Cuba has seen a resurgence of the private sector despite being mired in a serious economic crisis. This shift towards private enterprise has led to the emergence of independent business leaders in Cuban society. In response to this growth, the United States has announced measures aimed at promoting the development of the private sector in Cuba, including conditional access to the US banking system.
The measures announced on Tuesday will allow Cuban businessmen to open a bank account in the United States and conduct authorized transactions online. This comes after US President Joe Biden promised in May 2022 to support the growth of the private sector in Cuba by backing independent Cuban entrepreneurs. The measures align with this goal and mark a step towards empowering small and medium-sized private companies on the island.
While some progress has been made in improving relations between the two countries, tensions remain high due to ongoing disagreements over issues such as human rights abuses and democracy in Cuba. Despite this, US officials emphasized that these measures are intended to support the expansion of free enterprise and corporate sector growth on the island, and not as an endorsement of any political agenda or ideology.
Despite being mired in a serious economic crisis, Cuba has seen a resurgence of the private sector with the reauthorization of small and medium-sized companies with up to 100 employees. This shift towards private enterprise has led to the emergence of independent business leaders in Cuban society. The communist government is now reliant on
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