Radio Cadena Agramonte emisiora de Camagüey
Havana, Nov 26. - At the opening of the VIII Investment Forum, the Deputy Prime Minister and Head of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, made significant government announcements aimed at promoting business development in Cuba.
When describing the national economic landscape, the deputy prime minister stated that the Cuban economic structure is very diverse, contrary to what is often explained. "The current challenge is to ensure that this business network articulates itself naturally and that all actors in the economy participate and contribute to achieving our country's economic development objectives. This is a premise we cannot lose sight of," he said.
He emphasized that each actor, in its own space, must interact dynamically and flexibly to steer itself towards the country's development goals.
In his speech, the head of Mincex detailed the composition of this structure. On one hand, state-owned enterprises, defined as the fundamental economic actor, and on the other, those from the non-state sector. He also highlighted the very important role of foreign investment. "Currently, Cuba has 376 businesses with foreign capital from 40 countries, 56 of which are in the Mariel Special Development Zone."
Despite the difficulties and the "unprecedentedly intensified blockade," he announced that in 2025, 32 new businesses from 13 countries have been approved, with a committed capital of 1.1 billion dollars. He highlighted that 10 of these 32 businesses were approved through new, simpler, and more agile procedures, managed directly by heads of state agencies.
The deputy prime minister referred to non-state economic actors—private companies, cooperatives, self-employed workers, and local development projects—and emphasized that the goal is for all to function in a harmonious and integrated manner.
He announced a set of novel decisions to stimulate foreign investment, clarifying that this is not an isolated measure, but rather these are in line with the government's program to correct distortions and re-boost the economy. These decisions, which will soon materialize in new regulations, are aimed at expanding operational capacities and simplifying procedures.
Specifically, a new decree will be issued to replace Decree 325 (regulations of Law 118), and Resolution 21 and a joint resolution from MINCEX will be updated.
Pérez-Oliva Fraga gave the example of mixed-capital companies that, by applying new ways of doing things, have achieved the best historical results. The idea, he said, is to extend this experience so that foreign investment operates with greater dynamism, confidence, and financial autonomy. He mentioned the use of other marketing variants, such as electronic commerce, as a source of foreign currency.
Another important modification being considered is a change in the treatment of businesses with foreign capital within the economic plan. From now on, only the dividends of the Cuban side and the foreign currency income of related Cuban entities will be considered, which implies a component of greater flexibility compared to previous approaches.
He also referred to the option, already provided for in the legislation, for companies to establish bank accounts abroad, a tool to complement their operations and make foreign currency revenue sources more flexible, helping them confront the effects of the blockade.
He confirmed that, as part of this process of partial dollarization, prices in foreign currency for goods and services will be established in some sectors. These rates, he stated, will have a more competitive approach and be closer to reality than the current options in the exchange market. (Text and Photo: Cubadebate)
