According to the Deputy Mayor for Economic Policy of Moscow, Vladimir Efimov, the economy of the Russian capitol has grown by nearly a fifth over the past five years, even in spite of the serious challenges it has faced.

Speaking at the Urban Forum on Wednesday, the mayor noted that despite such challenges as the Covid-19 pandemic and Western sanctions targeting the Russian economy, the Russian capital’s economy has grown substantially, particularly in the industrial sector, the finance sector, and the telecommunications sector.

Efimov said, “Even during the critical year of 2020, when the economy was literally put on halt, we haven’t suspended investment programs in the city. Despite a significant reduction in budget revenues, we fulfilled all our obligations in the construction of social and transport infrastructure.”

He noted that Moscow was not simply filled with malls and luxury restaurants, as it used to be, but now had become one of the most advanced high tech industrial hubs in the nation.

According to the mayor, the rapid growth was due to the “unprecedented” support measures which city authorities had provided to businesses.

With regard to the development of the city’s technology industry, Efimov pointed to an industrial center filled with photonics and microelectronics businesses which is made up of more than 50 companies. Combined, these tech-firms had earned 70 billion rubles ($741 million) over the previous year, while generating over 6,000 jobs.

He also noted that Moscow had created an Industry Support Center, which helps companies substitute imports with domestically produced products.