Cuba Authorizes Joint Ventures Between the State and Private Sector

CUBA – Cuba is making a major shift in its economic policy. For the first time, authorizing joint ventures between state companies and the private sector.

The move comes under a new decree-law set to take effect in April, allowing state and non-state businesses to form limited liability companies.

Under the rules, these new entities will have business autonomy including the ability to set salaries, hire staff, and open commercial operations both in Cuba and abroad.

They will also be able to operate in most industries except for areas like healthcare, education and military-related activities.

The policy change comes as Cuba faces a deep economic crisis with foreign currency shortages, declining tourism, and pressure from the U.S. embargo.