Havana will allow Cubans abroad to invest and own businesses on the island

Havana, March 16 - Cubans living abroad will be able to invest and own businesses on the island. This was announced on Monday by Deputy Prime Minister and Minister of Foreign Trade Óscar Pérez-Oliva, who presented one of the most significant economic reforms in recent years.

"Cuba is open to continuous trade relations with American companies, but also with Cubans living in the United States and their descendants," Pérez-Oliva said in an interview with NBC News. The government is expected to officially announce the reform on Monday evening.

The change comes at a time of deep economic crisis. The Cuban economy is facing food shortages, frequent power outages and strong pressure from the United States, which has imposed trade sanctions on the country since 1962.

According to the minister, the reform will not only apply to smaller business projects, but also to larger investments, especially in infrastructure. The government wants to boost key sectors of the economy, such as tourism, mining and upgrading the aging electrical grid that often causes nationwide blackouts.

The large Cuban community lives mainly in the US city of Miami. Many of these emigrants left the island after the revolution that brought Fidel Castro to power in 1959.

The reform also comes at a time of heightened tensions between Havana and Washington. The administration of US President Donald Trump has imposed strict measures, including a blockade of oil supplies, which has further worsened the economic situation on the island.

Trump said on Sunday that the United States was in talks with Cuba and hinted at a possible deal. “Cuba also wants to make a deal and I think it can happen quite quickly,” he told reporters aboard the presidential plane Air Force One.

Cuban President Miguel Díaz-Canel confirmed last week that the government had discussed “bilateral differences” with the US, but did not disclose details.

WT.24