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Events

Parliamentary Hearings

The Parliamentary hearings on issues of entrepreneurial development in Russia took place on October 10, 2000 in Moscow at the State Duma session hall on the initiative of the State Duma Subcommittee on small entrepreneurship (Chairman - Svetlana Gvozdeva). The State Duma deputies, the representatives of the governmental bodies and business associations, the representatives of small businesses participated in the hearings. Topics of the hearings were: the state policy in the area of entrepreneurial development in the Russian Federation; small and medium-sized businesses as sustainable economic growth providers and new jobs creators.

In this connection the informational materials and the specialized exhibition at the State Duma premises were prepared within the framework of the SBWG Russian Expert groups activities. The SBWG Expert groups took part in developing an agenda and draft resolution of the hearings.

SBWG experts also participated in preparation of the exhibition dedicated to SME support structures activities. Among the exhibition participants were Ministry for Antimonopoly Policy of the Russian Federation, Federal Fund for Small Business Support, Chamber of Commerce and Industry, Institute for Entrepreneurship and Investments, Resourse Center of the MAP.

James Wilfong, SBA's Assistant Administrator, was invited by the State Duma of the Russian Federation Subcommittee on small entrepreneurship development to participate in the Parliamentary hearings. He also delivered a speech.

He focused on the American experience of small entrepreneurship development. It testifies to the importance of the small business sector. With the help of some statistical data J. Wilfong illustrated the strategic importance of the SME sector to the U.S. economy. Small businesses also play a crucial role in bringing workers into the U.S. economy and providing them with basic skills.

The United States' more than 6 million small businesses employ more than 50 percent of the private work force, and generate more than 40% of the nation's gross domestic product, or $4 trillion. They are also the principle source of new jobs in the U.S. economy. In recent years, new business formation has reached record levels, with 898,000 new employer businesses in 1998 - the highest ever and a 1.5 percent increase over the record of 889,000 new businesses in 1997. At the same time, small business bankruptcies are at their lowest level in 19 years.

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