Vladimir Efimov, the head of the Russian capital, says that the most advanced industries in the nation are now located in the capital.
Efimov, a Deputy Mayor for Economic Policy, said Moscow's economy has grown by more than a fifth over the past five years despite facing serious challenges during that time.
Despite facing economic hardships such as the Covid-19 pandemic and Western sanctions, the Russian capital experienced substantial growth, driven in particular in industry, finance and telecommunications, he said at the Urban Forum.
Even during the crucial year of 2020, when the economy was literally put on hold, we haven't suspended investment programs in the city. Despite reducing budget revenues, Efimov said, we fulfilled all our obligations in the construction of social and transport infrastructure.
Now, Moscow is no longer a city of malls and luxury restaurants like it used to be. According to the official, the capital of Russia is now home to the most advanced hi-tech industries in the country.
The growth reflected in unprecedented support measures provided by city officials.
Efimov highlighted a industrial cluster of photonics and microelectronics, which comprises more than 50 companies. The high-tech firms have earned more than 6,000 jobs in the past year, the deputy mayor said.
Moscow has also established an industry support center that is focused on replacing imports, he said.