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18 Apr 2019

Belarus, Dubai International Financial Center sign memorandum of understanding

Belarus, Dubai International Financial Center sign memorandum of understanding

MINSK, 18 April (BelTA) - The Belarusian government and the Dubai International Financial Center have signed a memorandum of understanding. The document was signed by Belarus’ First Deputy Prime Minister Aleksandr Turchin and chairman of Dubai International Financial Centre Essa Kazim, BelTA has learned.

Speaking about the idea to set up an international financial center in Belarus Aleksandr Turchin noted that it is quite a challenging project which is unlikely to bring big benefits in the short term. “A lot of work is ahead of our experts. They are expected to canvass all possibilities and report their findings to the president,” he stressed.

The Belarusian team which interacts with the DIFC includes representatives of government bodies and business.

Essa Kazim confirmed readiness to contribute to the project to set up an IFC in Belarus. “Cooperation with the Belarusian government is very important for us. It is also important to find a way to make your dream a reality and achieve real results. In this regard, we are ready to share our experience which we have accumulated over 15 years. We are absolutely open to cooperation and ready to provide support,” he said.

When working on the project we will be looking for the option that is most suitable for Belarus. What has worked for us may not work for you: the dynamics of market development in the Middle East and Belarus differ a bit. Many things factor in. The size of the economy and level of development are the keys to a successful financial center, Essa Kazim explained.

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