Communist Cuba Concedes Private Businesses Are Good For Economy

Communist Cuba Concedes Private Businesses Are Good For Economy
JP CARROLL
National Security & Foreign Affairs Reporter
8:38 AM 05/25/2016

The Communist government of Cuba announced Tuesday it will legalize
small-and medium-sized business ownership, allowing some Cuban
enterprises to come out of the dark.

Specifics of the policy shift were laid out in 32 pages in a state-run
tabloid, according to the Associated Press. The Cuban Communist Party
decided to make this change during its Party Congress meeting, which
happens once every five years, and it is the first time the government
shared policy plans in specific detail

Currently, businesses in Cuba are barred from selling products abroad or
from bringing in outside raw materials since the government does not
recognize them as legal.

This policy change is just the latest move in favor of economic
liberalization — Cubans gained the right to buy and sell property as of
November 2011.

President Barack Obama visited the island nation, which is just 90 miles
away from the U.S., back in March. Obama is the first U.S. president to
visit the country since Calvin Coolidge.

Cuban officials were angered when Obama met with the country's business
leaders during his visit, because the government did not recognize them
as legitimate.

The Carnival Corporation sent its first cruise from the U.S. to Cuba
since 1978 in May. Ties between the U.S. and Cuba were normalized in
December 2014, meaning that diplomats from both countries can directly
deal with one another rather than through intermediaries, as was
previously done.

Source: Communist Cuba Will Allow Some Private Businesses | The Daily
Caller -
http://dailycaller.com/2016/05/25/communist-cuba-concedes-private-businesses-are-good-for-economy/