Putin: small business in Russia becoming more high-tech-oriented

Putin: small business in Russia becoming more high-tech-oriented

Russian President Vladimir Putin said that  the structure of the small business sector in Russia is changing gradually and becoming ever more high-tech-oriented.

Speaking in an interview for the TASS project "20 Questions with Vladimir Putin" he stressed that in the 2000s nearly all of Russia’s small businesses were in retail trade, while in many other countries with advanced free market economies these ventures play a major role in the manufacturing sector.

According to the head of state, the Russian authorities were capitalizing on this foreign experience to virtually "force" large companies, in particular, those co-owned by the state, to conclude contracts with small enterprises, and this mechanism was already in motion, with "trillions [of rubles] at stake."

"The structure of small businesses has begun to change. Small businesses exist not only in retail trade - some kiosks or pavilions, it’s not only about buying low and selling high. Now there are research businesses ventures, too. And small businesses in manufacturing. High-tech small businesses," Putin stressed.

"This is what makes me think we are moving in the right direction in principle, although progress is still, unfortunately, too slow," the Russian president concluded.

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