Regional Consultation Forum of the Business 20 (B20) “Inclusive Growth for a Sustainable Future”

Sergey Cheremin, Minister of the Government of Moscow, Head of the Department for External Economic and International Relations of Moscow, participated in the Regional Consultation Forum of the Business 20 (B20) “Inclusive Growth for a Sustainable Future” as part of the St. Petersburg International Economic Forum (SPIEF) 2024.

Sergey Cheremin emphasized that all strategies employed by Moscow adhere to the principles of sustainable development. This applies to transportation, construction, social development, education, healthcare, digitalization, and workforce policies. Diversifying budget revenue sources is crucial for the growth of a metropolis. In 2010, Moscow relied on oil, gas, and resource-extracting companies for nearly 40% of its budget, whereas today, this dependence has been reduced to just 4.5%. The capital can share its success story: its budget is nearly deficit-free while substantial funds are allocated to urban development.

“Moscow demonstrates how comfortable a metropolis can be for businesses—not only local but also international,” stated Cheremin. American, Italian, and French companies continue to operate in the capital, contributing to a favorable investment climate. Moscow currently collaborates with over 100 countries worldwide.

According to forecasts by international organizations, urban populations will continue to grow. In this context, metropolises must consolidate their perspectives on future development in terms of globalization. Intercity cooperation is reaching an entirely new level. Moscow strives to find new partners and share its expertise. Of particular importance to the capital is comprehensive dialogue within multilateral institutions of international cooperation. Moscow develops recommendations for the G20, has participated in B20 and U20, and intends to remain actively engaged in G20 initiatives.