Moscow is 14th Most Innovative City in Europe

Moscow has improved its position in the fDi Intelligence analytics company’s international Tech Cities of the future, updating its position on four lines and ranking 14th among 76 European cities, according to the information available on Tuesday on the mayor’s and municipal administrations official website, TASS reports.

The ranking assesses those cities which provided the best circumstances for start-up development and investment in technology and innovation. Economic Potential, start-up environment, attraction of innovation, economic costs and investments, are the main elements of the evaluation. London, Paris and Dublin are on  the top of the list.

Moscow is attractive for technology entrepreneurship in recent years, says Deputy Moscow Mayor Natalya Sergunina. The city already provides a major contribution to the economy and will increase its share. The strategy of the city in this area is to realize its  potential and encourage current innovative initiatives and start-ups. The businesses can utilize several development tools — Moscow’s Innovation and Technological Cluster Opportunities, grants and subsidies, accelerators, technology and educational programs.

The Russian capital reached the Top 10 of the report, gaining sixth position in this sector, according to the Startup Ecosystem index. Furthermore, the experts evaluated measures such as “Innovation and Attractiveness,” “Economic Potential,” “Efficiency of Foreign Direct Investment,” and “Economic Efficiency.” Each category has a maximum of ten points.

In terms of investor attraction strategy, Moscow joined the Top 10 and placed sixth. Foreign investors come to Moscow from Europe, Asia, and the United States. They are drawn to the city because to its favorable business climate, established infrastructure, and availability of highly qualified employees.

Furthermore, international investors, as well as Russian enterprises, may obtain assistance from Moscow. According to the most recent data, the volume of accumulated foreign direct investment from Germany was $ 7.4 billion as of January 1, 2021, $ 4.6 billion from France, and $ 4.1 billion from Finland.

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