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Economic Development

Private Sector Increase in Foreign Trade Activities

Foreign trade activities are up for the private sector. Photo: u_np3ufnfe

Private sector foreign trade continues to increase through the government-owned import-export companies set up to enable these activities.

Maria Isabel Pozo, the Director of Imports at the Cuban Foreign Trade and Investment Ministry (MINCEX) said the department continues to make progress in the import and export measures. To date, over 4,000 import deals and export contracts valued at $12 million with the private sector have taken place.

In July 2020, the Cuban government introduced a new policy in favor of private sector foreign trade through the state companies set up to do this. It approved the regulations in August to expand foreign trade activities for the small business sector with the ambition of increasing products and services for export.

The move is part of Cuba’s new economic strategy for economic development and post-pandemic recovery.

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