Moscow’s economy has defied significant challenges over the past five years, managing to grow by more than a fifth, according to Deputy Mayor for Economic Policy Vladimir Efimov. Despite facing obstacles such as the Covid-19 pandemic and Western sanctions, the Russian capital has experienced substantial growth, particularly in industries such as finance, telecommunications, and high-tech.
Efimov emphasized that even during the critical year of 2020, when the economy was brought to a standstill, investment programs in the city were not suspended. Despite a significant reduction in budget revenues, Moscow fulfilled all its obligations in the construction of social and transport infrastructure. This resilience and commitment to development have played a crucial role in the city’s economic success.
According to Efimov, Moscow has transformed from a city of malls and luxury restaurants to becoming the hub of advanced hi-tech industries in the country. This shift has been made possible through the unprecedented support measures provided by city authorities. These measures have facilitated the growth and establishment of various high-tech ventures in the city.
Efimov highlighted the industrial cluster of photonics and microelectronics, which consists of over 50 companies. These companies have generated a revenue of 70 billion rubles ($741 million) in the past year and have created more than 6,000 job opportunities. This showcases the city’s commitment to fostering technology development and promoting innovation.
In addition to the growth in high-tech industries, Moscow has also taken steps to establish an Industry Support Center. This center focuses on the substitution of imports, aiming to reduce dependence on foreign products and promote domestic manufacturing. By supporting local industries, the city aims to strengthen its economic resilience and foster sustainable growth.
Moscow’s transformation into a thriving hub of advanced industries is a testament to its ability to overcome challenges and adapt to changing global conditions. Despite economic headwinds, the city’s focus on investment, innovation, and infrastructure development has propelled its economy forward.
The Deputy Mayor’s remarks at the Urban Forum highlight the city’s determination to continue driving economic growth and diversification. By leveraging its strengths in technology and industry, Moscow aims to strengthen its position as a leading economic center, not just in Russia but also on the global stage.
As Moscow continues to invest in infrastructure, support high-tech industries, and foster innovation, it reinforces its position as an attractive destination for both domestic and international businesses. The city’s commitment to economic development coupled with its recent achievements serve as a testament to its resilience and potential for future growth.
Overall, Moscow’s ability to navigate challenging circumstances and achieve substantial economic growth demonstrates its status as a dynamic and resilient economic powerhouse. With its focus on technological advancement and industry development, the Russian capital proves itself as a center of innovation and progress. As the city continues to evolve, it is poised to play a significant role in shaping Russia’s economic landscape and global competitiveness.
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