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18 Oct 2018

Belarus adopts SME promotion strategy till 2030

Belarus adopts SME promotion strategy till 2030

MINSK, 18 October (BelTA) – The SME promotion strategy titled “Belarus is a country for successful entrepreneurship” for the period till 2030 was endorsed by Council of Ministers’ Resolution No.743 as of 17 October 2018, BelTA learned from the press service of the government.

The strategy is designed to give more economic freedom to entrepreneurs and to increase their contribution to the country’s social and economic growth, to promote competition and ensure equal business terms for economic operators of all forms of ownership. The document sets forth priorities for the mid-term and long-term perspectives, major objectives and principles of streamlining government regulation and supporting entrepreneurship.

The goal of the strategy is to encourage the growth of small and medium-sized businesses able to considerably improve the structure of the Belarusian economy, increase its competitiveness, create new jobs and raise living standards.

The major objectives of the strategy include creating favorable institutional and economic terms, an environment conducive to quality growth and an efficient structure of government support for small and medium-sized entrepreneurship.

The strategy is to be implemented in two stages: the transitional stage will span two years (2018-2020) and envisages the improvement of the institutional framework and infrastructure, while the major stage (2021-2030) provides for formation and operation of a competitive and flexible entrepreneurship sector of the national economy.

Provided coherent actions of government and business, the strategy will result in increasing the share of SMEs in gross value added up to 50% by 2030.

Central government agencies and other government agencies reporting to the Council of Ministers, as well as local executive and regulatory authorities were instructed to use this strategy while implementing Belarus’ social and economic development program for 2016-2020, the government program “Small and Medium-Sized Entrepreneurship in the Republic of Belarus” for 2016-2020, while drafting social and economic development programs and government programs till 2030. The same pertains to elaboration of the Council of Ministers’ bills and resolutions regulating the operation of SMEs and preparation of draft international agreements within the legal framework of the Eurasian Economic Union.

 

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