Cuba unveils rules to attract foreign investment and tourism

  • Cuba published regulations expanding access for foreign and domestic investors.
  • The national registry issued 34 pages of rules and legal changes.
  • Private firms can hire workers directly and operate travel agencies under the changes.

Cuba published 34 pages of regulations designed to attract foreign investment, trade and tourism as it pursues free-market reforms amid U.S. sanctions, prolonged blackouts and a severe economic crisis. The measures make beaches, labor and real estate more accessible to foreign and domestic investors, remove state employment-agency involvement from private-sector hiring and firing, and ease banking notification rules for joint ventures and domestic businesses engaged in foreign commerce. Private companies may now operate travel agencies, while self-employed people may work as tour guides. Foreign Commerce Minister Oscar Pérez-Oliva Fraga said the changes would simplify procedures, reduce delays and bureaucracy, and make companies more efficient. The package follows 176 reforms announced in June, described as the largest change to Cuba’s socialist model since former leader Fidel Castro’s 1959 revolution, even as talks with the United States have stagnated.

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Cuba unveils rules to attract foreign investment and tourism - CoinPost Terminal