Moscow Region’s GRP to reach $68 bln

Credit: Nina Zotina | RIAN

The Moscow Region’s gross regional product (GRP) may reach RUR 4.4 trln ($68 bln), said Governor Andrei Vorobyov at the 2nd Stolypin Forum in Moscow.

“The Moscow Region will rank second among Russian regions in terms of GRP, falling behind Moscow, whose annual gross regional product reaches RUR 16 trln,” Vorobyov said.

According to the governor, the government of the Moscow Region invests in industrial parks, which shows phenomenal results. Some RUR 900 mio ($14 mio) was allocated in Dmitrov for the development of a 20-hectare industrial park; RUR 2.6 bln ($40 mio) was put into the construction of a pharmaceutical cluster in Pushchino.

“In addition, the Moscow Region is now home to 30-40 hi-tech export-oriented companies. They are not too big and employ some 150-300 people, but their products are already in demand abroad,” the Moscow governor added.

Vorobyov also pointed out that the biggest problems are the lack of finance and the outsized annual loan interest rates that can reach 10%-12%. The governor added that the regional government’s priority is to improve living standards in the region.

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