Cuba approves 58 new SMEs, totaling 10,255 since 2021

Cuba aprueba 58 nuevas pymes, que suman 10.255 desde 2021

HAVANA, Feb 9 The economic authorities of Cuba approved this Thursday 58 new micro, small and medium-sized companies (MSMEs), which now total 10,255 since their launch in 2021.Only four of those approved are state management, as indicated by the Ministry of Economy and Planning on its Telegram channel.

The majority operate in gastronomic and restaurant activities, the production of materials and articles for construction.

After being prohibited since 1968, small and medium-sized businesses returned to Cuba’s economic scene in September 2021, within the framework of government reforms, and currently, there are 10,255.

Considered by some specialists as the great drivers of the economy, others blame them for the high inflation and that the high prices of their products have highlighted and deepened the social differences in the Caribbean country.

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

These companies do not have access to sectors considered strategic by the State such as health, telecommunications, energy, defense and the media.

MSMEs coexist with the socialist state company – the main one for the State in the Cuban socialist system -, non-agricultural cooperatives and self-employment (autonomous).