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The Cuban government announced a landmark policy shift on Monday, officially allowing citizens living abroad to invest in and own businesses on the island.
Foreign Trade Minister and Deputy Prime Minister Oscar Perez-Oliva Fraga confirmed that the nation is seeking a “fluid commercial relationship” with U.S.-based companies, as well as with the Cuban diaspora and their descendants.
This move represents a significant departure from long-standing economic restrictions, as the leadership looks for new ways to inject capital into the local market.
This reform arrives as Cuba faces one of its most severe economic crises in decades.
Intense pressure from the United States, including a stringent oil blockade and decades of trade sanctions, has led to widespread food shortages and chronic power outages across the country.
Authorities hope that by welcoming those who have left the island, they will alleviate some of the domestic hardships and stabilise an economy that is currently struggling under increased international pressures.
