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18 Oct 2018

Belarus to revise SME promotion system

Belarus to revise SME promotion system

MINSK, 18 October (BelTA) – Belarus is going to revamp the SME support system, Belarusian Deputy Economy Minister Dmitry Matusevich told reporters commenting on the SME promotion strategy titled “Belarus is a country for successful entrepreneurship” for the period till 2030 endorsed by Council of Ministers’ Resolution No.743 as of 17 October 2018, BelTA has learned.

“The strategy does not rescind earlier documents, but specifies the mid-term and probably the long-term development prospects for entrepreneurship and the property management system. It also sets forth certain objectives. We have realized that in order to fulfill the goals set out by the sustainable development strategy and the government program “Small and Medium-Sized Entrepreneurship in Belarus” for the period of 2016-2020, we should revamp the SME support system. We are considering a possibility to optimize organizations that provide this support and to revise the criteria defining SMEs. The Economy of Ministry is in charge of this work. Corresponding proposals will be submitted to the government,” Dmitry Matusevich said.

In his words, sustainable economic growth should be underpinned by the development of entrepreneurship. “Therefore, all government agencies will use this strategy for making managerial decisions. This document has formalized the work of the government and is in essence part of its program activities. We are going to gradually increase the share of SMEs, because they are one of drivers of economic growth in the mid-term perspective. Our goal is to ensure equal rules of the game. However, if we see that we need to accelerate one or another type of entrepreneurship, we should take advantage of additional regulatory instruments of financial or non-financial support,” he said.

The strategy aims to create an even more favorable environment for small and medium-sized businesses, Dmitry Matusevich underlined. “Each line of the strategy represents a substantial amount of work for government agencies,” he added.

The SME promotion strategy “Belarus is a country for successful entrepreneurship” for the period till 2030 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 strategy is to be implemented in two stages: the transition 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. 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.

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