Cuba's President Unveils Economic Overhaul to Counter US Sanctions
Speaking at a private news conference, Diaz-Canel outlined a path forward in response to what he characterized as a "totally aggressive policy by the United States government," with measures including incentives for private enterprise, expanded foreign investment, and the adoption of renewable energy technologies.
"I believe that is precisely what we need to discuss: How we are going to overcome these challenges and how we are already overcoming them? The United States cannot forgive the fact that, after all the maximum pressure it has exerted, the revolution still exists and the country continues to function. They themselves do not believe the narrative they constantly repeat about Cuba being a failed state," said the leader of the Communist Party and president.
Central to the agenda is a shift away from the country's centrally planned economic model — a cornerstone of the Cuban Revolution's legacy. The first step, Diaz-Canel said, will be granting greater autonomous authority to municipalities.
"Municipalities should have the authority to import and export and not depend on central plans. Municipal governments should be able to manage foreign-currency revenues and promote and oversee foreign direct investment within their territories in line with local interests," he said.
The reforms would also open the door wider to foreign private actors, including Cubans living abroad. "Encouraging foreign direct investment requires granting land-use rights, removing obstacles, improving the use of bank accounts, shortening approval timelines, and ensuring faster responses throughout the investment process. We have also discussed two specific forms of investment in Cuba: that of residents abroad and that of Cubans living overseas, so that under equal conditions they can participate as economic actors alongside foreign direct investment and state-owned enterprises," Diaz-Canel said.
On energy, Diaz-Canel said Cuba would intensify its push toward renewables and seek foreign suppliers of photovoltaic systems for state institutions, households, and private businesses.
"We continue to promote the use of renewable energy sources in every area and every sector. We are seeking to attract as many foreign companies as possible that can offer photovoltaic systems in the domestic market to state institutions, the population and non-state businesses. We want to multiply the opportunities available to us so that we become increasingly less dependent on electricity generation based on fuel, especially fossil fuels," he said.
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