World Business and Economic Analysis
World Business and Economic Analysis
Qais Mohammad bin Yusuf, Oman's Minister of Trade, Industry and Investment met and talked with Seyyed Shamsuddin Hossein, the head of the Special Commission for Growth and Development of Production and Monitoring the Implementation of Article 44 of the Constitution of the Islamic Council, at noon (Monday, May 18).
At the beginning of this meeting, the head of the special commission for the jump and boom of production and the principle 44 of the Islamic Council assessed the closeness and strength of relations between FIMA as continuous and stable and said: "Iran and Oman have always had close cooperation and continuous relations with each other and all-out efforts The government and parliament of the two countries have led to the deepening and development of relations in the political and economic fields.
Hosseini pointed out: "The indicators of the cooperation between the two countries are moving forward, but the economic relations between the two countries have not progressed in accordance with the political relations, and the efforts of the two countries to improve the level of economic cooperation equal to the friendly and political relations are important."
The head of the Special Commission for Growth and Development of Production of the Islamic Council added in the continuation of this meeting: "The Islamic Republic of Iran is looking for convergence between regional and neighboring countries".
Referring to the developments in the region and Iran's cooperation agreement with some countries in the region, he said: "The Islamic Republic of Iran has always welcomed the development of cooperation with the Persian Gulf countries and the establishment of regional cooperation in the direction of peace and international stability."
Referring to the readiness of our country to cooperate with Oman in various fields, Hosseini pointed out: "Iran has made significant progress in various industrial fields such as energy, industry, medicine and medical equipment, and the field of technology, and the interaction with Oman in these fields has been successful. It will benefit both countries."
The representative of the people of Tunkabon and Ramsar in the Islamic Council called for the promotion of parliamentary relations, especially in the economic field, and considered the role of parliamentary interactions between Iran and Oman in strengthening the relations between the governments to be effective and to expand the parliamentary relations between the two countries. And he emphasized the readiness and support of the Islamic Council for the approval of the agreements signed by the governments of the two countries.
In this regard, he emphasized: "Parliamentary movements in the fields of joint and special commissions and chambers of commerce of the two countries will strengthen the level of bilateral relations."
Shamsuddin Hosseini stated the importance of improving the level of relations between Iran and Oman in line with the strategic goals and in the direction of advancing bilateral relations and supporting the government and people of the two countries and emphasized the need for the increasing development of economic cooperation.
Qais Mohammad bin Youssef, Minister of Trade, Industry and Investment of Oman, expressing his satisfaction with the warm reception he and his accompanying delegation received in the Islamic Council, called for the promotion of commercial and economic cooperation between Iran and Oman, and expressed hope that the level of bilateral relations in parliamentary affairs would improve. And the governments of the two countries should be strengthened even more.
By stating Iran's industrial, pharmaceutical and technological advances and achievements, he stated his country's serious determination to strengthen relations with Iran, and for the development of joint cooperation, he considered the industrial capacities of our country as a basis for promoting trade exchanges and deepening cooperation.
The Minister of Trade, Industry and Investment of Oman, while inviting the members of the Special Commission for Growth and Development of Production of the Islamic Council to Muscat, said: "Strengthening parliamentary relations and exchanges is the source of improving the level of commercial and economic relations and improving the level of interactions between the two countries. It will be opened between Oman and Iran.
It is worth mentioning that in addition to the president of the Chamber of Commerce and the Omani ambassador and the economic delegation of that country, Dr. Nouri Qazaljeh, Dr. Ali Akbar Karimi, Dr. Mohammad Rashidi, Dr. Reza Taqipour, other members of the commission were also present in this meeting.
We as World Business Year Investment and Finance Consultancy are proud to work with the largest international and European mutual funds to finance your projects around the world. Through first-hand experience, we have a deep understanding of sustainable energy and can tailor our investment and criteria to meet the requirements of each new project. We’re always looking to expand our portfolio. So if you have a sustainable energy project of significant scale to take forward, and are seeking capital, please get in touch.
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We invest in commercially viable, sustainable energy projects that minimize financial risk by adopting proven technologies and pragmatic transaction structures. We consider investments in a range of sustainable energy technologies as well as energy efficiency and heat. Having said that, we’d be happy to discuss other approaches if you feel it is genuinely ‘clean’ and sustainable.
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Swiss private banking has had centuries of success, but the alpine country must make careful use of its key advantages to remain competitive in the coming years
Banking is as much of a Swiss cliché as watches, chocolate, and skiing. A tradition of client confidentiality and a commitment to quality service that goes back to the 18th century has helped the financial sector grow to 10 percent of the Swiss economy today. The Swiss National Bank estimates that securities of foreign private customers number CHF513bn (£403bn), with cross-border assets estimated by Boston Consulting Group to be CHF2.3trn (£1.8trn).
This success does not simply fall from the sky like snow in Zermatt. For Switzerland’s private banking sector to remain competitive in the future, its accomplishments must be safeguarded, and its innovations nurtured.
Strength in stability
Those who deal with the needs of high net-worth individuals (HNWIs) all know it: political instability is back. The certainty of the 1990s and 2000s has given way to tumult at the global level with the rise of populism, nationalism, and religious extremism. Question marks loom over newer centres such as Hong Kong and the UAE, and even established ones such as London.
Switzerland is not completely immune from this tumult. Still, the country’s political stability recently scored 95 percent in World Bank governance data. Switzerland also possesses a reliable national currency, with the Swiss franc’s sanctuary status further entrenched since the 2008 global financial crisis.
COVID-19 has affirmed the attractiveness of Switzerland. Many HNWIs favour its ‘middle way’ approach, offering a more liberal governance approach than places such as Singapore, but with a more reliable healthcare offer than Cyprus or Turks & Caicos. All of this serves to benefit the Swiss wealth management sector too.
Excellence and innovation
Sadly, the alpine state faces pressure to cede its promise of client confidentiality in the purported name of tax transparency and information sharing, most notably from the US government. The sad reality is that this never goes both ways. Take the OECD’s 2020 Peer Review Report, which makes 161 references to Switzerland, while the US – itself a major financial centre and not without its own internal troubles over secrecy, evasion and money-laundering – is mentioned only once. In a world of superpowers, it sometimes seems that only small countries can be sinners.
The Swiss federal government has recently passed a series of acts impacting trustees and external asset managers, meaning new licensing and demands for reporting and disclosure, some of which attempt to mirror the demands of the MiFID II system of the European Union. It’s still early days, and regulation will only take full effect by the end of 2022, but this will certainly mean a loss of some of Switzerland’s competitive advantage and no doubt lead to further domestic sector consolidation.
In other words, Switzerland cannot afford to rest on its laurels. Fortunately, there is little sign of that happening. In February, Geneva-based Bordier & Cie, founded in 1844, started offering cryptocurrency services as clients seek to diversify into alternative asset classes. The private bank itself relied on the B2B services of Sygnum, another Swiss firm that is part of the country’s burgeoning cryptocurrency sector. Zurich-based UBS, the largest private bank in the world, is also exploring this asset class.
Swiss technology excels, which is especially important as HNWIs become reliant on digital experiences. Etops, for example, specialises in aggregating clients’ financial data in the most seamless way possible. Altoo offers an intuitive and visually compelling platform for people to interact with their wealth. DAPM in Geneva can break down granular intra-day data about client investments across multiple accounts.
Swiss fintech spurs banking competition, with smarter players accepting this and working to impress savvy customers. Though the client is the ultimate winner, the country’s trusts and family offices also have much to gain here. These nimbler Swiss firms have a distinct advantage in being embedded in this software ecosystem, drawing on a strong domestic graduate pool.
It is not just Swiss people who make Switzerland, however. Despite its image as a quiet, settled country, Switzerland is one of the most cosmopolitan places in the world, a magnet for people across the globe to live and work. Over a quarter of its population are foreign residents, with even greater proportions of foreign workers in the cities of Geneva, Zurich and Basel.
Many of these residents serve the needs of private banking clients, either directly or in adjacent financial services. In Geneva, it is easy to find specialists in anything from Brazilian equities to 20th-century artworks. This internationalism is an undoubted strength, and is sure to persist, given Switzerland’s time-honoured position as a multilingual state in the heart of Europe.
Being the incumbent is great – though the risk of getting too comfortable and self-assured is always there. Thankfully, Switzerland’s unique blend of stability and innovation should be enough to ensure its private banking sector remains competitive in the years to come.
