The Cuban government presented a set of decisions aimed at creating a "more dynamic business environment" for foreign investment, as part of the government's program to correct distortions and boost the economy.
The measures, which will soon be reflected in new regulations, include greater monetary flexibility, simplification of procedures, streamlining of deadlines, and new operating modalities, with the aim of increasing domestic production and foreign income.
At the 8th Investment Forum, held as part of the 41st Havana International Fair, Oscar Pérez-Oliva Fraga, Deputy Prime Minister and Minister of Foreign Trade and Investment, stated that in the context of the implementation of the government's program for macroeconomic stabilization, the Cuban authorities reaffirm their commitment to foreign investment as a "fundamental component of their economic and social development."
The stated objective is for all forms of economic management—state, foreign investment, and non-state actors—to function "harmoniously" and be directed toward national development goals.
In the country's current business landscape, there are 376 businesses with foreign capital from 40 countries. In 2025, despite the intensified blockade, 32 new businesses have been approved with a committed capital of $2.1 billion.
MAIN MEASURES
Monetary and Operational Flexibility:
Dual currency: A scheme will be established that will allow investors to operate flexibly in national currency and foreign currency, according to their needs.
Focus on foreign currency: Foreign investment will be encouraged to focus its efforts on obtaining foreign income, either through exports or by selling to segments of the national economy that pay in foreign currency.
Foreign currency rates: In some sectors, foreign currency rates will be established for goods and services, with a "more competitive and more realistic" approach.
Foreign accounts: The possibility for companies to establish bank accounts abroad to facilitate their operations and mitigate the effects of the blockade is confirmed.
Simplification and streamlining of procedures and processes:
Business plan vs. Feasibility study: The requirement to submit a feasibility study is eliminated and replaced by the submission of a business plan, the latter being a projection of the investor's expectations for the investment proposal.
Reduction of deadlines: The time for evaluation of a business by the corresponding Commission is reduced from 15 to seven days.
Positive silence: If a state agency does not respond within the specified period, the criterion of "positive silence" will apply, i.e., it will be considered approved.
Documentary flexibility: The required constitutive documents are simplified, keeping only the essential ones.
Appraisals validation: This is extended to more than one year, streamlining the process of transferring rights.
New investment and operating modalities
Leasing of hotel facilities: Foreign companies that win a tender to lease a hotel will automatically be established as a wholly foreign-owned company, streamlining their start-up.
Reactivation of idle assets: Investors are offered the option of taking underutilized national assets (production facilities, areas) to invest, operate, and earn profits, with future reversion to the State.
Wholesale trade: It is confirmed that any foreign investment can market its products and services wholesale to any national economic actor with payment capacity, without restrictions.
Access to fuel: Foreign companies may purchase fuel in foreign currency without plan restrictions. If fuel is not available, they will be allowed to import it directly.
Labor Flexibility and Financial Sector
Hiring: The employer participates in the selection process, but the final hiring decision will be made by the investor, either directly or through the employer.
Bonuses in foreign currency: The possibility of paying bonuses in foreign currency to workers from profits is validated, through bank payments and provided that the company generates external income.
Foreign Capital Banking: The participation of foreign capital in the national banking and financial sector is actively promoted.
Special Zones: The promotion of creating special zones (not necessarily on the scale of Mariel) for specific activities such as real estate or technology parks, with special regimes, is maintained.
New Financial and Real Estate Modalities
Selective Swap Operations: It has been decided to selectively implement swap operations—debt exchanges—with the aim of organizing obligations and obtaining foreign currency income or access to sources of financing.
The Deputy Prime Minister clarified that "swap operations are not just for paying off debt," but must be linked to sustainable businesses that are sure to generate foreign currency income.
Boosting the real estate business: A new model is being promoted in which the foreign party provides the financing to execute the investment in residential projects. These businesses must be self-sustaining in foreign currency and comply with requirements for asset protection, energy efficiency, and the use of renewable energy sources.
STRATEGIC SECTORS: FOOD AND THE KNOWLEDGE ECONOMY
Pérez-Oliva reiterated the priority focus on two key sectors for national development. The first is food production, in which "new, more flexible and simpler business models are being promoted to generate a rapid increase in production."
He highlighted Vietnamese rice production companies as a successful example. The message is clear, he said: "We will value any business that focuses on food production."
He mentioned the knowledge economy as the second key sector. Given the skilled workforce, partnerships are being promoted in sectors such as IT, biotechnology, and the pharmaceutical industry, in which "we have many people in Cuba who are trained and capable of generating knowledge," he said.
Regarding the legal framework, the Deputy Prime Minister emphasized that "none of these proposals contradicts the Constitution of the Republic of Cuba, the Guidelines, or the Conceptualization, and decisions under this framework can be made without any difficulty."
As for Cubans living abroad who wish to invest in their country, he confirmed that "all these issues are tacitly applicable," meaning that Cubans living abroad who wish to invest can do so without any difference or obstacle.
As a complement to the announced flexibility measures, the Minister presented an update on the portfolio of investment opportunities, which consists of 426 projects.
This has a sectoral focus aimed mainly at food production, industry, tourism, and energy, the latter with a specific focus on oil exploration and extraction.
The projects are located in all provinces of the country, with 38 of them arising from local initiatives. From the total portfolio, a group of 83 projects with the highest priority has been selected for their export potential.
SOME CLARIFICATIONS
Yanet Vázquez Valdés, Deputy Minister of Foreign Trade and Foreign Investment, clarified to the press that, in terms of hiring labor, foreign investors will be given the possibility of requesting, on an exceptional and case-by-case basis, the direct hiring of their employees. However, the selection process through state-authorized employment agencies remains the general rule.
She also pointed out that the experience gained this year will serve to define the final framework for the new Foreign Investment Law.
These regulations will create a new legal framework that will allow for partnerships between Cuban state-owned companies and the non-state sector.
This measure will also enhance the possibilities of state-owned enterprises, rescue installed capacities, and combine them with the potential of the private sector, a sector that has begun to grow in recent years and occupies an important place in the business fabric.
With regard to swap operations—debt exchange operations—he explained that, combined with the projection of new businesses and the expansion of those already present in the Cuban economy, it is expected that a solution will be found for the debts accumulated on the island due to the shortage of foreign currency.
Therefore, he specified that a traditional debt swap will not be applied, and clarified that "we will not exchange assets for debt, but rather we are offering the possibility of negotiating with assets, medium- and long-term businesses that contribute to economic growth and, at the same time, allow us to reduce or eliminate debts with some foreign companies."
