133 new MSMEs approved in Cuba

Cuba’s Ministry of Economy and Planning (MEP) approved 133 new micro, small and medium-sized businesses (MSMEs) this Wednesday, increasing the total number to 9,943 since its legalization in September 2021.

According to an MEP statement on Telegram, of these 133 companies, which were first approved in 2024, 128 are private and five are state-owned. infobae,

The newly approved companies operate mainly in gastronomic activities, production of construction materials, maintenance and repair of motor vehicles and computer programming activities.

According to the above article, MSMEs have re-emerged on Cuba’s economic landscape since September 2021, as part of reforms undertaken by the government to boost the island’s economy.

Although some experts consider them great drivers of the economy, others argue that they are responsible for high inflation and that the high prices of their products have deepened social divisions in the Caribbean country.

According to official figures cited in the text, 19.6% of MSMEs are dedicated to manufacturing activities and 12% to the production of food and beverages, employing 225,000 Cubans, of which 189,000 are new jobs.

MSME in Cuba

The head of Cuba’s Ministry of Economy and Planning, Alejandro Gil Fernandez, acknowledged last December the state of the population’s opinion regarding micro, small and medium-sized enterprises (MSMEs), which, he said, state companies have competitive advantages on the island. In the present context.

Gil Fernandez explained that MSMEs can access exchange markets, import and export goods and services, set their own prices and respond more quickly to consumer demand. In contrast, state-owned companies are subject to regulations and restrictions that limit their management capacity and efficiency.

The Minister acknowledged that this situation creates dissatisfaction among the population, who believe that MSMEs are the only ones that offer quality and variety of products. Similarly, he said there are state companies that have partnered with MSMEs to get the foreign exchange and inputs required for their production.

In this sense, the President assured that work is being done to “organize” this scenario and create more equitable conditions for all economic actors.

(Tags to translate)Cuba(T)Cuban Economy(T)MIPIMS(T)Cuban MSMEs(T)Cuba News

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