Foto: Ricardo López Hevia / Granma / Archivo.

Cuban government approves another hundred MSMEs

The Cuban government approved this Thursday the creation of 102 private micro, small and medium enterprises (MSMEs)which brought the number of new economic actors authorized to operate on the Island to 5,360 from September 2021.

Of these new actors, 5,251 are private MSMEs, like the hundred approved now, while 51 are state MSMEs and 58 are non-agricultural cooperatives, according to the Ministry of Economy and Planning (MEP).

The entity detailed on its Twitter account that 52% of these actors are reconversions of pre-existing businesses while 48% correspond to new ventures.

Meanwhile, 134 are part of local development projects and 13 are incubated in the Science and Technology Park of Havana.

In total, the Cuban authorities estimate that these can generate 91,622 new jobs in the island’s economy, currently hit by a severe crisis that combines the effects of the pandemic, the sanctions of the United States, the internal deficiencies and the international context marked by the war in Ukraine.

To this should also be added the possible impact of the affectations caused by the recent passage of powerful Hurricane Ian.

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

Mipymes: And how many are needed?

They can be created in activities such as accommodation, beauty services, manufacturing, information technology, logistics and transportation activities, among others, except in strategic spheres for the State such as health, telecommunications, defense and the press.

These new forms of management share the Cuban economic scenario with the socialist state enterprise —considered the main one for the government—, non-agricultural cooperatives and self-employment.

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