Basis of Moscow economy: SMEs generate most of Moscow's revenues

October 11, 2019
Economy and entrepreneurship

SMEs are the backbone of Moscow's economy, as Sergei Sobyanin said during a meeting with the Valdai International Discussion Club.

'Today sustainable development of Moscow is determined not so much by corporations registered in the capital. Most of the city's income, its overwhelming part, is provided by SMEs, small companies you may know nothing about. Each of them provides small income, but there are 800,000 of them. SMEs form a sustainable basis for the Moscow economy,’ Sergei Sobyanin said.

The share of revenues from large companies to the city budget has decreased recently. Meanwhile, the Moscow budget, according to Moscow Mayor, has increased more than twice in comparable ratios. Moreover, investment has more than doubled in comparable prices over the past nine years.

'We have not seen such an investment rate for quite a long time. To be honest, I don't know any examples of such a growth in investment in other regions. So, I believe Moscow brilliantly meets the challenges of today's economy and politics. It is obvious ― the sustainable city budget, the ambitious programs, and the evident progress Moscow is making,' said Moscow Mayor.

Today, there are more than 200 banks registered in Moscow, with 56 of them being 100% foreign-owned banks. 75% of the 500 top world companies have their offices in the Russian capital.

Speaking about the chief priorities and development prospects, Moscow Mayor mentioned that there are major infrastructure projects currently in progress. Among them is a big housing renovation program, the construction of a Big Circle metro line, and the development of Moscow Central Diameters. Their launch will improve transport accessibility for two million people.

Another priority of Moscow's development is the healthcare system’s upgrade, and introduction of electronic services.

'According to the United Nations, Moscow is No.1 city in the world to apply e-government technology and electronic public services. These are really mass services involving the overwhelming majority of Muscovites. The city won't work without them. 350 public services have become electronic, with millions of people using them every day,' Sergei Sobyanin added.

Cutting-edge technology has already been successfully applied in the Moscow E-school, the Unified Medical Information and Analytical System and transport management. More comprehensive AI penetration is to increase their effectiveness.

'For us, these are not some abstract things. To date, we already have bots in control rooms and call centres. The speech recognition system in medicine, the system of discerning and reading medical images for diagnostics have been actively implemented. Today, there is an extensive work underway to introduce facial recognition in CCTV systems in the metro and the city,' Sergei Sobyanin told.

According to Moscow Mayor, AI will be employed to operate about 150,000 Moscow video cameras.

'With innovative technology and new opportunities, we can make a great progress in other areas, too,' said Moscow Mayor.


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