Cuba has unveiled new regulations aimed at attracting foreign investment, trade and tourism as the government seeks to address a deepening economic crisis and encourage greater private sector activity.
Published in the country’s official registry, the reforms simplify investment procedures and expand opportunities for businesses and self-employed workers.
Key changes include:
- Removal of state involvement in private company hiring and employment decisions.
- Easier access to foreign banking services for joint ventures and domestic investors.
- Permission for private businesses to operate travel agencies and tour guide services.
Oscar Pérez-Oliva Fraga, Cuba’s deputy prime minister and minister of foreign investment, said the measures would reduce bureaucracy and improve business operations.
Meanwhile, the United States announced new sanctions targeting individuals and entities linked to Cuba, including Fidel Ernesto Castro, grandson of former president Raúl Castro, and Abapet, a state company responsible for importing equipment for the country’s electricity network.
The measures come as Cuba faces worsening power shortages, with Oscar Pérez-Oliva Fraga blaming US policy for the crisis, saying: “This past year has been very complex, and we know why. The blockade is a genocide.”
US Secretary of State Marco Rubio defended the sanctions, saying those targeted were part of a “corrupt Castro financial and intelligence network” and that “Trump and I are unwavering in our commitment that Cuba will be free.”
Ordinary Cubans continue to face worsening living conditions, with frequent and prolonged blackouts disrupting access to essential services, including water supplies that rely on electricity.
The country’s ageing power grid, fuel shortages and broader economic pressures have contributed to growing public frustration as households struggle with daily uncertainty and declining infrastructure.
ℹ️ Al Jazeera, Reuters, AP News
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