Cuba on Tuesday began to gradually emerge from another nationwide blackout, as the government, under strong US pressure, announced the opening of its economy to the Cuban diaspora – a long-standing demand of the exile community in Miami, UNN reports with reference to Bloomberg.
Details
Under new measures announced late Monday, Cubans living abroad will for the first time be allowed to invest and buy stakes in private companies on the island, Foreign Trade and Investment Minister Oscar Perez-Oliva Fraga told the state newspaper Granma.
The new law will also allow expatriates to establish investment banks and other non-bank financial institutions. Perez-Oliva Fraga said the government's priority is to attract investment in Cuba's agricultural sector.
"Cuba's doors are open to investors from the Cuban community living abroad," Perez-Oliva Fraga said. "This is not just about small businesses, but also about the opportunity to participate in key sectors of our development."
Cuba's economy is in crisis, and the country is under strong pressure from the administration of US President Donald Trump. The US president told reporters on Monday that he believes he will soon have the "honor of taking over Cuba," saying he could "free it, take it – I can do whatever I want."
Trump said he could do "whatever he wants" with Cuba16.03.26, 23:39
The precarious situation of the island of 10 million people was demonstrated earlier when it experienced another nationwide blackout, at least the sixth such power outage this year.
On Tuesday morning, Cuba's Ministry of Energy reported the restoration of electricity in the capital Havana and in most of the country from Pinar del Río in the west to Holguín in the east. The resumption of operations of a number of small grids was also announced.
Cuba's energy infrastructure is in a difficult situation due to fuel shortages and the failure of outdated power plants. The US has effectively imposed a fuel blockade since January, and Havana claims that Washington's prolonged economic embargo prevents it from adequately maintaining its energy infrastructure.
It is unclear how much new investment can flow into a country where the state is the main economic player. Much will also depend on the detailed rules that will support the new plan, the publication writes.
It is also unclear whether this will help appease Washington. Cuba first confirmed last week that talks between the two sides are ongoing. And on Monday, the New York Times reported that the US told Cubans that President Miguel Díaz-Canel must leave office before any progress can be made.
Trump demands immediate resignation of Cuban President Diaz-Canel - NYT17.03.26, 11:24
Although the island has expressed its readiness for negotiations, Havana insists that its economy and political system are not up for discussion.
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US officials communicate primarily with Raúl Guillermo Rodríguez Castro, the grandson of Raúl Castro – the 94-year-old former president of Cuba and brother of the late revolutionary leader Fidel Castro. Perez-Oliva Fraga, Castro's nephew, who also serves as deputy prime minister, is becoming another key figure in the Cuban leadership, the publication notes.