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Small and Medium-Sized Enterprises as a Driver of Economic Growth
5 September 2019

The development of small and medium-sized enterprises (SMEs) is a key to accelerating economic growth in the Russian Far East. Today, the sector employs approximately 20% of those living in the Far East. The government is taking steps to stimulate business activity and support enterprising individuals who have decided to start their own businesses. The conditions for attracting financing for small enterprises in the Russian Far East are more favourable than the national average. However, despite these efforts, the number of new enterprises continues to fall. Small businesses are also finding it difficult to sell their products and services on the domestic and foreign market. The unique difficulties faced by small and medium-sized enterprises seeking to enter foreign markets means that SMEs require additional attention and special support. In order to increase exports by SMEs, it is particularly important to effectively implement regional export standards and create a consolidated export promotion system. How much will these measures contribute to the goals of increasing the share of small businesses in the economy by 2024 from 22% to 32.5% of GDP and their share of exports to 10%? What can be done to increase the number of people involved in the SME sector, reduce red tape, and create an integrated system for supporting small businesses? How can the creation of new enterprises and startups be simplified, making businesses in the Far East truly competitive?

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Conference hall
Building A, level 5, Conference hall 10
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