During the visit, in particular, they discussed the...
The city of Saint Petersburg is the capital of the Northwest Federal district of Russia. It is located on the banks river Neva.
St. Petersburg is an important financial and industrial city of Russia. This trading center specializes in pharmaceuticals, chemicals, food, heavy machinery and military equipment, oil and gas, mining, manufacturing, electronics, computer, software, textile and other industries.
Tourism is an important contributor to the economy of St. Petersburg. Several people visit the city because it has several museums and architecture.
The distillery and brewery industry is so big in St Petersburg that the city is sometimes referred to as the Beer Capital of Russia. The construction industry also has a major presence in the city.
Financial services form the backbone of St. Petersburg’s economy today. Several financial companies are based out of the city and their presence has an added advantage of fuelling growth in other sectors by making availability of financial resources easier.
The manufacturing industry has emerged as a major player in the economy of St Petersburg in the last few years. It generates about 25% of the total tax revenue of the city and employs 20% of the workforce of the city.
St Petersburg is a vital center situated between Europe and Scandinavia. It is connected to borders of several countries by highways. It boasts of three cargo seaports and a complicated structure of river ports. The city has an airport with two terminals and 5 train stations. Two Eurasian transport corridors run through this major transportation hub. About 20% of the total cargo of Russia (import/export or transit) passes via St Petersburg.
Even during the economic crisis of 1998, the city of St Petersburg didn’t lose its charm for foreign investors. As per St. Petersburg Statistics Bureau, US, Finland and Britain are the major investors in St. Petersburg.
The city was awarded the first prize for Minimal Investment Risk for the year 2005-06 and for High Effectiveness of Regional Administration. The economic growth in St Petersburg has been so good in the last several years that it is way above the national average for Russia. The real estate sector of the city presents good opportunities for investment for foreign investors.
The administration of the city of St Petersburg encourages business start-ups and entrepreneurs. It has several programs to help business owners. The administration is also trying to make business development easier. Several infrastructural projects aimed to make St Petersburg one of the best logistics and transport hubs in the world are in the pipeline.
The consistent economic growth of the city will drive sustainable improvement in the key economic areas of the city.
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