The United States has invested over 3 billion USD in Moscow
ID: 1941320
The Moscow economy is attractive for businesses from different countries.
“Moscow today is one of the largest urban economies in the world. The city has a developed transport and social infrastructure, high-quality labor and other resources, that attracts businesses, including foreign ones. One of the major investors in the Russian capital, along with Germany, France, Finland and Italy, is the United States of America: according to the Central Bank of Russia FDI stock amounted to 3.3 billion USD as of April 1 of this year,” said Vladimir Efimov.
The trade turnover between Moscow and the USA is also growing: in January-August 2021 it amounted to 12.2 billion USD, which is 47% more than in the same period of the last year. In particular, the volume of exports increased by 68% and amounted to 5.3 billion USD. Imports from Moscow to the United States within the 8-month window of this year reached 6.9 billion USD, exceeding by 34% the same period of 2020.
There are many examples of the localization of US enterprises and offices in Moscow: for example, factories of soft drink producers Coca-Cola and PepsiCo located here, pharmaceutical companies Abbot Laboratories, Johnson & Johnson, Lilly Pharma, Pfizer, and such IT giants as Apple, Google, Intel, Microsoft have offices in the city.
To attract investments, including foreign ones, the Moscow authorities are developing an innovative infrastructure, offering tax and financial preferences, using various mechanisms of public-private partnerships – for example, concluding life cycle contracts (LCC).
“GE Healthcare, one of the leading American manufacturers of medical equipment, won the tenders for concluding life cycle contracts with Moscow. Within the contract Moscow Government will purchase modern computed tomographs, ultrasound diagnostic devices and mammography systems for over 216 million USD. The terms of the signed LCC also cover aftersales service: the manufacturer will not only supply equipment, but also will be responsible for its maintenance and repair works for 7-10 years,” said Alexander Prokhorov, Head of the Moscow Investment and Industrial Policy Department.
To support industrial enterprises and new investment projects, the Moscow Government provides investors with benefits on income tax, property, land, as well as on lease payments for land plots. This ensures a reduction in the regional tax burden by up to 25%. Foreign business can run their investment projects at the sites of the special economic zone Technopolis Moscow. Its residents can benefit from income, property and land taxes for a period of 10 years.
Producers actively investing in their own development can use the right to an investment tax deduction, that is, to reduce the regional part of the income tax through investments.
“The right to an investment deduction is granted to companies that are located in Moscow, operate in the manufacturing sector and have received the status of a Moscow investor of the first or second category. To date, the status has been assigned to two Moscow companies. One of them is the producer of soft drinks and dairy products "Wimm-Bill-Dann", which is part of the PepsiCo corporation. The preferential income tax rate for the company is 8%,” said Artyom Barashev, Director of the City Investment Management Agency.
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The Complex of Economic Policy and Property and Land Relations of the Moscow Government addresses issues of economic regulation designed to form and develop a favorable business environment in the capital. The agencies that are a part of the Complex develop and implement the state policy of Moscow in the area of economics, property and land relations, valuation and investments, finance, competition, pricing and taxes.
Datum: 16.11.2021 - 14:59 Uhr
Sprache: Deutsch
News-ID 1941320
Anzahl Zeichen: 3888
Kontakt-Informationen:
Ansprechpartner: Diana Issa
Stadt:
London
Telefon: 8 495 795 06 23
Kategorie:
Wirtschaft (allg.)
Meldungsart: Finanzinformation
Versandart: Veröffentlichung
Freigabedatum: 17.11.2021
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"The United States has invested over 3 billion USD in Moscow"
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