Cuba government moves to legalize small, medium private business

CCTV News

Cuba government moves to legalize small, medium private business

Cuba is making moves to expand its private sector as it intends to legalize small and medium size private businesses.

CCTV’s Michael Voss reports.
Follow Michael Voss on Twitter @mvosscuba

Cuba government moves to legalize small, medium private business

Cuba government moves to legalize small, medium private business

Cuba is making moves to expand its private sector as it intends to legalize small and medium size private businesses. CCTV’s Michael Voss reports.

This week, Cuban authorities published a 32-page document stating that “Private businesses of medium, small and micro size will be recognized as legal entities.”

But the document also states that government will “not permit the concentration of property or wealth.”

Today, the state still controls about 70 percent of the economy and the document makes clear that Cuba will remain a predominately state-run socialist system where planning, not market forces, rule.

So far, about half a million Cubans are working in the private sector in mainly small family businesses from hairdressers to restaurants.

But as Cuba’s economy struggles, it looks as if entrepreneurs will be able to expand at some point in the future.

The contents of this document will now be discussed at workplaces and community party meetings throughout the country.

A final modified plan will be approved next year at the National Assembly.