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Economic Development

Private Business on the Rise in Cuba

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The number of new private businesses in Cuba is on the rise. Photo by Sophia from Pexels

This week the Ministry of Economy and Planning (MEP) approved 60 new private business applications – micro, small and medium-sized (MSMEs) and four (non-agricultural) cooperatives.

This brings the total number of approved applications to 168. Private sector businesses can be found throughout all of Cuba’s provinces.

Of the 168 approved businesses, 39 are in food production, 34 are in manufacturing, including the manufacture of building materials.

Of these, 101 are re-conversions of pre-existing businesses and 67 are newly established.

In terms of job creation, the new MSMEs and the four cooperatives have created approximately 2,377 new jobs according to the MEP.

Privately owned business in Cuba will help expand the economy.

Deputy Prime Minister and Minister of Economy and Planning Alejandro Gil Fernandez said earlier in his Twitter account that, “The improvement and expansion of self-employment, in addition to the generation of new jobs, will provide the economy with greater vitality, diversification, and competitiveness. That is the way. We all win.”

The Ministry is pleased with the progress and continues to process applications.

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