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Cuba privatizes a little of its economy

CUBA: The Cuban government has announced a major change in the country’s economic vision by opening up on privatization.

The law on the opening of SMEs was scheduled for 2022, but with the protests in July 2021, the crisis and shortages have accelerated the reform, to the delight of entrepreneurs.

A way out of the crisis thanks to the private sector is a new bet from the Cuban government which has just authorized the creation of small and medium-sized enterprises in the private sector! It is a major change in the economic vision of the country, where the state has been all-powerful in business matters for more than 60 years.

Since September 20, 2021, Cuban entrepreneurs can therefore set up their business. It had been expected for at least 5 years. This measure has been greeted with enthusiasm.

Cuba is in the midst of an economic crisis with a GDP decline in 2020 of 11% and shortages of basic products.

Requests for the creation of food and technological businesses will be dealt with first. These new limited liability companies will not be able to exceed 100 employees and not all activities are permitted, such as those deemed strategic by the state such as Education, Health, Waste Management and mining.

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