The Cuban Government has revoked the import licenses of nearly a third of the private businesses that were authorized to conduct such activities. Prime Minister Manuel Marrero Cruz informed the deputies of the National Assembly of People's Power that "it was decided to revoke this authorization for 24 out of the 73 approved companies due to low activity levels and poor performance."
Marrero emphasized that the State should maintain a monopoly over foreign trade in the country. However, to facilitate the activities of non-state management forms, the government had authorized 73 companies to import for micro, small, or medium-sized enterprises (mipymes). "But in our analysis, we found numerous mistakes and mismanagement," he said.
"The document resulting from the work done by the MINCEX led us to the conclusion that we had to revoke this authorization for 24 companies due to low activity levels and poor performance," Marrero stressed.
Impact of Import License Revocation on Private Companies in Cuba
In light of the recent decision to revoke import licenses, many questions arise regarding its impact on private companies and the overall economy in Cuba. Here are some key questions and answers to provide clarity on the situation:
Why did the Cuban government revoke import licenses from 24 private companies?
The Cuban government revoked the import licenses due to low levels of activity and poor performance among the 24 companies.
How many companies were originally authorized to import?
Initially, 73 companies were authorized by the government to import goods for micro, small, or medium-sized enterprises (mipymes).
What is MINCEX's role in this decision?
MINCEX conducted an analysis and prepared a document that led to the conclusion to revoke the import licenses for 24 companies due to their poor performance and low activity levels.