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Anne van’t Veer, Managing Director of Amsterdam Trade Bank N. V., the European Division of Alfa Bank Group, speaks on Second Russia-Netherlands Economic Forum in Amsterdam, October 21, 2003
22 Oct 2003
The Economic Forum in Amsterdam collects 200 top business executives, bankers and government officials from both Russia and the Netherlands for face-to-face encounters to create exciting business opportunities and new economic agenda for our countries.
For an indication of the level of the event, selected speakers at the Forum included:
- Laurens J. BRINKHORST, Minister for Economic Affairs of The Netherlands, Co-Chairman of the Joint Commission for Economic Cooperation between Russia and The Netherlands
- Guennadi BUKAEV, Minister of Taxation of Russia
- Anton DANILOV-DANILIAN, Head of the Economic Department of the President of Russia
- Arkadi DVORKOVITCH, Deputy Minister of Economic Development and Trade of Russia
- Aleksei GORDEEV, Deputy Prime Minister of Russia, Minister of Agriculture, Co-Chairman of the Joint Commission for Economic Cooperation between Russia and The Netherlands
- Tiddo P. HOFSTEE, Ambassador of The Netherlands in Russia
- Aleksander POTCHINOK, Minister of Labor and Social Development of Russia
- Alexei ULIUKAEV, First Deputy Minister of Finance of Russia
- Ilya YUZHANOV, Minister of the Antimonopoly Policy and Business Facilitation of Russia
And top executives of ABN AMRO Bank A. O., AKZO NOBEL, Rabobank Nederland, N. V. Nederlandse Gasunie, ING Bank, Vneshtorgbank, Vnesheconombank.
Anne van't Veer, former Berne Union Secretary-General, reminded delegates, that the recent upgrading of the Russian Federation by Moody's is a very encouraging sign. It clearly shows that progress is being made with the transformation process and that political stability has improved. However, as mentioned several times by S+P during the Asian crisis, ratings have a limited forecasting value. The key question is, therefore: is the economic growth in Russia sustainable or not'
Mr. Van't Veer explained that, Amsterdam Trade Bank, a full daughter of Alfa Bank, experiences a very strong demand for trade credits and loans for investments. Providing trade credits based on the balance sheets of Russian importers remains extremely difficult and in most cases we have to ask for collateral in the West. Most export credit insurance agencies have enlarged their cover policies for Russia, but continue to ask for guarantees from the better banks in Russia.
Most Russian banks have excess liquidity amidst a lack of attractive borrowers.
Efficiency in the banking sector has to improve and reforms should provide banks with more access to long-term money.
For more information on Amsterdam Trade Bank visit: www.atbank.nl.
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CTF Holdings Ltd.
Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.
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