Russian Ministry of Economic Development drafted a strategy for small business development

30th September 2015

Working group on the strategy for small and medium business development in the Russian Federation submitted the relevant draft. This was reported on the website of the Ministry of Economic Development of the Russian Federation.

The meeting of the working group, chaired by the State Secretary - Deputy Minister of Economic Development Oleg Fomichev took place on 22 September 2015.

The meeting was attended by the permanent members of the working group – representatives of business community, development institutions, federal and regional authorities.

The draft strategy for small and medium business development should be submitted to the Government of the Russian Federation until 1 October 2015.

It is noted that the document prepared by the working group has an integrated character and contains proposals on a wide range of support measures for small and medium business.

In particular, among the key goals of the strategy are the following: ensuring the formation and effective operation of a single institution for small and medium business support – “Federal Corporation for the Development of Small and Medium Business”, stimulating demand for the products of small and medium business, forming new market niches and assisting cooperation development.

The strategy also includes provision of conditions for technological development of small and medium enterprises, access to finance for small and medium business, improving the taxation policies and insurance payments.

The document also sets the following objectives: improving the quality of state regulation of small and medium business, ensuring entrepreneurship development in certain regions, strengthening human resources and entrepreneurial capacity.

The instruction to develop the strategy was given by the Russian Government following the decisions adopted by the State Council of the Russian Federation on the Development of Small and Medium Business in April 2015.

In the future it is planned to develop a detailed plan to implement the strategy and identify sources of activities financing.

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