Moscow rated among 20 most promising European tech cities

July 3
Economy and entrepreneurship

Moscow has made it into the top 20 European cities with the most promising high-tech, innovation and startup investment opportunities. According to the Tech Cities of the Future ranking survey, the Russian capital ranks 18th among 76 cities.

The magazine fDI Intelligence and the TNW (The Next Web), specialised publications on technology and innovation, compiled the Tech Cities of the Future 2020/2021 ranking survey for the first time this year.

“The survey reviewed 76 European cities and evaluated them in terms of investment opportunities, the existence of a skilled workforce and infrastructure development. This year, Moscow was ranked 18th and jumped to 10th place in the Startup Environment, one of the survey’s five categories,” Vladimir Yefimov, Deputy Moscow Mayor for Economic Policy and Property and Land Relations, said.

The five leading cities include London, Paris, Dublin, Amsterdam and Berlin. The survey was based on cities’ achievements in five categories: Economic Potential, Innovation and Attractiveness, Foreign Direct Investment (FDI) Performance, Startup Environment, and Profitability. The cities also scored extra points after making it into a sixth category called FDI Strategy, compiled from fDI Intelligence polls.

“Every year, Moscow is becoming more attractive in terms of investment, including high-tech investment. It competes successfully with global centres like Helsinki or Milan. The city has created a favourable environment for developing startups and digital platforms.

Efforts to introduce innovative solutions in the city’s life have proved popular during the temporary lockdown when demand soared for online goods and services,” Moscow Government Minister, Head of the Department for Economic Policy and Development Kirill Purtov added.

Experts praised the potential of Moscow’s startup system. This confirms the city’s achievements in creating favourable conditions for expanded high-tech entrepreneurship, according to Alexei Fursin, Head of the City Department of Entrepreneurship and Innovative Development.

“The capital’s startups can use opportunities provided by the Moscow innovations cluster, the Moscow Accelerator programme for expanding and developing startups, and a project for the pilot testing of innovations at city venues and other support measures. They allow the participants to team up, find partners and investors, maintain feedback with consumers, develop projects and business competences and expand projects,” he noted.

Moscow Government Minister and Head of the Department of Information Technology Eduard Lysenko added that such factors as favourable legal regulation, the creation of ecosystems and support for talented specialists were becoming the main guarantee for success in the digital world.

 Moscow’s inclusion in the top 20 Tech Cities of the Future 2020/2021 ranking survey, as well as leading positions in other international ranking surveys, show that Moscow’s global competitiveness is increasing. Not only is Moscow prepared for a digital future, but it ranks among cities determining this future.

fDI magazine, part of The Financial Times Group, compiles ranking surveys of cities and regions in the context of long-term development over the next two years. Apart from Tech Cities of the Future, the magazine publishes the biannual comprehensive European Cities and Regions of the Future survey. The latest ranking survey placed Moscow in the top ten among Europe’s largest cities.


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