Azerbaijan, Baku, Oct. 22 / Trend I. Khalilova /
The third International Conference on "Financial Institutions - the basis of structural modernization of the CIS economy" was over in Baku today.
The participants of the conference stressed the need to intensify joint efforts to ensure the structural modernization of the economies of the CIS countries. They considered the issues and topics. Particular attention was paid to the successful financial and economic development of Azerbaijan as a regional financial and industrial center and important subject of the integrated infrastructural modernization of the Caspian region.
The participants of the forum emphasized that the consequences of the global financial crisis aggravated the most vulnerable spheres of the economy of the CIS countries, including an excessive dependence on primary commodities, a high concentration of exports in the balance of income and their export to the foreign markets. These consequences made the issues of complex socio-economic development of the economy of the CIS countries rather acute.
The issues of strengthening the role of specialized development banks, as institutions, strengthening trade and investment transactions between the CIS countries, the need for innovation and use of existing banking technologies for the comprehensive service of legal and physical entities, the widespread deployment of a full-fledged financial infrastructure based on complementary regional financial centers, operating on common standards, the need for the implementation of innovative infrastructure projects on a public-private partnership were actively discussed.
A draft resolution was adopted as a basis after the conference. But it can be accepted within one week after the proposals, voiced today, are worked out, Deputy Director General of the CIS Finance and Banking Council, Ahmed Kahrimanov, said.
"The document says that the complex structural modernization of the economy can be conducted if financial markets are reformed and modernized well, the appropriate institutional conditions allowing to develop regional centers are formed. Long-term investments are required to promote the implementation of modernization programs", Kahrimanov said.
The variants of the formation of a legislative base to create cross-border regional free economic zones with a number of preferences for industrial high-tech industries, customs warehouses and transportation and logistics services, agricultural facilities and small-medium enterprises were proposed as organizational and structural decisions to increase investment attractiveness in the CIS countries.
"It was proposed to reflect the modernization electronic trading system among CIS countries in the final document. It is a very serious model. It will help to develop trade and economic relations on a remote level", he said.
He said that the final document will reflect the issues associated with additional reserves and sources of attracting investments.
The modernization funds of the population, allowing to invest in implementing major investment projects between the countries, are one of the major long-term investment resources.
The following areas, including improving the capacity and transparency of the financial market, ensuring the efficiency of market infrastructure, creating favorable tax climate for its participants, and improving the legal regulation on the financial market were proposed in the area of the CIS regional financial centers. They are closely related to the primary decision of modernizing financial markets.