Friday, July 20, 2018

Yekaterinburg ranked one of most attractive Russian cities for businesses

Yekaterinburg has been named the top city in Russia for attracting businesses, according to a ranking done by business magazine RBC.

Krasnodar was at the top of the list last year, but dropped to second place in this year's rankings. Yekaterinburg sits higher than all other ranked cities, including Novosibirsk, Sochi, Nizhny Novgorod, Ufa and Kazan, reports.

The magazine cites the city's hosting of the World Cup 2018 as well as its prospect of hosting Universal Exposition EXPO-2020 as sources that may attract new business in the city.

Similarly, Yekaterinburg recently hosted the International Ural Exhibition and Forum of Industry and Innovation, also known as "Innoprom." The event was hailed by the magazine as "one of the most important trade events in Russia, [revealing] the latest technology and developments in the Russian industry," reports.

The city is also opening a new "botanical" metro station and completing a 20-year-long construction of its first metro line.

The rankings use a technique similar to those used by World Bank to calculate the index of human development. Values are ranked on an index ranging from zero to one, with a focus on six key parameters that make a city attractive to investors - the market, city finances, the construction market, trade, welfare and safety of residents.

The rankings also take into account population size and other dynamic characteristics, including the ability of community to meet needs of residents, housing, purchasing power of citizens and average wages, as well as negative factors such as crime and unemployment.

Yekaterinburg received a final score of 3.6082. A 2.9248 value earned the city of Kazan a top 10 ranking, while Chelyabinsk took 18th place with 2.6926 points, reports.