The Russian capital has climbed above Helsinki, Warsaw, Berlin and Stockholm to rank fifth among Europe’s most attractive cities for foreign investment.
The 2018/2019 ranking was compiled by Foreign Direct Investment Intelligence (a division of the Financial Times). It assessed 301 European cities and 150 regions.
London has maintained its leading position in the rating, but experts said that could soon change because of Brexit. Dublin has taken second place, and was followed by Paris, Amsterdam and Munich. The top 10 business-friendly cities also included Frankfurt, Zurich, Cambridge and Helsinki.
“Russia’s capital has improved its performance in the prestigious rating of attractive cities for investment in Europe. This year Moscow is among top five most interesting cities of the continent for making investments, and it has taken the first spot in the rating of Eastern European cities,” said the head of Moscow’s Department for Economic Policy and Development Vladimir Yefimov.
He explained that the Russian capital had attracted foreign investors due to benefits and preferences it provides. “Moscow has successfully joined the list of Europe’s leading megacities in terms of simplicity and convenience for doing business as a result of its comprehensive program on investment support.”
The city annually attracts around 50 percent of all foreign investment coming to Russia, the official said. Among the Eastern European cities, Moscow ranked first as the most attractive for doing business. It was followed by Warsaw and Bucharest.
The Financial Times’ service publishes the ranking of the ‘European Cities and Regions of the Future’ twice a year. It examines five main areas – economic potential, world of work, expenses of doing business, infrastructure, and environment for doing business. Every category is scored between 0 and 10 points. The total score determines a city’s final place in the ranking.
Moscow was seventh and 10th in the 2016/2017 and 2014/2015 ratings, respectively.