Russian authorities want the small businesses to develop in North Caucasus

Representative of the Economic Development Ministry of Russia Andrey Sharov stated recently that if there is no development of small and medium-sized businesses in the North Caucasus no improvement will be seen in the region. He said this is the only way to facilitate the development of a sustainable middle class.

Sharov said that if his Ministry's programme is fulfilled successfully in two years time small and medium-sized business will employ up to 50% of the whole North Caucasus population. Russia aims to have 70% of the whole Russian Federation population employed in such businesses, but Sharov said that the number of small enterprises in the Caucasus is many times less than in other parts of the country and there is a big shadow economy in the North Caucasus.

The Russian official mentioned that a substantial amount of money will be allotted for holding special classes to educate entrepreneurs and people interested in business. He said that by 2020 more than 1,000 entrepreneurs will have attended these.