Shuvalov noted that the plan to establish an international financial centre in this country had been adopted in 2008, but its implementation had been delayed by the effects of the downturn on world financial markets. "Now it is time not only to revive this project, but also to propose specific approaches and deadlines for its establishment," Shuvalov said.

Representatives at the meeting agreed that Russia has a number of advantages that would be conducive to the creation of a global investment centre. These include liberal tax law, educated personnel, considerable potential for the capitalisation of Russian companies and an opportunity to invest in major infrastructure projects. "Modernisation requires capital," Shuvalov observed.

He also emphasized the favourable geographical location of the future centre, which would offer investors broad opportunities for working in post-Soviet republics and Eastern Europe, especially at a time when the
Customs Union and CIS become more closely integrated.