In light of global economic volatility and ongoing sanctions pressure on Russia, Moscow’s 2024 budget was approved with notable speed. This stance was articulated by Suren Vardanyan, deputy chairman of the Moscow Chamber of Commerce and Industry (MCCI), who stressed that the timing was measured and deliberate given the external pressures.
Vardanyan highlighted the budget’s strong social orientation, noting that more than half of the allocations are directed toward social programs. He also pointed to sustained attention toward strengthening the real sector of the economy, signaling a balanced approach that blends social welfare with productive growth.
According to him, the city prioritizes the industrial and manufacturing sectors, along with the innovative components that intersect IT, pharmacology, photonics, and microelectronics. He underscored substantial investments in infrastructure development, arguing that Moscow’s prosperity hinges on robust and protected infrastructure that supports economic activity across the city and region.
Education remains a focal point of investment, with Vardanyan noting ongoing efforts to secure skilled personnel. He described a program that goes beyond schooling to include vocational training, the acquisition of modern equipment for educational institutions, and the expansion of instructional facilities as essential elements of long-term competitiveness.
The vice president stressed that health sector investments are a critical part of the economic plan as well. He warned that workforce health and attendance directly affect business performance, and that addressing illness-related absences is integral to sustaining productivity.
Vardanyan also reaffirmed the budget’s commitment to the integrated development of the region. He explained that this approach encompasses modernizing industrial zones and constructing new residential areas where there is a clear need to generate employment opportunities.
He concluded by pointing to the tourism sector as a meaningful area of growth. Investments in tourism not only support businesses but also enhance the city’s appeal, drawing visitors who contribute to the local economy and bolster the city’s reputation as a desirable destination. In this way, tourism investments help raise the overall attractiveness of Moscow as a place to live, work, and invest.
Earlier statements from Moscow City Duma deputy Olga Melnikova, who oversees the Kolomenskoye shopping center, indicated that the 2024 budget emphasizes social support for residents, with more than 600 billion rubles allocated to social programs in the year ahead. These figures align with a broader strategy that prioritizes people and places as core drivers of regional resilience.