Russian region bets big on SPIEF

Governor Andrey Vorobyov plans to sign dozens of deals during the forum in St. Petersburg

Moscow Region is set to sign investment agreements totaling more than 150 billion rubles ($1.8 billion) within the framework of the annual St. Petersburg International Economic Forum (SPIEF 2023), Governor Andrey Vorobyov told reporters on Wednesday.

According to the official, the region will ink more than 30 new deals, which will help create over 18,000 jobs.

“The St. Petersburg Forum is one of the main economic events of the year and we all make thorough preparations for it, as well as other regions. This time we plan to sign 36 agreements, including deals with foreign partners,” Vorobyov stated. He added that projects launched during previous forums have proven extremely profitable for the region’s budget.

The governor noted that the agreements are in a variety of spheres, including industry, agriculture, machine and aircraft manufacturing, logistics, and health care.

“For example, a center of nuclear medicine will be built in Odintsovo district, and a Chinese investor intends to build a plant in Voskresensk for the production of substances for the treatment of cardiovascular diseases,” he added.

Moscow Region is home to five special economic zones (SEZ), which are increasingly drawing investor interest from domestic and foreign businesses. Earlier this month, Indian paint and glue producer UFlex Group signed a deal to invest the equivalent of $37 million in new production facility for paint, glue and food packaging materials in Stupino Kvadrat SEZ.

READ MORE: Russian nuclear giant looks to replace Western medical devices

The 26th annual SPIEF is set to take place on June 14-17. Delegates from more than 100 countries, including the CIS, South America, China, India, Vietnam and Cuba are expected to take part in this year’s event.

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