Guantanamo.- The discussion centered on the implementation of economic and social transformations in Guantánamo, particularly those related to foreign investment and trade, led by Déborah Rivas Saavedra, Deputy Minister of the Ministry of Foreign Trade and Foreign Investment (MINCEX). This meeting included various provincial officials, business leaders, and representatives from both state and non-state economic sectors.
Among the 176 economic and social measures currently guiding the nation, thematic areas 14 and 15 focus on enhancing foreign capital presence and investment in Cuba’s economy, as well as promoting foreign trade, all aimed at benefiting the population.
In an interview with “Venceremos,” Rivas Saavedra emphasized that while there are specific measures for foreign trade and investment, these activities are integral to the broader transformation efforts.
During the meeting, attendees received a comprehensive overview of newly approved legal regulations, specifically Law 128 and Decree 153 from 2026, which aim to broaden opportunities for foreign investment from both domestic and international sources.
Rivas Saavedra noted that these new regulations offer greater flexibility for Cuban private enterprises, including micro, small, and medium-sized enterprises (MSMEs) and cooperatives, to collaborate with foreign capital and establish joint ventures, a privilege that was previously limited to state-owned enterprises. Additionally, Cubans living abroad now enjoy the same rights as foreign investors.
The recent reforms have significantly broadened the opportunities for foreign investment, encompassing land-use rights for up to 99 years, usufruct rights exceeding 50 years, and the ability to buy and sell residential units, particularly in areas like the historic center of Baracoa.
Furthermore, the procedures and documentation have been simplified, allowing businesses to hire employees directly in accordance with the Labor Code requirements. It is also noteworthy that foreign capital ventures can establish bank accounts abroad, contingent upon notifying the Central Bank of Cuba and the National Tax Administration Office.
The overarching aim is to cultivate substantial partnerships with foreign investors, moving beyond a mere transactional relationship that ends when funds are depleted. At both provincial and municipal levels, it is crucial to recognize that these initiatives are not merely cooperation projects; they are business investments intended to yield profits, promote sustainability, and encourage long-term growth and development.
The discussion addressed various questions and emphasized the advantages of recent reforms, such as the formation of joint ventures, the connections between state-owned enterprises and private MSMEs, and the establishment of economic association agreements that facilitate collaboration without necessitating the creation of new legal entities. The Vice Minister of MINCEX underscored that private enterprises and cooperatives now have new opportunities to participate in foreign trade, enabling them to import and export a diverse array of products directly, bypassing state intermediaries.
It is crucial for Guantánamo and its regions to fully grasp their business potential and explore avenues for growth. This endeavor demands thorough preparation and expertise from entrepreneurs and all stakeholders involved to ensure a holistic approach to organization and effective, timely execution.
Learning through practical experience is vital as we pursue solutions that will aid in revitalizing the national economy and addressing the needs of the populace.
