Cuba to legalize small and medium-sized private businesses

  • 2/5/2023
  • 17:01
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HAVANA, Sha'ban 17, 1437, May 24, 2016, SPA -- Cuba announced Tuesday that it will legalize small- and medium-sized private businesses in a move that could significantly expand private enterprise in one of the world's last communist countries, according to AP. Cuban business owners and economic experts said they were hopeful the reform would allow private firms to import wholesale supplies and export products to other countries for the first time, removing a major obstacle to private business growth. While the government offered no immediate further details, the new business categories appear to be the next stage in reforms initiated by President Raul Castro after he took over from his brother Fidel Castro in 2008. While those reforms have allowed about half a million Cubans to start work in the private sector, the process has been slow and marked by periodic reversals. The Communist Party documents, published in a special tabloid sold at state newsstands Tuesday, said a category of small, mid-sized and "micro" private business was being added to a master plan for social and economic development approved by last month's Cuban Communist Party Congress. The twice-a-decade meeting sets the direction for the single-party state for the coming five years. --SPA 23:17 LOCAL TIME 20:17 GMT www.spa.gov.sa/w

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