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April 1, 2021, 07:06

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Photo by E. Samarin.

Growth is noted in the production of paper and paper products, pharmaceuticals, and finished metal products.

In January-February, the volume of industrial production in Moscow increased by 11.3 percent compared to the same period last year, said the Deputy Mayor of Moscow for Economic Policy and Property and Land Relations. Vladimir Efimov

“The main driver of industrial production growth was the development of the manufacturing industry, compared with January-February last year, the volume increased by 7.6 percent. The most noticeable – 2.5 times – increase in the production of paper and paper products. Also, the production of medicines and materials used for medical purposes increased 2.4 times, including the production of medicines by 2.1 times, ”the deputy mayor said.

The Moscow housing renovation program and a number of other major infrastructure projects related to the development of the city’s transport system continue to increase demand for construction products. Thus, in the segment of finished metal products, industrial production grew by 78.4 percent, and for non-metallic mineral products, which include, for example, concrete – 68.2 percent.

“The production of electrical equipment is also growing. Its production increased by 85.5 percent, and one of the key categories – electrical conductors – by 4.1 times. This is explained, among other things, by a serious increase in Internet traffic and load on networks in connection with the transition to a remote mode of work and study, “said the head Department of Investment and Industrial Policy of Moscow Alexander Prokhorov

Sustainable production growth is achieved, among other things, thanks to the city’s policy of stimulating investment activity and preserving previously adopted investment programs, the director said. City Investment Management Agency Svetlana Ganeeva.

“For example, last year actively investing metropolitan companies that operate in the manufacturing sector were eligible for an investment tax deduction. Thus, enterprises that have been assigned the status of a Moscow investor of the first or second category can apply a preferential rate on the regional part of the profit tax in the amount of 12.5 and eight percent, respectively, ”she added.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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