Experience of Leading European Global Cities in Attracting Foreign Direct Investments and Labor Migrants: Opportunities for Use in Russia

Abstract

This research examines how Russian cities can learn from leading European global cities in attracting foreign direct investment (FDI) and foreign labor migrants. It emphasizes the link between migration and investment flows in global cities specialized in specific services. Global cities play a crucial role in attracting transnational factors of economic growth, with migration being a significant factor. The study analyzes the potential benefits of migration to global cities, including increased trade and capital flows. This benefits both the countries of origin through remittances and the global cities themselves through FDI. European global cities, including London, Paris, Amsterdam, Stockholm, Madrid, Frankfurt, Vienna, Zurich, Dublin, and Berlin, are major centers attracting FDI and labor migrants. Each city has its own specialization and competitive advantages, contributing to the global division of labor. Building on previous research, the study analyzes the attracting factors identified by the City of London for FDI and foreign-born skilled personnel. It aims to identify applicable opportunities for Moscow and St. Petersburg, the leading Russian global cities. While Moscow and St. Petersburg are well-ranked, other Russian cities have limited recognition. The research plans to expand to other Russian global cities, contributing to a comprehensive understanding of global city development. The research explores how Russian cities can leverage the experiences of leading European global cities to attract FDI and foreign labor migrants. By doing so, Russian cities can foster economic growth and enhance their global standing.