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In developed countries plus China and India, small and medium-sized enterprises (SMEs) generate about a half of the GDP and jobs. In other developing countries, their share in the economy averages 33%. In Russia, SMEs make up 20% of the GDP, employing just a quarter of the population. While China has more than half of its exports coming through SMEs, in Russia this figure does not exceed 7%. The Russian authorities are taking steps towards giving SMEs a more pronounced role, viewing it as a way to improve the structure of the economy, spur innovation, and promote higher employment.
Small and medium-sized businesses drive many economies worldwide.
A considerable share of products made by SMEs is exported.
In most countries, governments have been supporting SMEs for several decades now, offering government guarantees, subsidies, preferences in loans and taxes, consultancy services, and other privileges. In Russia, this is something SMEs currently lack:
In 2016, the Government approved the Small and Medium-Sized Entrepreneurship Development Strategy 2030, with a number of initiatives already in effect.
Special terms and conditions for loans:
Tax and audit unburdening:
Subsidies and grants:
Preferential treatment in government contracts:
Support for innovative SMEs:
Export support for products and services offered by SMEs:
These and other initiatives are expected to double the SME contribution to Russia’s GDP, with the percentage of people employed by SMEs going up to 35%. According to the authors of the Strategy, this will become a driver to enhance innovation and improve the structure of the Russian economy while also securing a sustainably high employment rate.