Asphyxiated by the U.S. blockade, Cuba launched a historic pro-market turn: it opens to foreign capital and dismantles public companies

Facing economic pressure from the U.S. blockade, Cuba has embarked on a historic pro-market pivot, opening its economy to foreign investment and dismantling state-controlled enterprises. Prime Minister Manuel Marrero unveiled 176 reform proposals slated for approval by the National Assembly, signaling a substantial departure from traditional economic policies.

The reforms are designed to attract much-needed capital and stimulate growth across critical sectors. Agriculture, tourism, banking, and the foreign exchange market are among the key areas now accessible to private investment, a move intended to boost efficiency and competitiveness.

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Prime minister Manuel Marrero announced 176 proposals of reforms that must be approved by the National Assembly.

This strategic opening represents a significant adjustment for the island nation, aiming to modernize its economy and improve living standards amidst persistent external challenges. The success of these reforms will likely depend on their implementation and the broader economic climate.

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Agriculture, tourism, the banking sector and the currency market are now open to private investment, among other changes.