Scandinavia invested $1.2 billion in the Moscow economy
The accumulated volume of foreign investment from the Scandinavian countries in Moscow amounted to $1.2 billion, and a large share came from Sweden. Investors are investing in industrial and high technology sectors.
(firmenpresse) - “According to the latest data from the Central Bank of the Russian Federation, as of July 1, 2021, the accumulated volume of foreign investment in Moscow from the Scandinavian countries amounted to $1.2 billion. 77% ($912 million) of the total amount was invested by investors from Sweden, 20% ($239 million) – from Denmark, and 3% ($41 million) – from Norway. In general, over the past five years, the accumulated volume of foreign investment from the Scandinavian countries has grown by 21%,” said Vladimir Efimov, Deputy Mayor of the City of Moscow for Economic Policy and Property and Land Relations.
Generally, Scandinavian investors invest in companies engaged in financial and insurance activities, in the trade, industry and high technology sectors, and in real estate.
“The Scandinavian countries are important economic partners for Moscow. For 11 months of 2021, the trade turnover of the capital with this region of Europe increased by 25% compared to the same period of the previous year and amounted to $2.8 billion. Thus, Moscow exports to the Scandinavian countries increased by 27% and reached $1.35 billion. In January-November last year, the imports amounted to $1.45 billion, which is 23% higher than in 2020,” said Alexander Prokhorov, Head of the Department of Investment and Industrial Policy Government of Moscow.
Scandinavian companies from various industries conduct economic activities in Moscow: the Swedish company ABB localized the production of equipment for communication systems in the energy sector; the industrial service center of SKF company, the world's largest manufacturer of bearings, lubrication systems, and mechatronics, operates in Moscow; the head office of the representative of telecom operator Tele2 in Russia is located in Moscow; Oriflame, a cosmetics company, Ericsson, a telecommunications equipment manufacturer, AstraZeneca, an Anglo-Swedish pharmaceutical company, and Electrolux, a manufacturer of household appliances, also have their head offices in Moscow.
There are representative offices of Danish companies in Moscow: Blucher Metal – a manufacturer of stainless-steel drainage systems, Blue Water Shipping – an international cargo carrier, Coloplast – a manufacturer of medical equipment and medicines, LEGO Group – a producer of educational and construction toys.
Orkla, a manufacturer of consumer goods and chemical products, Elkem, silicon-based materials manufacturer, Elopak, corrugated paper, and cardboard manufacturer, and Yara International, one of the world's largest suppliers of mineral fertilizers – are the key Norwegian companies that conduct distribution, commercial, representation or R&D activities in Moscow.
Moscow is developing an innovative infrastructure, offering platforms for business localization, using various forms of public-private partnerships, including concession agreements, offset contracts, which offer government purchases in exchange for investments, as well as life cycle contracts, which provide manufacturers with many years of capacity utilization to attract investments, including foreign ones.
According to Artem Barashev, CEO of the Moscow City Investment Agency, today, comfortable conditions for foreign investors have been created in Moscow. It leads to the growth of foreign direct investment, especially from European countries. For example, Finland’s interest is relatively high: its accumulated investments exceeded $4.3 billion. Such European countries as Germany, France, Austria, and Italy actively invest in the city’s economy. The total amount of accumulated foreign investment in Moscow as of July 1, 2021, amounted to $268.5 billion.
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Datum: 07.02.2022 - 11:55 Uhr
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Date of sending: 07.02.2022
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"Scandinavia invested $1.2 billion in the Moscow economy"
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