Cuba Is Opening Its Economy To Foreign Investment

The regime made concessions under pressure from the U.S.

Cuba plans to ease state control over the economy by expanding the rights of the local private sector and foreign investors. This was announced in an exclusive interview with USA TODAY, the country’s Deputy Minister of Foreign Trade and Foreign Investment Carlos Luis Jorge Méndez.

According to the Cuban official, the new economic regulations will begin to take effect in the coming days, and they are expected to be enshrined in law by the end of the year.

As part of the reforms, the government plans to implement several key measures. Cuban private companies (with some exceptions) will be able to engage in direct exports and imports without having to use the mandatory services of government agencies. Foreign investors will be allowed to hire workers directly. Previously, the law required them to do so only through government agencies. Foreign businesses will also be granted greater rights to construct real estate projects on the island.

The liberalization of the Cuban economy is taking place against the backdrop of a worsening humanitarian crisis and intense pressure from the United States. The administration of Donald Trump has imposed new sanctions on the country and organized an oil embargo. Nevertheless, Cuban officials have stated their readiness to resume direct negotiations with the U.S. side.

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