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Cuba expands private sector and advances in creating enterprises

Cuba comercio privadoCuba is making progress in the expansion and perfectioning of self-employment (private sector) and the creation of micro, small and medium enterprises (MSMEs), Deputy Prime Minister Alejandro Gil confirmed.

Cuba needs self-employment (private) because it is a complement to the economy, generates quality jobs and allows for productive linkages, Gil, who is also the minister of Economy and Planning, argued.

The government is boosting this policy despite the negative impact of Covid-19, which has caused a global economic crisis, and the tightening of the economic, financial and commercial blockade imposed by the United States, in addition to restrictions of access to hard currencies.

The deputy prime minister explained that this is a major program that entails redesigning all the country’s economic operation to boost sustainable development with social guarantees.

The Council of Ministers has recently approved the expansion of the number of activities that self-employed workers can exercise from 127 to over 2,000, 124 of which have total or partial limitations.

According to official statistics, there are more than 600,000 self-employed workers, that is, 13 percent of jobs on the island, 30 percent of which are young people and 35 percent, women.

Minister of Labor and Social Security Marta Elena Feito pointed out that to expand the private sector, the Government took into account opinions and suggestions of the population.

For his part, First Deputy Minister of Finance and Prices Vladimir Regueiro noted that there are no tax increases for MSMEs, which contribute 30-34 percent to territorial budgets, an income that will be allocated to investments for local development.

(Taken from Prensa Latina)

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