Russian SME Sector Sees Growth Amidst Challenges, Says Deputy PM Novak
SME sector continues to grow despite external challenges — Novak

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Despite facing external restrictions and challenging market conditions, the small and medium-sized enterprise (SME) sector in Russia is thriving, with 7 million entities and over 19 million employees. Deputy Prime Minister Alexander Novak reported a 4.2% increase in new registrations compared to last year, highlighting government support in overcoming payment issues.
- 01The number of small and medium-sized enterprises in Russia has reached 7 million.
- 02Over 19 million people are employed in the SME sector.
- 03As of May 1, 1.5 million new legal entities and individual entrepreneurs were registered, a 4.2% increase from last year.
- 04More than 5 million entrepreneurs have benefited from government support under the national project for SMEs.
- 05Around 60% of disputed debts owed to small businesses have been repaid out of court since the beginning of the year.
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During a recent meeting with Prime Minister Mikhail Mishustin, Russian Deputy Prime Minister Alexander Novak emphasized the resilience and growth of the small and medium-sized enterprise (SME) sector despite external pressures and difficult market conditions. As of now, the number of SMEs in Russia has reached 7 million, employing over 19 million individuals. Notably, there has been a registration of 1.5 million new legal entities and individual entrepreneurs, marking a 4.2% increase compared to the same period last year. The government has actively supported SMEs, with over 5 million entrepreneurs receiving assistance through a national project aimed at fostering SME growth. Furthermore, to tackle the issue of delayed payments from larger companies, a special task force has facilitated the repayment of approximately 60% of disputed debts owed to small businesses out of court. Novak highlighted the importance of providing targeted support measures that align with current economic challenges, ensuring ongoing dialogue with entrepreneurs to adapt these measures as needed. This proactive approach positions SMEs as a vital driver of structural changes within the Russian economy.
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The growth of the SME sector contributes significantly to the Russian economy by creating jobs and fostering innovation.
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