Russian Ministry of Economic Development drafted SME Development Strategy in the Russian Federation until 2030

22nd October 2015

At the end of April 2015, Russian President Vladimir Putin signed a list of instructions following the meeting of the State Council on the Development of Small and Medium Business held on 7 April 2015.

According to the list of instructions, Russian Ministry of Economic Development was to prepare a draft strategy for the development of small and medium business aimed at a significant increase in the number of workers employed by small and medium enterprises by 2020. This should have been done together with the executive authorities of the subjects of Russian Federation and it was also necessary to appoint the officials responsible for this work in the federal bodies of executive power and bodies of executive bodies in the subjects of the Russian Federation.

In order to draft the strategy a working group was established under Russian Ministry of Economic Development consisting of representatives of leading business associations, interested federal executive bodies, the Foundation for Assistance to Small Innovative Enterprises in Science and Technology, Agency for Strategic Initiatives to Promote New Projects, SME Bank, SME Development Corporation, Presidential Commissioner for Entrepreneurs’ Rights Protection, highest executive bodies of subjects of the Russian Federation and other organizations.

According to the draft Strategy for the Development of Small and Medium Business in the Russian Federation, the aim of the strategy, on the one hand, is SME development as one of the factors of innovative development and improving the economic structure, and on the other – social development and ensuring consistently high level of employment.

The following key targets to achieve the goals of the strategy in 2030 were identified:

  •          2.5 times increase of SMEs turnover compared to 2014 at constant prices (which will correspond to an increase in the share of SMEs in Russian GDP not less than in 1.5 times depending on the dynamics of other sectors development of the economy and macroeconomic factors);
  •          twofold increase in labor productivity in SMEs sector compared to 2014 at constant prices;
  •          an increase in the share of manufacturing industry in SMEs turnover to 20 percent;
  •          an increase the share of employed by SMEs in the total number of employed to 35 percent.

In order to achieve these targets, measures and actions to support small and medium business in the following areas were included in the draft strategy:

  •          a single center for SMEs support
  •          market niches for business;
  •          technological development;
  •          available financing;
  •          predictable fiscal policy;
  •          high quality of government regulation;
  •          territorial development;
  •          qualified personnel.

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