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Mayor: Moscow proves its investment attractiveness in Europe

December 06, 2013, 15:42 UTC+3 MOSCOW

The total volume of investment in the city economy this year expected to reach $35 billion

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© ITAR-TASS/Mikhail Pochuev

MOSCOW, December 6. /ITAR-TASS/. Termination of contracts on the construction of real estate items with the total area of 25 million square metres has not diminished the investment attractiveness of Moscow, the city mayor Sergei Sobyanin said at the Third Moscow Urban Forum on Friday.

“Although the world economy situation is so far not very optimistic, Moscow has nevertheless proved its attractiveness as one of the major European investment venues. The total volume of investment in the city economy this year will reach some 35 billion U.S. dollars,” the mayor said.

At the same time, “the revision of most investment construction and urban development decisions has been made.” “As a result, the plans for the construction of more than 25 million square metres of real estate properties have been cancelled,” Sobyanin said. He added that these facilities, had they been built, would considerably deteriorate the urban environment. “Certainly, it was a very uneasy decision - both from the viewpoint of dealings with the investors and from the viewpoint of the city economy. Twenty-five million square metres in Moscow would give a volume of investment equal to tens and hundreds of billions of dollars,” Sobyanin stressed.

However, “it has not affected the investment attraction volume, as we have switched to other projects, which the city needs more and which blend more naturally into its environs.

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