Historically, Cuba welcoming Foreign Investment

By Sherrica Thompson
Staff Writer

#Cuba, August 20, 2022 – For the first time since the Cuban revolution, Cuba has announced plans to allow some foreign investment in domestic trade.

The announcement was made by the Cuban government on Monday, in a bid to dig out of the island’s worst economic crisis in decades.

In speaking during an evening TV Talk Show, Deputy Trade Minister of Cuba, Ana Teresita Gonzalez said foreign investors would be allowed to fully own local wholesalers for the first time or enter the market through joint ventures. She noted that retail would be more restricted, but doors would be opened to some public/private ventures in that sector.

The reforms would allow foreign-owned entities to invest in warehouse and back-end logistics supplying state-run and private businesses.

Gonzalez also said Cuba would “selectively” allow some foreign investors into the retail market, provided the investment contributed to the country’s socialist goals and lowered prices.

Cuba’s Domestic Minister of Trade, Betsy Diaz Velazquez also spoke during the talk show. She said the state would maintain its dominance in retail, but allow for some public/private joint ventures.

“We will prioritize these types of initiatives with foreign investors already in Cuba and allied countries,” she said.

The measures come as Cuba struggles to redefine its largely closed, state-run economy after two years of the COVID-19 pandemic and years of sanctions by America. Recently the country has been faced with rising discontent over long lines for basic goods, fuel shortages and rolling blackouts.