ST PETERSBURG INVESTMENT STRATEGY

On 28 November 2014, a meeting of the Investment Board under the Governor of St Petersburg approved a draft Investment Strategy until 2030 as proposed by the Investment Board of St Petersburg. The essential investment document was prepared on the basis of the earlier adopted Strategy for the Economic and Social Development of St Petersburg until 2030.

The focus of the Investment Strategy is to determine priority investment areas for the period until 2030 with a view to promote the achievement of social and economic development targets, identify potential financing sources, and encourage investments in St Petersburg’s top priority industries and segments taking account of balanced development objectives.

To achieve the Investment Strategy objectives:

  • Current situation in the investment sector has been reviewed, and drivers and constraints of St Petersburg’s investment appeal have been identified;
  • Strategic priorities of the investment growth of St Petersburg and key initiatives to improve the investment appeal have been determined;
  • Expected outcomes and implementation mechanisms of the Investment Strategy have been defined. Resources required for the Investment Strategy implementation by source and scope of financing have been assessed, and target indicators of the Investment Strategy have been set.

Key strategic pillars of St Petersburg’s development until 2030 as defined by the Investment Strategy:

  • Develop human capital, train high-skilled professionals to meet the needs of innovative industries, and improve labour efficiency;
  • Prepare territories for investment projects, improve quality and accessibility of utilities and transport infrastructure for investors, develop the investor infrastructure;
  • Create a favourable investment climate, develop financial vehicles to improve the investment appeal;
  • Minimise administrative barriers, streamline investment management, build the city’s positive investment image.