The measures approved for the financing of innovation in state-owned companies benefit strategic sectors defined in the National Development Program 2030, by increasing the possibilities of scientific-technological progress, as an alternative to achieve sustainability, efficiency and profitability.

Miguel Salazar Rodríguez, Sub delegate for Science, Technology and Innovation in the CITMA Provincial Delegation, explained that the provisions enhance the business system's own funds as the main source to pay for innovation, regardless of whether it is generated by the entity or carried out with the participation of a specialized organization or university center.

The financing of innovative activity is considered an investment, not an expense, and development and research activities are recognized as reinvestment of profits that increases the State Investment account, he said.

In correspondence with the measures directed by the Ministry of Economy and Planning for the improvement of the Socialist State Enterprise, the Higher Organizations of Business Management (OSDE) have powers to promote the financing of innovation in convertible currencies from existing closed schemes .

They also increase the opportunities to obtain credits through the National Banking System, for the economic support of projects (not institutions), so that the relationship between results and expenses is more transparent, Salazar Rodríguez emphasized.

It is expected to encourage the deployment of joint ventures abroad, which contain a high component of science and technology, and establish connections with the scientific-technical and innovative activity of Cuba.

Likewise, tax and fiscal incentives are established for productive entities that develop new or improved goods and services for exports and import substitution (basically incremental innovation), as a way of sharing the financial risks inherent in these processes.

In accordance with the policies approved in the country, the profits will be destined, essentially, to pay for the development of new products or processes, the introduction of improvements, the design and manufacture of prototypes, and other needs of the companies.

In the same way, the proceeds will allow the creation of a common fund to support science, technology and innovation activities of interest, the deputy delegate for Science, Technology and Innovation in the territory, underlined.

The transformations will have an impact on entities of the ministries of Agriculture, Food Production, Energy and Mines, Industries, Construction and Transportation, with a scope of 49 Ciego de Ávila`s companies, budgeted units and the ten municipalities, where science must be based on development and solving local problems.

In the province of Ciego de Ávila, work is being done on the development of a socialization plan for these measures, which includes meetings with the technical advisory councils of the companies.

The challenges of the territory are the increase of finances destined to the activity, the promotion of the culture of innovation in the business sector, the implementation of effective financial instruments, the adequate use of the figures of innovation and the consolidation of the operation of the technical advisory councils.