Wednesday, August 23, 2017

Sverdlovsk governor Mishurin touts region's diversity

Sverdlovsk Governor Alexander Mishurin said this week that investors will find the Sverdlovsk region attractive because of the diversity of the region.

Mishurin made this statement at an American Chamber of Commerce event on Wednesday, TheMoscowTimes.com reports.

Asserting that the region has some of the strongest infrastructure available and great potential, Mishurin made note of the efforts to diversify the economy through the development of machine building and high value-added products.

Industrial production has risen annually for the last three years, hitting seven percent in 2011, which was above the national average of 4.2 percent, according to TheMoscowTimes.com.

Additionally, Mishurin made note of the region's heavy exporting business, its train-building industry and the growing pharmaceutical equipment and medical technology sector.

Standard and Poor's public finance director Boris Kopeikin said that the Sverdlovsk region has a strong rating due to its stable economic development and low debt, according to TheMoscowTimes.com.

"Our rating [for Sverdlovsk] is a BB+, which is very high for a Russian region," said Kopeikin, according to TheMoscowTimes.com. "Of 17 [regions], only four have ratings that are even higher - Moscow and St. Petersburg as well as Khanty-Mansiysk and Yamal Nenets [autonomous regions], where half of Russian oil and gas is located."

To help matters, investment in the region saw an increase of 28 percent last year and 20 percent in 2010, which the governor credits with good transportation infrastructure as one of the prime reasons for this growth.

Mishurin said that his administration is also actively involved in the Titanium Valley project, which will make it one of only four industrial special economic zones in the country, and Vardan Avakyan, the area director for Eastern Europe for Otis, the world's largest elevator and escalator producer, said that the company uses Sverdlovsk's location as a base for investment activities in other regions, according to TheMoscowTimes.com.