Cuba Was ‘Cold’ Towards Foreign Businesses, But Now…

Long after Fidel Castro’s 1959 revolution, Cuba is now welcoming foreign investors into its homegrown trade.

Over the most recent two years, the absence of tourism, US economic sanctions and the pandemic-prompted downturn have driven Cuba into perhaps, one of the most awful crisis in many years. In Cuba, semi-empty retail stores and shortages of common necessities such as gasoline and flour have become even more frequent.

Now, private companies from overseas will be allowed to operate fully owned local wholesale businesses or enter the market via joint ventures. Direct retail businesses will be open only to public/private ventures.

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According to Cuba’s foreign ministry, they have not yet taken full advantage of the benefits of foreign investment in the domestic trade. The country’s goal was to get more raw materials and goods to the producers and consumers.

As per Cuba’s foreign ministry, they have not yet made the most of the benefits of foreign interest in the homegrown trade. The country’s objective was to get more raw materials and merchandise to the producers and buyers.

Notwithstanding, they will promote the sale of commodities, equipment and other goods that will be used in the domestic production of final goods such as food, cleaning products and power installations.

The measures aim at filling store shelves to mitigate public disaffection. “The growing dissatisfaction because of the long lines to get basic products, the shortage of gasoline and the constant power failures pressured the Communist Party officials to move forward with the reform of a state-run economy.

In a separate measure, the Cuban government has floated the possibility of selling US dollars to private citizens again—something that has been forbidden in the last year. The ultimate goal would be to establish a currency market in the country.

A few economists say the investment incentives are close to nothing and excessively obscure to draw in much premium from huge international financial backers. Furthermore, such investments will not restock those unfilled retail retires for the time being.

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