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April Thursday

Cuba Encourages Foreign Trade by Non-State Sector

Havana, March 2 (ACN) Cuba has authorized new entities to do foreign trade for the non-state sector with a modification of previous resolution regulating the initiative, which was introduced on in the Official Gazette of the Republic.

Originally 37 entities had been authorized to do foreign trade for the non-state sector, but a recent expansion of self-employment suggested the need to include new import and export entities.

The new entities are the Film Industry Institute (ICAIC), the Music Records and Edition Company (EGREM), the Genesis Art Galleries and the Import-Export Company with the Food Industry.

The resolution which has been modified established the rules for commercial relations based on hard currency between the authorized entities and the non-state sector. The implementation of the resolution suggested the expansion of the number of export-import entities in a single annex added to the document.

The new export and import opportunities offered to the private sector through the state socialist companies were announced by Cuban authorities as part of an economic and social strategy implemented to strengthen and develop the country’s economy in the face of the world crisis caused by the COVID 19 pandemic.

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