Monday, December 11, 2023

Cuba gives the green light to 50 new MSMEs and adds the 8,623 allowed since 2021

He Ministry of Economy and Planning of Cuba (MEP) gave the green light this Wednesday to 50 applications to create micro, small and medium-sized companies (MSMEs), bringing the number allowed since 2021 to 8,623.

Only one of the new group of approved MSMEs is state-managed, the MEP specified on its channel Telegram.

Those that operate privately engage in activities related to the material production construction, accommodation and gastronomic services, according to the list of the MEP.

This form of economic management, prohibited in Cuba since 1968, returned to the national scene in September 2021 as part of the government reforms aimed at boosting the economy.

This sector employs more than 15% of the country’s workers and contributes just under 14% of GDP, according to official figures.

In addition, they have introduced products that were scarce or did not exist on the island, which suffers a serious shortage of basic goods.

MSMEs can be established as state, private or mixed and they are recognized as an economic unit with legal personality with its own characteristics.

However, they have their access vetoed to spheres such as the health, telecommunications, energy, defense and the media considered “strategic” by the State.

They share the centralized Cuban economic scenario with the socialist state enterprise -the main one for the State-, non-agricultural cooperatives and self-employment (autonomous).


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