Cuba continues to open economy for privatization

Cuba continues to open economy for privatization

in That’s why The communist government has announced that it will continue to open the state’s economy to private business. Cuban state media reported on Saturday that small businesses and self-employment should be allowed in almost all industries. The Council of Ministers approved the reform.

State-owned companies dominated the country’s economy for years. In 2010 the government decided to partially privatize it. However, it is limited to 127 activities so far. According to reports, in the future, more than 2000 activities will be allowed in the private sector.

The 124 activities will be “partially or completely banned” in the future, without detailing how Phyto continues. Observers believe the restrictions will apply to strategically important areas such as media, health care and defense.

There are currently over 600,000 Cubans operating in the private sector. It is about 13 percent of the workforce, with 11.2 million inhabitants in the country. They are primarily employed in gastronomy, transportation and tourism. Economy Minister Alejandro Gill wrote, “The reform was an important step towards increasing the workforce.” on Twitter.

This announcement is against the backdrop of tense economic conditions. Last year, the economy plagued by epidemics and US sanctions declined by 11 percent. Cuba lacks basic necessities, long queues in front of shops. This has increased the pressure to implement the long promises but till now the reforms have been stopped. In addition to opening the economy further to the private sector, it includes a Currency correction And facilities for foreign investors.

Icon: Mirror

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