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2 Jul, 2008 01:09

Small business gets leg-up from Russian government

Relief for small businesses in Russia may be coming, after the government discussed draft laws aimed at making it easier to launch and develop a firm.

Government monitoring will be limited, and the process of license prolongation will be eased. Small enterprises may be given privileges in linking-up to electric networks as early as in October.

The move comes after the government announced plans to diversify Russia's economy and improve conditions for small business.

Russia's Economic Development Minister, Elvira Nabiullina, expects the new measures to give good results in the near future.

“In about five to seven years, small and medium sized-businesses may account for 50 percent of Russia's GDP.  They make up 17 percent today.  We expect the services sector and innovative businesses to develop actively,” said Nabiullina.