Moscow takes 22nd in the ranking of cities of the future in attracting investment
In the fDi Global Cities of the Future Moscow reached 22nd place among all cities in the world, ahead of San Francisco, Vilnius and Montreal, said Vladimir Yefimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations.
“Over the past few years, large-scale work has been done to transform Moscow into a city that is comfortable for doing business - a variety of mechanisms to support investors, modern infrastructure, direct and operational interaction with business. This made it possible, despite the difficult economic situation last year, to attract a record volume of private investments to the city - for 9 months in 2020 the volume of investments in fixed assets reached 1.9 trillion rubles, which is 11.5% more than in the same period of 2019. Currently Moscow accounts for 17% of the total Russian volume of investments in fixed assets and about half of direct foreign investments in Russia”, said Vladimir Yefimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations.
“The system of measures to support the real sector of the economy, which has been functioning in Moscow for more than 5 years, helps to attract investment to the city. These are both financial support mechanisms - loans and subsidies, and non-financial - the placement of production facilities on preferential terms, obtaining special statuses that reduce the tax burden, etc. We also actively conclude PPP contracts with businesses, which allows them to receive stable income and a sales guarantee. Moreover, we do not make a difference between Russian and foreign business. Foreign companies that have localized production in Moscow also receive preferences. And thanks to modern tools for receiving feedback from entrepreneurs, such as, for example, the Moscow Investment online service, we can always respond in time and take the necessary measures to improve business performance”, said Alexander Prokhorov, Head of the Moscow Investment and Industrial Policy Department.
According to the head of the department, for every ruble invested by the city in development, there are at least 3 rubles of private investment.
The last time Moscow entered the top 25 cities of the fDi Global Cities of the Future ranking was in 2014, then the capital was ranked 25th. In 2020, Moscow managed to return to the list of the best cities in the world in attracting investment to the 22nd position.
“In 2020, the capital also entered the top 20 of the fDi ranking of the most promising technological cities in Europe. Now fDi has highly rated Moscow on the global scale in Global Cities of the Future. This confirms that the Russian capital is an attractive center for investment and successfully competes with other world megacities. One of the drivers of Moscow's economic growth is the Targeted Investment Program (TIP) - a part of the budget that the city allocates to the implementation of priority projects in transport, social services, landscaping and other important areas. In addition to the goals associated with major city construction projects, TIP is stimulating the growth of private investment in projects that the city needs. The volume of the program is about a fifth of the capital's budget expenditures”, said Kirill Purtov, Minister of the Moscow Government, Head of the Department for Economic Policy and City Development.