Cuban Economy Keeps Adopting New MSME’s

Havana, Feb 3 (ACN) With the approval by the Cuban Economy Ministry of 105 new micro, small and medium companies and coops, the island now counts on 1 thousand 812 such companies since their official approval began in September 2021.

Out the new 105 new entities, 2 are cooperatives, 20 are micro, 57 small and 26 medium private companies. The two coops operate in the areas of electric installations and construction services.

The Economy Ministry explained that out of all 1 812 MSMEs in the country, 1, 759 are private enterprises, 28 are state-run, and 25 are cooperatives.

As to their origin, 58 percent of the new entities were upgraded from self-employment businesses and 42 percent are new projects. These new enterprises and coops are expected to generate 29 thousand 178 new jobs.