Good News For Cuba? Economy To Open Up For Private Business
Due to the pandemic and sanctions from the Trump administration, Cuba's economy has seen a staggering 11% decline. In response, the communist country announced Friday that it would look to open more to private business.
Labor Minister Marta Elena Feito and the Council of Ministers made the decision after initial talks in August, according to state-run newspaper Granma. The list of authorized private industries has been expanded from 127 to more than 2,000.
Cuba wants to focus on the media, health and defense, which are considered strategic, government officials told the Agence France-Presse.
"That private work continues to develop, is the objective of this reform," Feito said, according to the AFP.
Private businesses in the non-state sector of Cuba included taxi drivers, tradesmen and artisan-run businesses.
Days before Trump left the White House, his administration re-designated Cuba as a “state sponsor of terrorism" and added new sanctions. In September, Trump banned American travelers from bringing back Cuban cigars and rum and also prevented them from staying in government-owned hotels.
The moves were a setback after President Barack Obama made strong inroads to normalize relations between the two countries.
President Joe Biden has promised to renew relations with Cuba by bringing back past Obama-era policies.
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