In the same forum where the Government promised a “more modern, agile, and transparent” environment for foreign investment, the Cuban regime acknowledged this Tuesday that it is not in a position to ensure the supply of fuel even to foreign companies.
The announcement came from the mouth of the Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, Óscar Pérez-Oliva Fraga, during the opening of the VIII Investment Forum in Havana.
The official announced that companies with foreign capital will be able to purchase fuel directly in foreign currency without any restrictions and, in the event that Cuba does not have availability, they will be allowed to import it on their own, a report from Canal Caribe reveals.
Pérez-Oliva explained that the State is working to ensure that "it is not so," but he openly admitted that there is a possibility it may not be able to guarantee fuel despite the usual priorities given to foreign investment.
In a country marked by power outages lasting over 10 hours, endless lines at gas stations, and an electrical system on the brink of collapse, the message confirms that the energy crisis is so deep that even investors are not safe.
Partial dollarization and dual currency to please investors
The official also revealed that a "differentiated scheme" is being created to allow foreign investment to operate more flexibly in pesos and in foreign currencies, as part of the process of "partial dollarization" that is progressing in the Cuban economy.
As the daily life of Cubans crumbles under unaffordable prices and salaries that barely cover a week's worth of food, the government is betting on attracting capital by loosening everything it previously deemed untouchable.
According to the minister, some joint ventures are currently showing "historic results," a message that contrasts with the reality faced by the average Cuban, who is dealing with empty markets, inflation, and power outages.
Another announcement from the forum is that investors will be able to directly decide who makes up their teams, either through direct hiring or via the state employment entity. This is a long-standing demand from foreign companies, which have for years reported obstacles in the selection of personnel.
Payment of bonuses in foreign currency from profits is also authorized, always through banks and only if they come from external income.
The announcements come just days after the government itself imposed a financial freeze that blocked the withdrawal and repatriation of funds to foreign companies and even embassies, a measure that has heightened distrust in the business climate on the island.
Filed under: