Business news

MINSK, 23 October (BelTA) – The share of small and medium businesses in Belarus’ gross domestic product (GDP) is supposed to reach 40% by 2021. The statement was made by Belarusian Economy Minister Vladimir Zinovsky on the air of the TV channel Belarus One, BelTA has learned.

“We intend to raise the share of small and medium enterprises up to 40% of the GDP by 2021 before the five-year period ends. At present their share is 26-27%. All the documents enacted by the head of state [to greatly improve business operation terms] help secure this advancement,” said the economy minister.

Vladimir Zinovsky remarked that these documents will help create new jobs first and foremost. They will also engage individuals in profit-making activities by giving them the ability to sell the goods they make not only at marketplaces but also on the Internet. The number of requirements for operating a business will be greatly reduced.

Speaking about last week’s document on auditing and state oversight, Vladimir Zinovsky said that preventing violations was an important aspect of the document. “Government oversight agencies could not always keep prevention as a priority while operating within the framework of the effective legislation. Upon the initiative of the head of state these processes are being liberalized now. It will give good dividends for economic development,” said Vladimir Zinovsky.