The Cuban regime’s Prime Minister, Manuel Marrero Cruz, recently conveyed to business leaders that Cuba is experiencing a "promising" period for foreign investment.
“This year's edition of the Havana International Fair (FIHAV) has occurred at a particularly beneficial time. This is largely due to the decisions announced by the Cuban government this week,” Marrero Cruz stated during FIHAV’s closing ceremony.
The prime minister elaborated, “These decisions pave the way for tangible opportunities. They aim to expedite the evaluation and approval of business ventures and are designed to expand the space available for foreign capital, promoting more flexible and efficient partnerships with national entities.” This commercial event aims to attract investors to bolster the island's struggling economy.
Marrero Cruz emphasized, “Today, we can confidently say that Cuba presents a refreshed landscape for those willing to invest here,” he declared.
New Economic Measures and Partial Dollarization
Furthermore, Marrero Cruz unveiled that “these will not be the only measures we implement this year. Cuba, through its Government Program, is moving towards a deeper refinement of its economic model, with active participation from both national and international players.”
In a significant announcement last week, the Cuban regime declared that foreign companies will be allowed to operate directly in foreign currency within the country, as part of a new scheme for partial dollarization of the national economy.
This initiative, introduced amid a severe economic crisis exacerbated by the devaluation of the Cuban peso, was presented by Vice Prime Minister and Minister of Foreign Trade and Foreign Investment (MINCEX), Oscar Pérez-Oliva Fraga, during the opening of the 8th Investment Forum at FIHAV 2025.
Pérez-Oliva Fraga explained that this shift is part of “a package of transformations” aimed at drawing foreign capital and easing the operations of foreign investments in Cuba. Currently, this sector comprises over 370 businesses from 40 countries, as reported by the official portal Cubadebate.
“A new differentiated operational framework will be established for foreign investment, allowing operations in both national currency and foreign currency as needed,” Pérez-Oliva Fraga asserted.
This new model seeks to enable foreign enterprises to independently acquire and manage foreign currency income, either through exports or segments of the domestic market that generate hard currency.
The decision, which intensifies the dollarization process of the economy, addresses the systemic crisis of the Cuban peso (CUP) and the increasing need for the regime to secure fresh foreign currency amidst liquidity shortages.
The MINCEX minister also highlighted that companies will have the option to open bank accounts abroad, an option already available under Cuban law but now politically supported as a tool to facilitate international transactions and counteract the effects of the U.S. embargo.
“These transformations are linked to the partial dollarization of the economy and aim to steer foreign investment towards generating external revenue,” Pérez-Oliva emphasized.
While the government attempts to present this opening as an “update of the socialist model,” in reality, it is a desperate strategy to attract dollars in an economically suffocating environment lacking investor confidence.
Understanding Cuba's New Economic Landscape
What is the significance of the new dollarization scheme in Cuba?
The new dollarization scheme allows foreign companies to operate directly in foreign currency within Cuba, aiming to attract foreign investment and address the devaluation of the Cuban peso.
How will foreign companies benefit from the new economic measures in Cuba?
Foreign companies will benefit from the ability to manage and acquire foreign currency income autonomously, which can be advantageous for exports and transactions in segments of the Cuban market generating hard currency.
Why is Cuba implementing these economic changes now?
Cuba is implementing these changes to remedy its severe economic crisis, characterized by a lack of liquidity and confidence from investors, and to modernize its economic model to attract necessary foreign capital.