Number of Private Companies Grows in Cuba

Havana, Aug 2 (ACN) Out of all 4 thousand 97 new businesses approved by the Cuban government since September 2021 up to June, 97.5 percent are private micro, small and medium companies, the rest includes cooperatives and state-run MSMEs, according to the Economy and Planning Ministry.

By the end of the first quarter this year, 54 percent of the new businesses were originally self-employments, while the rest were newly set up companies.

The new private enterprises particularly operate in manufacture, construction and gastronomy or catering, though there is growing tendency in the areas of information technologies.

As to the cooperatives, 60 percent of the 55 businesses approved operate in the construction sector, manufacture and food production.

There is also a group of new companies working on transportation, package and cargo delivery, as well as passenger transportation.