Approved by the Moldovan Parliament, it defines a new legal framework for SMEs in Moldova and includes measures to stimulate the sustainable development of the sector
The new legislation, approved by the Parliament and published in the Official Gazette, will come into force in the last quarter of 2016. It replaces the current law on development of the SME sector, defining a new legal framework for micro, small and medium-sized enterprises, and includes measures to stimulate the sustainable development of the sector. It is also intended to boost SME research, development and innovation.
The Act provides for the development of entrepreneurship and support for SMEs from professional training enterprises, through the provision of advice, information services, promotion of innovation, etc. To improve the competitiveness and development of the entrepreneurial spirit in young people, the bill also provides for the introduction of entrepreneurship education at all levels of the education system.
SMEs account for 97.4% of all enterprises in the country, as well as 56.2% of the total employed population. Revenues from sales by the SME sector make up 33.4% of total income in the economy and the SME share of the Gross Domestic Product is 32.2%, says the Ministry of Economy.