Novak announced the active adaptation of SMEs to new economic challenges

The small and medium-sized enterprises (SMEs) sector shows the best adaptation to new challenges and uncertainties. This was stated on June 18 by Deputy Prime Minister Alexander Novak during the plenary session "The Role of SMEs in achieving new National Goals" at the St. Petersburg International Economic Forum (SPIEF-2025)

"SMEs are adapting better in order to ensure the formation of new transport and logistics chains in order to ensure the supply of goods for export and import, the production of necessary products within the framework of import substitution, within the framework of the goals set for infrastructural changes in our economy," Novak is quoted on the website of the government of the Russian Federation.

It is specified that the share of SMEs in the gross domestic product (GDP) of the country has reached 21.7%. Almost every second Russian is employed in this sector. According to the government, the number of employees in SMEs has exceeded 29 million people, which is about 40% of the total number of employees.

Novak also outlined key tasks: the participation of SMEs in achieving technological sovereignty, increasing labor productivity and actively implementing digital solutions. Within the framework of the federal project, businesses will be offered a set of support measures adapted to the stages of their development — from microloans to subsidies for preparing for an initial public offering (IPO).

Minister of Economic Development Maxim Reshetnikov confirmed the importance of digitalization of the sector and training entrepreneurs in modern practices. He stated that combining the Rost platform and the My Business centers would speed up the preparation of SMEs for the requirements of the modern economy.

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Restaurants, cafes and hotels attracted the most funding.

On the same day, Alexander Isaevich, CEO of the SME Corporation, said that SMEs in Russia continue to increase their share in the economy, overtaking the oil and gas sector for the first time. According to him, Russia is gradually approaching the indicators of countries where small and medium-sized businesses play a key role. At the same time, the SME sector is becoming more resilient: companies are living longer, and many are moving into the larger category.