

Cuba plans to allow some foreign investment in local wholesale and retail trade for the first time since Fidel Castro’s 1959 revolution, the government said late on Monday, in a bid to dig out of the island nation’s worst economic crisis in decades.
Deputy Trade Minister Ana Teresita Gonzalez said on an evening TV talk show that foreign investors would be allowed to fully own local wholesalers for the first time or enter the market through joint ventures. Retail would be more restricted but she opened the door to some public/private ventures in that sector as well.
The reforms would allow foreign-owned entities to invest in warehouse and back-end logistics operations supplying state-run and private businesses, for example, supporting the country’s effort to improve efficiency in its notoriously unproductive retail sector.
Gonzalez also said Cuba would “selectively” allow some foreign investors into the retail market, provided the investment contributed to the country’s socialist goals and lowered prices.
Domestic Trade Minister Betsy Diaz Velazquez said on the same talk show that the state would maintain its dominance in retail, but allow for some public/private joint ventures.
“We will prioritize these types of initiatives with foreign investors already in Cuba and allied countries,” she said.
The incremental measures come as Cuba struggles to redefine its largely closed, state-run economy after two years of pandemic woes and blanket U.S. sanctions that have stymied recovery.
Rising discontent over long lines for basic goods, fuel shortages and rolling blackouts have prompted Communist party officials to fast-track long-delayed plans to reform the Soviet-style state-run economy.
Both officials said Monday evening the goal was to get more raw materials and goods into the hands of producers and consumers on the island – but economists and business people consulted by Reuters said the measures would likely fall short.
TYT Newsroom
more recommended stories
Municipal Police officers are being trained to fight extortion in Playa del Carmen
Specialists from Colombia began training elements.
More “adults only” resorts opening along the coast of Quintana Roo
In the last five years, the.
Chinese firm Geely starts making noise in Mexico: These two cars will be launched in November
Chinese brands continue to arrive in.
Food scarcity is becoming a concern on Mexico’s southern border due to a new massive migration wave
The unprecedented new wave of migration.
Strength in labor markets is boosting the economies of Brazil and Mexico
The labor markets in Brazil and.
The U.S. and Mexico initiated a high-level dialogue on economic cooperation
Mexico dominates the diplomatic agenda of.
Road accident in Playa del Carmen leaves 7 dead
In the early hours of Saturday,.
Cartels are recruiting migrants and women as hitmen
In Chihuahua, drug cartels have begun.
In AMLO’s final year of government, his flagship projects advance at full speed
With the goal of completing his.
Lagartos Bar shut down in Merida due to clandestine operation
Six men and two women were.
Great article! I will share it https://www.theyucatantimes.com/2022/08/cuba-to-allow-foreign-investment-in-local-wholesale-and-retail-trade/ in my blog!