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SPIEF 2016 participants to discuss development of small business before forum

June 15, 2016, 8:35 UTC+3 ST. PETERSBURG
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ST. PETERSBURG, June 15. /TASS/. The participants of the conference on small and medium businesses are going to discuss opportunities to increase the share of businesses in the economy twice to 40% one day before the St. Petersburg International Economic Forum (SPIEF 2016).

Prime Minister Dmitry Medvedev on June 9 signed the Strategy of development of small and medium-sized enterprises (SMEs) for the period until 2030. According to him, the main task was to support people "willing to do their own business". He added Russia is still lagging behind developed countries regarding the level of small and mid-sized enterprises, and the Strategy is aimed at helping SMEs to gain a bigger share in the country’s economy.

According to Medvedev, the Strategy particularly implies "simplified access to small and mid-sized business to funds and utility systems, and of course reduction of the administrative load."

The implementation of the Strategy by 2030 "will help double the share of small and medium-sized enterprises in the gross domestic product (from 20 to 40%)," according to the report on the government’s website. The SMEs’ turnover will grow by 2.5 times, the labor efficiency in the sector will double, the share of manufacturing in SMEs’ turnover will increase to 20% while the number of employees will rise to 35% in the total structure of those employed in Russia, the Strategy said.

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