Donetsk, Jan 30 — DAN. Mining, metallurgical and energy companies account for the largest share in the Gross Domestic Product of the Donetsk People’s Republic; long-terms goals include the development of machine building and the chemical and pharmaceutical industries, and a greater role of small and medium businesses, the DPR Economic Development Ministry press service told the Donetsk News Agency.

“The basic sectors of the DPR economy with the largest share in the GDP are the mining and metallurgical complex and energy industry which mostly comprise large businesses, ” the Ministry said. The Republic plans to develop “value-added sectors such as machine building, chemical industry and pharmaceuticals. These segments have boosted their exports and are creating prospects for production development. ”

Food security and comprehensive development of the agro-industrial complex, from production to processing and sale retain their special significance. The Ministry said that it was expecting the implementation of the new notions, “self-employed” and “social entrepreneurship” this year.

“The emerging infrastructure for developing business such as the Small and Medium Business Support Fund and Microfinance Company will help small and medium businesses gain access to preferences and resources, strengthen their financial position and become a driver in developing the Republic’s economy in general and its administrative and territorial entities, ” the Ministry said.

Earlier, DAN reported that the share of small and medium business in the region had exceeded 40 percent by 2023. Wholesale and retail trade accounted for 54.4 percent of the goods and services sold by small and medium businesses. Industrial goods made up 34.6 percent of the sales volume.

Earlier, the Economic Development Ministry said that told DAN that it was working on establishing a fund for developing entrepreneurship and a lending company for business. State support measures currently include subsidies for farmers, grants and loans from the Industry Development Fund and reduced tax rates.*jk