Deputy Mayor Efimov: Chinese business has invested more than $900 million in the Moscow economy (November 10, 2022)

The accumulated volume of Chinese business investments in the Moscow economy by the beginning of 2022 is $910 million. This was announced on November 10 by the Deputy Mayor of the city for economic policy and property and land relations Vladimir Efimov with reference to the data of the Central Bank of Russia.

The capital of Russia and China have strong trade and economic relations, he stressed. “According to the latest data from the Central Bank of the Russian Federation, as of the beginning of this year, China’s accumulated foreign direct investment in the economy of the Russian capital amounted to $910 million,” Vladimir Yefimov said. According to him, almost 70% of this volume – $616 million – is accounted for by participation in the capital of Moscow enterprises.

According to open sources, companies with the participation of Chinese capital operate in the capital in such industries as construction, energy, the chemical industry, the production of electrical equipment, machinery and equipment. And among the latest projects implemented in the city with the participation of investors is the multifunctional business complex Park Huaming. Located on Wilhelm Pieck Street in the northeast of the capital, it opened last September.

The external turnover of trade between Moscow and China in 2021 grew by almost a third and reached $64.5 billion. “In total, over the past 5 years, Chinese business investments in the city’s economy have grown 1.3 times,” added Vladimir Yefimov.

“Despite the sanctions pressure, capital companies continue to increase the supply of equipment and goods, as well as purchase the necessary raw materials and components from suppliers from China,” said the head of the Moscow Investment and Industrial Policy Department. Vladislav Ovchinsky. Thus, a service for the selection of alternative suppliers has been launched in the capital. “We have received over 500 applications. Of course, the selection of the necessary equipment or raw materials takes time, but our specialists have positively resolved over 300 issues,” said Vladislav Ovchinsky. In particular, according to him, in the PRC, Moscow industrialists have found a replacement for European printing materials, as well as equipment for refrigeration and storage production complexes.

The development of export deliveries from Moscow to China was also noted by the city authorities last year. According to the city authorities, China, along with Brazil, India, as well as the countries of Southeast Asia and Africa, is among the largest importers of Moscow products. Some time ago, the Russian and Chinese sides discussed expanding cooperation, as well as government support measures that Moscow is ready to offer to Chinese partners. This conference was attended by representatives of the government of the Russian capital, the Chinese Embassy, ​​the China Chamber of Commerce for the Import and Export of Engineering and Electronic Products (CCCME), as well as entrepreneurs from China.

According to the Moscow City Hall, the city has great potential in terms of localizing Chinese business. The authorities of the capital are developing an innovative infrastructure, as well as offering sites for the placement of enterprises and preferences for investors. Foreign companies operating in Russia can count on the same support measures as Russian ones, provided that production is located in Moscow.

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