Is the development of republic’s external trade in a greater degree oriented to the West, to the European countries?

-Another vector of foreign economic activity’s development is oriented to the East. Asia is the perspective region for us in terms of economic. Project development for trading house “Tatarstan-Asia” is conducted currently . It will coordinate the issues of trade-economic cooperation’s development and the issues of attracting foreign investments in 11countries of South-East Asia, such as Singapore, Japan, Vietnam, Indonesia etc.

In august of current year the Representative Delegation of the Republic of Tatarstan was established in Turkmenistan. A number of negotiations about the perspective directions of cooperation with Tatarstan corporates have accomplished yet.

Effective instruments for attracting investments, capital resources in the development of the Republic of Tatarstan are the expansion of cooperation with international organizations and pecuniary institutions. The perspective direction is the developing of cooperation with Islamic world with the purpose of investment projects’ realization using Islamic financing arrangements.

The Islamic investment company is planned to be established in the Republic of Tatarstan. Under the conditions of the world financial crisis Islamic business principles progressively arouse interest from the business circles. So, the cooperation with Islamic banking has huge potential. For example, the first international summit of Islamic business and finance was held in Kazan in June of this year. The practical relevance of summit is in empowerment for participants in order to establish international partnerships, attracting investments and observation of business dealing’s prospects in the network of Islamic economic model. The second international summit of Islamic business and finance is planned to be carried out in June,2010.

The complete interview in Tatcenter.ru