Saturday, March 17, 2012

Building International Financial Center in Moscow: A Task Requiring BigTeamwork


Here is a summary of my tweets with additional comments from day one of a strategic session on building International Financial Center (IFC) in Moscow. I was invited to the session as a participant.

Plenary panels at the session featured some well known Russian businessmen and foreign experts.

Charles Wyplosz: Easier to build International Financial Center in Moscow than prevent financial crisis that might destroy it.

Evert Verhagen: Is it (Moscow IFC) a place or is it an idea? There should be both software and hardware... Moscow successful in attracting talent from Russia but not as much with the talent from abroad.

Ruben Vardanian: VTB's IPO, failure to timely introduce IFRS are Pandora's Box evils sending wrong signals about Moscow as IFC.

Hubertus Vaeth says Frankurt accounts for 85% of Germany's Internet traffic. Don't think such uneven distribution is good

Stability seems to be the word most repeated by international speakers at the Moscow IFC strategic session.

"The more practical and frank your suggestions, the more grateful we will be," Alexander Voloshin said in parting to 5 workgroups, at the end of the plenary sessions.

Now, tweets from Workgroup 1, dealing with Strategic Marketing (yours truly a simple visitor there). The idea was to draw a vivid picture of Moscow as a global IFC in 2032 and define steps to get there. Sounded easier than done.

Doris Naisbitt: We are discussing strategic marketing of a product [not yet defined] next door [by other workgroups]. Me, thinking to myself: Quite a strange way, indeed.

Gor Nakhapetyan (who moderated the workgroup discussion and was last to give his opinion): Moscow has a clear advantage [over other cities]. The higher is your intellect, the more interesting people you can befriend.

Overall, the discussion in my workgroup drowned in little details and vague predictions for the future. I wonder how day two will proceed.

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