There is plenty of potential for Guernsey to increase business flows with Russia, according to the team from the Island's finance industry which visited Moscow last week.
The delegation represented Guernsey's initial coordinated activity in Russia.
Fiona Le Poidevin, Deputy Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry internationally, said: "We had a wide range of meetings which were very productive. Indeed, the team was very well received and there was significant interest in knowing more about what Guernsey can offer in terms of financial services and in particular providing investment structures. We met a number of existing contacts but also many new ones as well and there are now plenty of leads for us to follow up both in Russia and also London."
The Guernsey delegation to Moscow comprised Miss Le Poidevin; Stuart Phillips, Director at PKF in Guernsey and Chairman of the Guernsey Russian and Eastern European Financial Forum (GREEFF); Gerald Hough, Managing Director of Investor Services for State Street in the Channel Islands; and Irina Blin from Accent Multilingual Services who helped with interpreting during the visit.
The itinerary included meetings at the British Embassy and the Russo-British Chamber of Commerce, as well as with senior representatives from investment banks, investment managers and leading legal firms.
Miss Le Poidevin added: "It is evident that Russia's economic growth and development means the country offers a lot of potential but there are also hurdles to overcome in terms of the perception of doing business in Russia. However, there is evidence to suggest that this is, to an extent, misplaced and reforms are slowly but surely coming through which will increase transparency and corporate governance standards. In fact, one of the fund managers that already has Guernsey as home to its structures remarked that it chose the Island specifically due to our reputation for being well regulated and transparent. This sort of thinking is a growing trend in Russia and as this evolves then doing business with Guernsey becomes an even better fit.
"The visit has provided a lot of food for thought for those that came on the delegation, the GREEFF membership and the wider industry because there are many potential opportunities but it will not be a case of attracting business overnight. Practitioners and firms will have to invest time and resources if they are to reap the rewards."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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