Cuba invites former exiles to invest in domestic businesses

Cuba Announces Plans to Open Up to US Businesses and Foreign Investors

Cuba has announced plans to remove impediments to US businesses and other foreign investors, allowing for increased economic cooperation between the two countries. The move comes as Cuba seeks to revitalize its struggling economy, which has been impacted by a US-imposed oil blockade and sanctions.

According to Cuban Deputy Prime Minister Oscar Perez-Oliva Fraga, there are no limitations on foreign investment in Cuba. He stated that Cubans living abroad will be allowed to invest in businesses on the island, with opportunities for participation in various areas of development. The government has previously extended an invitation to Cuban Americans and other exiles to invest in and own businesses on the island.

Cuba’s policy shift signals flexibility in its relations with the US, following recent talks between the two countries. Officials in the Trump administration have expressed interest in seeking economic openings as part of any bilateral agreement. The issue of allowing emigrants to invest in island businesses is a sensitive one for Cuba, which has historically viewed some segments of the exile community with suspicion.

Cubans living on the island have been allowed to open and operate private businesses since 2021, but nationals living off the island were excluded. Economist Paolo Spadoni notes that this change could be a catalyst for deeper US-Cuba economic ties, creating opportunities for US companies. However, major obstacles remain, and it is unclear how the policy shift will be implemented.

The government has expressed interest in investment in agriculture, particularly through partnerships with Vietnamese companies. Over 1 million Cubans have emigrated from the island since 2021, presenting a potential source of untapped investment.

Source: Al Jazeera