A Cuba sign with Cuban-styled flag. Photo: File photo.
The Cuban government has presented an economic decentralization plan that, amid the current energy crisis, aims to integrate emigrants into national economic development.
Deputy Prime Minister and Minister of Foreign Trade Óscar Pérez-Oliva Fraga explained in an interview with journalist Jorge Legaño that the provisions aim to diversify the business sector and expand the participation of foreign capital in productive projects.
The official emphasized that the initiatives respond to concerns raised by the Cuban community abroad, which has offered proposals to revitalize the national economy. According to Pérez-Oliva Fraga, this opens the possibility for emigrants, under the category of “investors and businesspeople” defined in immigration law, to become owners or partners in private companies in Cuba.
The government also confirmed the implementation of Law 118 on Foreign Investment, which will allow Cubans residing abroad to partner with national entities on equal terms with other international investors. The Deputy Prime Minister emphasized that these partnerships can be established in both the public and private sectors.
Another important provision is the inclusion of emigrants in the Cuban financial system. Under Decree-Law 362, they may establish non-bank financial institutions, investment banks, and other entities, provided they have a license from the Central Bank of Cuba.
The government also assured that companies and investors will be able to open and operate foreign currency bank accounts in Cuban banks, under the same conditions as Cuban residents. This measure aims to provide legal certainty and confidence to those who decide to invest on the island.
Furthermore, the granting of land in usufruct is planned as a mechanism to boost productive projects and strengthen the exchange of knowledge with international partners.
Finally, the authorities expressed a willingness to strengthen economic ties with the United States, although they acknowledged that current US legislation limits that possibility. According to the Cuban government, any progress will depend on a substantial change in US policy toward the island.
The President of Cuba, Miguel Díaz-Canel, announced the new economic restructuring during an appearance on the morning of March 13, confirming that dialogue is developing between Washington and Havana.
Translation: Orinoco Tribune
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