Russia Has 8 Times Less Small Businesses Than Western Countries

Russia lags behind developed countries in terms of the number of small business by about 8 times. This was announced by Yevgeny Primakov, the head of the Russian Chamber of Commerce and Industry, on Thursday, March 6 at a round-table conference on 'The financial foundations for small business development'. According to Primakov, in developed countries the percentage of GNP produced by small business is between 50-70%, while in Russia this figure is only 10-12%.

Primakov said that small business is very badly developed in Russia. He believes that 'it is essential to offer support to small and medium-sized business now if we are to progress to a civilised market.' The head of the chamber stressed that small business should 'create a sound base for the successful development of our country's economy.' 'Small businesses can bring about stable economic development, and we will then be less dependent on oil exports,' he said.

Primakov also announced that the chamber is currently developing a complex programme for supporting small business. In particular, it will propose simplifying the registration process for small businesses, as well as credit provision schemes.