Cuba introduces more market reforms under pressure from the US
Translated from Danish and summarized by DistantNews. Read the original for the full story.
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- Cuba published 34 pages of new rules and legal changes intended to make its workforce and property more accessible to foreign and domestic investors.
- The measures seek to attract investment, trade and tourism as the country faces US sanctions, persistent power outages and a severe economic crisis.
- Foreign Trade Minister Oscar Pérez-Oliva Fraga said the rules would simplify procedures, reduce bureaucracy and help establish a new course for Cuba.
Cuba has published new rules designed to make it easier for foreign and domestic investors to access the island’s workforce and property, as the government pursues market reforms during a severe economic crisis.
The 34 pages of regulations and legal changes were released by Cuba’s national register on Thursday. They are intended to attract foreign investment, trade and tourism to the Caribbean island.
The changes come as Cuba faces increasingly tough US sanctions and continuing power outages. They also mark a further move by a government that had resisted market reforms until recently.
The government is increasing flexibility, simplifying processes, shortening timelines and reducing bureaucracy.
Foreign Trade Minister Oscar Pérez-Oliva Fraga acknowledged that Cuba was going through a difficult period and that attracting foreign investment remained challenging. He said the new rules would help set the country on a new course by increasing flexibility, simplifying procedures, shortening timelines and reducing bureaucracy.
Most importantly, he said, the measures respond to investors’ demand for easier business operations and more efficient companies in Cuba.
Demand from investors to make their business activities in Cuba easier and make their companies more efficient.
About this summary
Originally published by Berlingske in Danish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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