the Civil Code and streamline legislation on exchanges, clearing activities, and the central depository.
"It is necessary to provide comfortable IPO conditions for domestic and foreign investors in Russia," the president said adding insurance market also needs improvements.
"Either we have a normal insurance market or we shall have no
international financial center," he stressed.
In January Medvedev told the international economic forum in Davos the financial center has to become not only the nucleus of the domestic financial system, "but also of the whole post-Soviet space and I hope of Central and Eastern Europe."
"The first steps have been made as beginning from this year foreign companies can borrow funds on the Russian ruble market," the president said.