PROBLEMS AND PROSPECTS OF MOSCOW INDUSTRY DEVELOPMENT
T.N. Marshova1,2
1Institute of Macroeconomic Research, Russian Foreign Trade Academy, Ministry of Economic Development of the Russian Federation, Moscow, Russia
2National Research University of Electronic Technology, Moscow, Russia
Keywords: Moscow industry, industrial policy, advanced industries, regional points of growth, investment development priorities
Abstract
The article analyzes the development of Moscow’s industrial sector. Despite the changes since the beginning of market reforms, the capital still hosts a significant industrial segment important not only to the city but the national economy at large, which makes selecting development vectors for this metropolis even more significant. We show that the existing competitive advantages in the form of concentrated production, financial, and intellectual resources are not exploited in their entirety. The article considers Moscow’s experience in pursuing an industrial policy based on the following combination: system-wide measures aimed at improving the investment attractiveness of the city with measures to support industrial sectors and certain economic activities, as well as to encourage investment in priority areas of industrial development, taking into account the established industrial potential, local social and economic needs, and promising technological trends. It is noted that the development of modern high-tech industrial sectors could contribute to the innovative growth potential being actualized by forming both demand for innovative products and their supply. We also examine the prospects of individual economic activities of an industrial kind for the city, their competitive advantages, limitations, and risks that may hinder investment in industries. Using the example of Moscow, we highlight several general principles that should be considered when preparing appropriate measures for the regions.
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