The Ukrainian Government has approved a new strategy to boost SME development and open up access to finance.
The Development of Small and Medium-sized Entrepreneurship in Ukraine Strategy (SME Strategy 2020) aims to increase the contribution of SMEs to the national GDP to 60.5% by 2020, from 59% in 2015.
It embraces the principles of the Small Business Act for Europe and recommendations of the OECD’s SME Policy Index.
Stakeholders involved in drafting strategy
‘The SME Strategy 2020 is the result of the painstaking work of the Ministry of Economic Development and Trade and wide public discussion – more than 20 meetings with all the stakeholders, including the Business Association, the Chamber of Commerce and Industry, international organisations,’ explained Ukraine’s First Vice Prime Minister Stepan Kubiv after the strategy was approved on 24 May.
‘I am sure that this document reflects the needs of Ukrainian entrepreneurs as accurately as possible today.’
There are nearly two million SMEs in Ukraine, 99.8% of the total number of enterprises in the country.
Strengthening innovation potential
The SME Strategy 2020 aims to create a favourable environment for small and medium-sized companies by facilitating their access to finance, simplifying tax administration for them, promoting entrepreneurial culture, developing business skills training and export promotion, and strengthening their potential to innovate.
The strategy foresees introducing state policies for SMEs systematically between now and 2020 to create the conditions to make them competitive.