Currently, there are about 2,000 state companies and over 2,500 small and medium-sized enterprises in this Latin American country.
On Monday, the first "Local Development Fair" kicked off at the Expocuba center in Havana as a measure to boost economic activities amid the tightening of the US blockade.
The event will contribute to improving the interaction between the state and non-state sectors, Cuban Minister of Economy and Planning Alejandro Gil explained.
"We are betting on local development, mobilizing endogenous resources of territories. All efforts to promote local development across the country are welcome," he said
Running through April 3, the fair features food products, wooden furniture, construction materials, textiles, ornamental plants, and others.
The exhibition stands represent 720 state companies, cooperatives, local development projects and private businesses, including the recently approved small and medium-sized enterprises.
"The non-state sector could significantly help the national economy grow. This fair has added the new economic players as a functional and substantial part of the Cuban economy, which is fundamental for the future of the Caribbean nation," economist Juan Triana said.
Currently, there are about 2,000 state companies and over 2,500 small and medium-sized enterprises in this Latin American country. Its GDP has been projected to grow by 4 percent this year after having contracted by 13 percent during the pandemic.