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The Vice Prime Minister and head of the Ministry of Foreign Trade and Foreign Investment of Cuba, Oscar Pérez-Oliva Fraga, outlined a package of measures that, for the first time, will allow Cubans residing abroad without effective residency on the island to invest in private Cuban companies and partner with private economic actors under the protection of Law 118 on Foreign Investment.
The statements of Pérez-Oliva were published this Wednesday on the website of the Ministry of Foreign Affairs of Cuba.
As explained, the decisions are aimed at "seeking greater decentralization of the economy" and "encouraging the participation of foreign capital in the economic and social development of Cuba," including that linked to Cubans abroad.
"This opens a different space for the participation of this community in the economic and social development of the country. We are talking about alliances that could be established, for example, between the Cuban private sector and foreign capital linked to our diaspora," he said.
The most significant change, as specified, is the removal of the restriction that limited these investments solely to permanent residents in Cuba.
He highlighted that Cubans abroad will be able to partner with national private actors under the Foreign Investment Law, an option that was previously reserved exclusively for state-owned enterprises.
What can Cubans abroad do now?
- Invest in private Cuban companies and partner with small and medium-sized enterprises (SMEs).
- Create or participate in financial institutions, including investment banks.
- Open and operate foreign currency bank accounts in Cuba.
- Participate in investment funds for economic projects.
- Develop agricultural businesses with access to land under usufruct.
- Operate as virtual asset service providers.
In the financial sphere, Pérez-Oliva emphasized that these measures will allow for "superior organization and greater impact" in the utilization of resources from abroad, including in strategic sectors.
"We have reiterated on several occasions that the doors of Cuba are open for investment from the Cuban community residing abroad, and when we say this, we are not only referring to small ventures, but also to the possibility of participating in key sectors for our development," he stated.
Cuban authorities also promise to expedite administrative processes to facilitate the implementation of these initiatives. However, these statements do not provide much detail compared to their previous presentations on the subject.
The text published by Minrex does not specify the context in which Pérez-Oliva's statements were made. His words merely reiterate the speech he delivered a few weeks ago.
The message from the deputy prime minister arrives amid the worst economic crisis Cuba has faced in decades and without the regime having shown any real progress in talks with the United States.
That situation does not favor the decision-making process of potential investors from Cuba. Analysts warn that the measures lack the legal guarantees needed to generate real investor confidence.
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