DAVOS, Switzerland, Jan. 29 (UPI) -- Russia has work to do before President Dmitry Medvedev's dream of turning Moscow into a major financial center is realized, experts in Davos, Switzerland, said.
At the World Economic Forum, Moscow Mayor Sergei Sobyanin outlined plans for upgrading the city's infrastructure and said the country planned to remain friendly to businesses and keep taxes low.
However, experts said Moscow, which was recently ranked 68th in a listing of 75 financial centers, required more than upgraded sports centers to be attractive to foreign investors, RIA Novosti reported Saturday.
"When investments are made in the creation of a financial center, the real economy should be strengthened at the level of both big and midsized enterprises," Deutsche Bank Chief Executive Officer Josef Ackermann said.
The head of the New York Stock Exchange, Duncan Niederauer, said Russia had survived the global economic downturn, but it also took political and economic stability to create a financial center.
It also took a strong financial market, which is growing in Russia, he said.
