Fri, 19 Jul 2019

Members of the Moscow government participated in an international real estate exhibition MIPIM-2019 in Cannes. The delegation of high-ranking officials from Moscow included: Vladimir Efimov, Deputy Mayor for Economic Policy and Property Affairs; Anastasia Rakova, Deputy Mayor for Social Development; and Marat Khusnullin, Deputy Mayor for ity-Planning Policy and Construction.

On the exhibition, Moscow exposed its stand for visitors, where everyone could see the main campaigns of Moscow city development, such as: housing renovation, reorganization of industrial zones, construction of railways and expansion of Moscow's subway.

During his speech, Vladimir Efimov was focusing on the role of the metropolis in economic development of the countries, and highlighted the successful economic development of Moscow.

He reported, that in the long run, economic development in Moscow is in the top-10 biggest urban agglomerations in the world, ahead of such cities as: Seoul, Paris, Chicago and Beijing.

Among the main advantages in the long-term economic development of Moscow are the following: high demand on consumer market, developed IT market, and high quality of urban environment. Moreover, Moscow has a lot of advantages for the potential investor: electricity for businesses is twice as cheap as in London, gasoline prices are two and a half times less than in Paris, and average rentals are half as much as in New York.

Vladimir Efimov summed up investment activities in Russia's capital in 2018. He reported, that the total amount of investments in Moscow was $37.3 billion, which is 15,3% higher than in 2017. Only 26% of the total $37.7 billion were financed from the extra-budgetary funding sources.

Furthermore, event tourism and retail on pedestrian routes had a positive effect on the city budget, adding $2.2 billion to it, which is a result of the urban improvement and urbanization campaign.

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