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
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
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
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