Countries

Armenia

Armenia offers a favorable environment for starting businesses, with minimal procedures and a short timeframe. The country has a thriving entrepreneurial spirit, surpassing the EU average in early-stage entrepreneurial activity.

Azerbaijan

In Azerbaijan, over 99% of entrepreneurs are SMEs, with about 97.3% being micro-enterprises, 1.9% small, and 0.8% medium-sized. These SMEs operate across sectors such as trade, agriculture, construction, logistics, tourism, and more. Recently, SME turnover and income have significantly grown, boosting the country's economic development.

Georgia

In 2020, SMEs made up nearly all of Georgia's active businesses (99.6%). They provided jobs for 59.3% of the workforce, contributed 40.8% of the sector's revenue, and accounted for 58.0% (equivalent to GEL 25.2 million) of the sector's total output.

Moldova

In Moldova, where SMEs make up 98% of the business sector, with 76% classified as micro-enterprises, creating a business-friendly environment is crucial for fostering small business development and generating broader economic growth in the country.

Ukraine

Before Russia's aggression, Ukraine's economy grew at an average annual rate of 2.9% from 2014 onwards, except for a slight dip in 2020 due to the pandemic. SMEs, particularly in wholesale, retail, and the booming IT sector, played a pivotal role in this growth, driving economic expansion and job creation in Ukraine.