WASHINGTON – The U.S. Small Business Administration and the Ministry of Economic Development of the Russian Federation have agreed to work together to strengthen bilateral relations in the area of small business development in both countries. 

The parameters for cooperation are spelled out in a Memorandum of Understanding signed by representatives of both governments under the U.S.- Russia Bilateral Presidential Commission established by Presidents Obama and Medvedev in July 2009 to “reset” the relations between the two countries.

“SBA enthusiastically supports the President’s initiative to improve relations with Russia,” said SBA Administrator Karen Mills.  “We are proud to contribute to this essential diplomatic effort through this memorandum of understanding with the Russian economic ministry, which will allow us to exchange experiences and best practices on small business development.”

The MOU sets the stage for the exchange of experiences in several areas, among them:

• methods and mechanisms of support for small and medium enterprises
• mechanisms of support for export-oriented enterprises
• government (federal, state, local) support of small and medium enterprises
• sources of small business finance
• job creation, human capital development and fighting unemployment

The document, signed March 23, 2010, in Moscow, will be in force through December 31, 2012 and may be extended for two additional years by mutual consent.

As part of the follow-up activities, a Russian delegation of government and non-government representatives will visit the United States in August.  The trip will include participation at a science and technology policy conference in New Hampshire, visits to innovative small businesses in New England and a meeting at SBA headquarters in Washington, D.C., to discuss policy environment for innovative small businesses and the implementation of the MOU.

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SBA NEWS RELEASE
Press Office
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SBA, Russian Ministry Join Forces to Strengthen Economic Ties and Support SMEs in Both Countries
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Release Date:  August 10, 2010     
Contact:  Dennis Byrne (202) 205-6567
Release Number: 10-43  
Internet Address: http://www.sba.gov/news
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