Wednesday, August 23, 2017

Yekaterinburg named best city for business among large cities

Yekaterinburg was recently named the number one city for business among cities with a population of more than one million, according to an index complied by Opora Rossiyi, an all-Russian SME organization.

Yekaterinburg placed ahead of 18 other cities, including Moscow, St. Petersburg, Kazan and Chelyabinsk. The Sverdlovsk Region placed in the middle of a similar ranking for Russian Federation constituencies, Ural Business Consulting reports.

The ratings were based on annual research into the conditions and factors that affect business in such constituencies. Respondents included more than 6,000 entrepreneurs from 39 federal constituencies, most of which were industrial SMEs representatives.

The American magazine Forbes conducted a similar study on the economic situation in Russia's 30 most populated cities, excluding Moscow, St. Petersburg and cities in the North Caucasus. Yekaterinburg was ranked as the third best city for business, according to Ural Business Consulting.

"Growing unemployment rates, decreased tax payments, and shrinking construction outputs are the problems most Russian cities have had to face in a post-recession country," Forbes said, Ural Business Consulting reports.