8 September 2008
City of London visits Russia to maintain economic links with
Russian people and business
The Lord Mayor of the City of London Alderman David Lewis will
arrive in Moscow on Monday 8th September to head a City delegation
keen to maintain business links with Russia and its people. The
delegation will visit Ekaterinburg in the Urals, in addition to
Moscow and St Petersburg.
The long-planned ten-day visit to Russia is part of a programme
of financial services visits to Russia co-ordinated by the City of
London Corporation, UK Trade and Industry (UKTI), the
Russian-British Chamber of Commerce and International Financial
Services London.
Lord Mayor David Lewis said: “In difficult times, the role of
business in a world of globalisation is to promote economic
prosperity which leads to stability and peace for the long term
benefit of the peoples involved.
“Russia, its resources and its people are an important part of
Europe and will become even more so. London has a special position
as a gateway for Russia’s booming financial sector and as a
provider of Russian access to long-term capital for investment and
infrastructure projects”.
The Lord Mayor and delegation will meet financiers, financial
regulators and political leaders. The Lord Mayor will be in Moscow
from 8-11 September and plans to meet Alexei Kudrin, Minister of
Finance, Sergei Ignatiev, Chairman of Central Bank; and Yuriy
Luzhkov, Mayor of Moscow. In St Petersburg on 11 and 12
September he plans to meet Dmitry Kozak, Regional Development
Minister and Valentina Matvienko, Governor of St Petersburg.
The Lord Mayor will visit Ekaterinburg on 15 and 16 September,
where he plans to meet Arkady Chernetsky, Mayor of Ekaterinburg,
Viktor Koksharov, Chairman of Sverdlovsk Regional Government and
Valentina Muranova, Chairman of the Urals Banking Union. This will
be the first official visit of a Lord Mayor of the City of London
to Ekaterinburg.
Lord Mayor David Lewis said: “The visit to Ekaterinburg reflects
the growth in the important Urals region and Ekaterinburg’s
emerging financial services sector is expected to see benefits from
closer direct ties with London.”
The Lord Mayor will speak at a number of conferences on the
economy, insurance, listings on the London Stock Exchange, banking,
corporate governance and the maritime industry. He will also be
speaking on PPP (Public Private Partnerships) in Moscow on 10
September.
The Lord Mayor said: “Russia’s domestic infrastructure is
undergoing significant change and the City of London has a wealth
of experience and best practice to share in this area. PPP could be
one of the key methods of financing Russia’s major infrastructure
projects over the next few decades, again, bringing direct benefits
to the Russian people. The City is already involved in projects in
St Petersburg”
Ends
Notes for editors
Press conferences
Moscow:
10 September at 4.30pm
RIA Novosti
4, Zubovsky Bulvar, 119021 Moscow
For accreditation, please contact RIA Novosti agency directly: +7
(495) 645-65-83, +7 (495) 637-50-19
St Petersburg:
12 September at 4.00pm
Hotel Kempinsky, Moika 22
To register, please email Elena.Mishkiniuk@fco.gov.uk
Ekaterinburg:
15 September at 5.30pm
Interfax,Lenin Street 20A, Office 503
To register, please email Elena.Chesnokova@fco.gov.uk
Press enquiries
In Moscow:
Elena Berdnikova (British Embassy Moscow)
Tel: +7 495 956 72 11
E-Mail: Elena.Berdnikova@fco.gov.uk
In St Petersburg:
Elena Mishkiniuk (British Consulate General St Petersburg)
Tel: 007 812 320 3224
Email: Elena.Mishkiniuk@fco.gov.uk
In Ekaterinburg:
Elena Chesnokova (British Consulate General Ekaterinburg)
Tel: + 7 343 379 4931
Email: Elena.Chesnokova@fco.gov.uk
Key facts about UK-Russia financial services
- The bilateral trade and investment relationship between the UK
and Russia was worth over $18 billion in 2007. The value of exports
to Russia alone increased by over 37% last year. Russia is now the
UK’s 16th largest export market. The UK is the largest investor in
Russia.
- There are over 1000 UK companies in Russia. British financial
services companies are particularly well-represented. Banks like
HSBC, RBS and Barclays all have major interests in Russia. The ‘Big
Four’ international accounting firms (PricewaterhouseCoopers, KPMG,
Deloitte & Touche, and Ernst & Young) all have established
practices in Russia.
- A majority of the corporate deals in Russia are governed by
English law. UK legal services dominate the landscape with
companies like Clifford Chance, Linklaters, Norton Rose and Allen
& Overy all having busy offices there.
- 75% of Russian securities traded overseas are traded in London.
Russian firms are attracted to London’s deep and liquid pools of
capital; broad analyst coverage; relatively cheaper underwriting
fees; unparalleled access to international markets; vast array of
technical expertise and knowledge, and wide range of institutional
investors.
Key facts about the Lord Mayor
The City of London Corporation maintains and enhances the status
of the Square Mile as the world's leading international financial
and business centre through its policies and services. The Lord
Mayor, as head of the City of London Corporation, leads extensive
overseas business missions in his role as the UK’s Ambassador for
UK-based financial services. The Corporation also runs offices in
Brussels, Beijing, Shanghai and Mumbai to support the City’s
overseas links. The City of London provides world-class local
government services to the UK’s financial and commercial heart, as
well as contributing to the economic development of wider London
and the UK as a whole.