Foto: Kaloian.

Cuba: another group of MSMEs receives authorization to operate

The Cuban Ministry of Economy and Planning (Mep) approved this Wednesday the creation of 89 new economic actors. Of these, 88 are micro, small and medium-sized private companies (MSMEs) while one corresponds to the group of non-agricultural cooperatives.

Of the approved undertakings most are called small businesseswhose function is limited to gastronomic services, furniture construction, distribution and delivery of merchandise, as well as construction services.

According to the information published by the Mep, there are 3,074 economic actors approved since the process began in September 2021.

As for MSMEs, 2,974 are private, 51 state-owned, and 49 are cooperatives.

Due to their origin, 56% are reconversions of pre-existing businesses and 44% correspond to new ventures, underlines the information offered from the ministry’s social networks.

In total, it is estimated that these economic actors will generate 49,928 new jobs on the Island.

Of all the ventures approved to date, 111 are part of local development projects, 35 have previously carried out export operations and eleven are incubated in the Havana Science and Technology Park.

The Island Government decided to authorize the creation of MSMEs in the midst of a deep crisis, aggravated in recent years by the COVID-19 pandemic and the United States embargo.

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The step came a decade after the Communist Party of Cuba (PCC) began to handle the possibility of assuming new forms of management for an economy that until now had been extremely centralized.

In Cuba these companies can be state-owned, private or mixed and are recognized as economic units with legal personality with their own characteristics.

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