February 6th, local time, the Cuban government announced that it would adopt new regulations on the private economy, greatly relaxing the relevant provisions of the existing private economy, so that the private economy can play a more important role in the country’s economic difficulties.
Marta Feto, Deputy Minister of Labor and Social Security of Cuba, said that under the new regulations, the Cuban government will adjust the 127 existing economic activities projects allowed to the private sector to expand the economic activities allowed to the private sector to more than 2,000, and only 124 economic activities are completely or partially restricted.
In addition, Cuba will open a single window to facilitate the formalities of private economic practitioners.
Alejandro Hill, Deputy Prime Minister and Minister of Economic Planning of Cuba, said that the new regulations are an important step in the field of expanding employment opportunities in the private economy and an important measure to respond positively to Cuba’s implementation of monetary rectification.
Cuba has gradually liberalized its private economy since 2010.
At present, the private economy has created more than 600,000 jobs for Cuba, accounting for 13% of the total employed population.