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Economic Development

MSMEs Approvals Predicted to Generate Over 9,000 new jobs

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The Ministry of Economy and Planning (MEP) predicts a total of 9,513 new jobs will be generated as a result of the increasing number of approvals. Photo: Allan Wadsworth

Over 9,000 jobs will result from the latest approval of 89 additional micro, small and medium-sized enterprises (MSMEs) this week.

The latest authorizations of the MSMEs result in a total of 615 new businesses approved since September, the Ministry of Economy and Planning (MEP) reports.

The MEP estimates 9,513 new jobs will be generated because of the approvals.

The new approvals of MSMEs comprise of four state-owned and two non-agricultural cooperatives. Of the total of authorized MSMEs, 586 are private businesses, 15 are state-owned and 14 are cooperatives. The approvals this week were 57% conversions of pre-existing businesses and 43% new business ventures.

Of the approved businesses, 37 are local development projects, 23 have carried out exports, and six evolved in the Science and Technology Park of Havana.

The MSMEs are seen as a benefit to economic development. In addition to creating new jobs, they adapt well to financial crises and enable local development.

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