Investments in Moscow Exceed $28 Billion in 2016

PHOTO by abadesign / Depositphotos

Mayor of Moscow Sergei Sobyanin said that investments in the city's economy and industry exceeded 1.7 trillion roubles ($28.74 billion) in 2016, stressing that this was a record in modern Russian history, TASS reported.

"There are enough problems in Moscow's economy but industry doesn't stand still; it actively develops,” Sobyanin said. “In 2016, the total investment in fixed assets amounted more than 1.7 trillion roubles and set a record for the entire contemporary history of Russia. Much of the investments are going to tech companies.”

The mayor earlier said that tourists spent about half a trillion roubles ($8.45 billion) in the Russian capital in 2016.