Discours et allocutions de l`Ambassadeur

Dear Ladies and Gentleman,

First of all I would like to emphasize the useful activity of the Joint Chambers of Commerce, which has put all of us here together, and to highly appreciate its efforts as an organizer of conferences, seminars and other events for the benefit of strengthening the Swiss-Russian economic cooperation.

Taking into account the subject of our today’s meeting – a presentation of the Russian banking sector aiming for exchange of experience with our Swiss colleagues – it is logical to host this event in Zurich – the capital of the Swiss banking sector and one of the major financial centers of Europe and the world. Swiss banking is one of the most profitable sectors of the Swiss national economy.

Swiss banks are praised for their reliability, and the Swiss franc belongs to the world’s most stable currencies. But it is not common knowledge what feeds this success, behind this tradition and trade mark called the Swiss banking.

The success of Swiss banking is due to:

- efficiently functioning economy;

- competent monetary policy, conducted by the state;

- national currency, backed by serious gold reserves;

- painstaking work of generations of bank employees and the know-how, they have accumulated;

- and, last but not least, spirit of enterprise among management and its ability to perceive and adopt advanced banking technologies.

This experience, focused in particular on attracting foreign investments, can also be of significant use to the Russian banking sector.

Economic progress in any country is unthinkable without an attractive investment climate, an effective banking system, without availability of respective financial and banking tools to realize various investment projects. Russia is not an exception. These are the tasks the Russian government's efforts are aimed at.

It contributes greatly to the qualitative improvement of framework conditions for the investment activities. These efforts do not remain unnoticed. Our foreign partners appreciate the steps taking by the Russian authorities. Foreign investors take growing interests in business activities in Russia and we can find enough examples of this in Switzerland.

To the competitive advantages of the Russian market belong in particular:

a big potential of resources,

qualified and at the same time relatively inexpensive labor force,

an existing underestimation of the financial assets.  

The existence of a broad legal framework, regulating cooperation with foreign partners, is also an important advantage. Among other things it includes agreements on prevention of double taxation, investment protection, and other tools to facilitate profit repatriation. There are, of course, elements of risk on Russian market. But at the same time this market has a great potential of development.

Those who have realized it are already settling down, leaving less and less room for those who still hesitate.

Our government has for an object to increase the attractiveness of the Russian banking sector for foreign investments.

For this purpose it improves the banking system, enhances the transparency of banks and regulators, urges the transition to the international accounting standards. It is inspiring, that since the global financial crisis, the situation of Russian banks has significantly stabilized. They re-gain strength and are now able to act as equal partners and counter-guarantee in large-scale international transactions.

I hope that today`s meeting will allow us to discuss important topics in a businesslike and constructive way. I wish all of you successful work and fruitful contacts.

Thank you for your attention.