Putin dissatisfied with share of SMEs in Russian GDP

File Photo of Cash, Coins, Line Graph

NOVO-OGARYOVO. Nov 15 (Interfax) – Russian President Vladimir Putin thinks it necessary to raise the contribution that small and medium businesses make to Russia’s GDP.

“The number of our small and medium enterprises is growing, but this level is still far from where it should be, given that in countries with a developed market economy the contribution of small and medium enterprises in overall GDP is higher than we have,” Putin said during a meeting with the management of entrepreneurial organization OPORA Russia.

Small and medium businesses currently account for some 21%-22% of Russian GDP, whereas in the U.S. that figure is 50%, and in China it is over 60%, Putin said.

“We absolutely must move in that direction,” he said.

At his meeting with the OPORA representatives, Putin congratulated Alexander Brechalov for his recent election to the post of OPORA Russia president and thanked Sergei Borisov for his work as the organization’s previous chief.

Putin drew attention to the regularity with which he meets representatives of OPORA Russia and added that a number of important business-related matters have been resolved at such gatherings.