National program on small and medium-sized enterprises approved

2019-04-17 17:28:27

Ulaanbaatar/MONTSAME/. Today, the Cabinet approved the National Program on promoting small and medium-sized enterprises (SMEs) and assigned Ch.Ulaan, Minister of Food, Agriculture and Light Industry, to oversee its implementation. Required funding for the program will be issued from annual state and local budgets, basic guidelines and foreign and international loan and assistance.

The program will be implemented in 2019-2022 through two phases. The program will give impetus to SMEs to make technical and technological modernization, improve efficiency and competitiveness of their products and produce export-oriented import-substitute products.

Moreover, the percentage of SMEs in the GDP is expected to reach 21 percent, making its percentage in the gross export to be 5.3 percent and creating 30 thousand new jobs.

As of 2017, over 78 thousand out of 155 thousand total registered entities are operating in the country, of which over 60 thousand are SMEs that employ more than 900 thousand workers.