MSMEs and Cuba’s emigrants

Cuba recently promulgated the new decree-law that gives life to the necessary Micro, Small and Medium Enterprises (MSMEs). We hope that they finally start working. But they begin with an important and significant limitation.

Cuba’s emigrants, numerous and strongly linked to the country’s destiny, have been shut out since only those who are residents in the national territory are allowed to invest. That comes to about 30,000 emigrants of about 2 million potential persons. The rest can only invest as foreign investors.

On the Island there are hundreds of businesses that, due to the number of workers, qualify as Small and Medium-sized companies, now recognized in their true dimension. We are talking about restaurants in homes known as paladares, restaurants and production centers that exceed 3 workers. A significant number (perhaps VERY significant) of these arose with capital contributions to family and friends on the Island from Cuban emigrants (residents and non-residents).

Thus, the family bond, which the majority of the emigration does not renounce and defends, found a greater strength: tie the heart to the pocketbook. Investing in common benefits both shores and reinforces those heart-felt feelings.

Cuba, with an economy in crisis, needs capital — whether it be big, small, and/or medium… it needs an infusion of capital. Why then exclude non-resident emigrants from investing in MSMEs?

The nation needs everyone — residents or not. Opportunities need to be widened.