Cuba Announces Economic Measures to Boost National Industry

The Cuban government announced Tuesday the implementation of new economic measures aimed at domestic trade, in order to strengthen national industry and advance the country's development.

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The information was given by Cuban Vice President Salvador Valdes Mesa along with the ministers of internal trade, foreign trade, economy, and finance.

According to Valdes, the new economic actions seek to achieve statutes for the importation of merchandise for non-commercial purposes through state-owned companies.

In that sense, the State decided to propose a series of bonuses and tariff exemptions on the importation of raw materials and inputs, giving priority to those linked to national production, as well as for the products of greatest need and demand by the population.

The measure will be applied to chain stores and institutions dedicated to marketing, which implies a cost reduction that will have a significant impact on prices, being more affordable for the population.

For its part, the ministry of foreign trade and foreign investment will designate several state-owned companies to provide import services to people in freely convertible currency in order to buy home appliances, auto parts, and other goods. 

One of the companies for these transactions is the state entity Servicios Automotores SA Zaza, which will be responsible for the marketing of parts, accessories, and other multi-brand cars.

The officials also indicated that there will be no changes in customs regulations, while e-commerce variants will be maximized, such as online stores, online sales and the use of national and international payment gateways.

These measures are approved by an intergovernmental commission made up of 14 agencies of the central state administration and are backed by specialists in internal and foreign trade, authorities and experts in economic matters.

The new provisions are part of the economic strategies announced last July by President Miguel Diaz-Canel, who seeks to address the consequences caused by the resurgence of the illegal economic and financial blockade imposed by the United States for over 50 years.