• 24. März 2023 06:27

Italian business investments in the Moscow economy exceeded $ 3.5 billion

Mrz 30, 2022

A teleconference between Moscow and Milan dedicated to the investment opportunities of the capital was held in the context of the Moscow-Italian Economic Conference.
“Italy has been a reliable business partner of the Russian capital for many years. According to the Bank of Russia as of April 1, 2021, Italian companies’ investments in the Moscow economy exceeded $ 3.5 billion. Over the year, the investment increased by $ 0.3 billion,” said Vladimir Efimov, Deputy Mayor of the City of Moscow for Economic Policy and Property and Land Relations.
The Deputy Mayor noted that the interest of foreign business in the Russian capital remains high, despite the difficult economic situation in the world due to the coronavirus. In addition to Italy, companies from other European countries such as Germany, France, Finland, Austria, etc. actively invest in the capital’s economy. Major investors are the United States of America and several Asian countries, including Kazakhstan, Japan, Singapore, the Republic of Korea, and China. Accumulated foreign investment in Moscow as of April 1, 2021, exceeded $ 250 billion.
Italian companies, for its part, conduct business and investment activities in Moscow. For example, the concern FCA (Fiat Chrysler Automobiles) is represented by FCA RUS AO, the general distributor of Chrysler, Jeep, Fiat, Fiat Professional and Alfa Romeo in Russia.
A food manufacturer CREMONINI GROUP operates in the Russian capital, which through its subsidiary company MARR Russia has launched new logistics and distribution platforms. The new food distribution complex is located next to the hamburger factory opened in 2010.
The head office of the representatives of WAMGROUP, the worldwide leader in developing and manufacturing equipment and plant components for bulk solids, is in Moscow. „WAM-Moscow“ distributes the WAMGROUP product range in Russia, Belarus, and Kazakhstan. The offices of such well-known companies as Indesit, Hotpoint-Ariston, Candy, Hermès, Ferrero, Perfetti Van Melle are also located in the capital.
“This year we mark an increase in exports from Moscow to Italy. Thus, in January-August this year exports amounted to 7.4 billion dollars, which is 61% more than in the same period last year. It is noteworthy, that in the structure of trade turnover exports are twice as high as imports: this shows the demand for Moscow products on the Italian market,” said Alexander Prokhorov, Head of the Department of Investment and Industrial Policy Government of Moscow.
Within the framework of the teleconference, The Moscow City Investment Agency, subordinate to the Department, presented preferences and mechanisms for public-private partnerships, which are available, among other things, to foreign businesses. Thus, the Moscow Government concludes concession agreements that allow companies to receive income from the operation of urban spaces, life cycle contracts that guarantee suppliers a long-term capacity utilization, and offset agreements that provide companies with sales of products in return for investments in the creation or modernization of production. Companies can receive tax benefits through the assignment of special statuses, as well as financial support from the city. Industrial enterprises that actively invest in their own development can receive an investment tax deduction, that is, reduce the regional part of the income tax through investments.

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