Belarus has adopted its SME promotion strategy to 2030, which aims to encourage the growth of small and medium-sized businesses, improve the structure of the Belarusian economy, increase its competitiveness, create new jobs and raise living standards
The strategy – titled “Belarus is a country for successful entrepreneurship” for the period till 2030 – was endorsed by the Council of Ministers as of 17 October 2018.
The strategy is to be implemented in two stages:
- the transitional stage will span two years (2018-2020) and envisages the improvement of the institutional framework and infrastructure,
- the major stage (2021-2030) provides for formation and operation of a competitive and flexible entrepreneurship sector of the national economy.
The strategy aims to achieve a 50% increase in the share of SMEs in gross value added by 2030.
The EU supports SME development in Belarus through projects implemented under its EU4Business initiative, under which SMEs can benefit from EU-funded financial and advisory tools. These aim to provide small companies with access to finance, provide business advice or technical assistance, and support female entrepreneurship. Tools include the EBRD Advice for Small Businesses programme, and the European Fund for South East Europe (EFSE), providing loans to SMEs.