Moscow moved up four positions in the rating list of innovative cities in Europe

August 20
Economy and entrepreneurship

Moscow improved its position in the international rating Tech Cities of the Future  by the fDi Intelligence analytical agency. Moscow moved up four lines and took 14th place among 76 cities in Europe, ahead of Milan, Copenhagen, Prague and Frankfurt am Main. The experts included London, Paris and Dublin in the top 3 lists.

The rating evaluates the cities that have created the most favorable conditions for development of startups and investments in technology and innovation.

“Technological entrepreneurship is a promising area for Moscow. Already now it makes a great contribution to the economy, and its share will grow. The Moscow government policy in this field is aimed at implementing the potential we have, supporting existing innovative projects and startups. Business may use different resources for development — the capabilities of the Moscow innovation cluster and technology parks, grants and subsidies, accelerators, technology competitions and educational programs,” Natalya Sergunina, Deputy Moscow Mayor, said. 

According to her, as per the Startup Ecosystem indicator, Moscow entered the top 10 of the rating, taking the sixth place in this section.

In addition, the experts considered such indicators as “Innovation and Attractiveness”, “Economic Potential”, “Efficiency of Foreign Direct Investment” and “Economic Efficiency”. The maximum number of points in each direction is 10.

“Even in an epidemiologically difficult year, Moscow managed to improve its performance versus other European cities. Moscow has established support measures for business, for example, provision of land plots for construction of industrial enterprises as part of large-scale investment projects. Since the beginning of the year alone, 10 decisions have been made to lease over 10 hectares of land without tenders. The total investment in development of new production facilities will exceed seven billion rubles. The successful implementation of all large-scale investment projects will provide the city with over 1.2 thousand new jobs. Technoparks, a meat processing plant, a production of percussion instruments, and an instrument-making complex will appear in Moscow. The assessment of the expert jury of the Tech Cities of the Future rating consists of calculating statistical indicators for five key factors — economic potential, an ecosystem of startups, attractiveness of innovations, economic costs, investments,” the Deputy Moscow Mayor for Economic Policy and Property and Land Relations Vladimir Efimov, said.

The deputy mayor added that the strategy of attracting investments is being assessed separately for all cities. Over the past 10 years, investments in fixed assets in Moscow have grown in comparable prices by almost 2.7 times. Moscow accounts in total for almost 18 percent of Russia's total investment in fixed assets and about half of Russia's foreign direct investment.

“Moscow entered the top 10 in terms of investment attraction strategy and ranked sixth. Foreign investors come to Moscow from Europe and Asia, as well as from the United States. They are attracted by the favorable business climate in Moscow, the developed infrastructure, and availability of highly qualified personnel. In addition, foreign investors can get support from Moscow government along with Russian entrepreneurs. Thus, according to the latest data, as of January 1, 2021, the volume of accumulated foreign direct investment from Germany amounted to 7.4 billion dollars, from France — 4.6 billion dollars, from Finland — 4.1 billion dollars, “the head of  Department of Investment and Industrial Policy of Moscow Alexander Prokhorov, said.

At the end of July, the Investment and Industrial Policy Department held a workshop on sustainable development. It was attended by technology startups that have projects in the field of a sustainable economy. The invited experts and representatives of large partner corporations shared their recommendations for business development.

Analytical agency fDi Intelligence and TNW (The Next Web — a media project on technology and innovation) publish a rating of the technology cities of the future from 2020. It evaluates European cities in terms of investment opportunities, skilled labor and infrastructure development.


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