Connect with us

Hi, what are you looking for?

Economic Development

Private Business on the Rise in Cuba

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.

Advertisement. Scroll to continue reading.

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.

Advertisement. Scroll to continue reading.

Related News:

Economic Development

Since 2019, Cuba has suffered through Covid shutdowns, anti-government protests, loss of tourism, monetary dislocation, and a developing new economic structure that is creating...

Foreign Investment in Cuba

Among the announcements this week by the Minister of Economy and Planning, Alejandro Gil, is the approval of foreign investment in the private sector....

Economic Development

As the number of micro, small and medium-sized enterprises (MSMEs) grows in Cuba, so will the benefits this dynamic sector can bring to economic...

Economic Development

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...

error: This content is copyright protected.