LatinNews Daily - 26 November 2025

*Cuba’s foreign trade and investment (Mincex) minister, Oscar Pérez-Oliva Fraga, has revealed plans to “dynamise foreign investment” as Cuba continues to face a crippling economic crisis – most recently exacerbated by the passage of Hurricane Melissa which struck the region last month. Addressing a business forum in Havana, Pérez-Oliva Fraga said that these plans, which will “soon materialise in new regulations”, are aimed at “expanding operational capacities and simplifying procedures.” He said that these changes primarily consist of establishing a new “differentiated operational scheme for foreign investment, which will be able to operate, according to [investors'] needs, in both national currency and foreign exchange”. Among other changes, he revealed plans to allow investors to pay employees in dollars and directly hire them, while foreign businesses will be able to directly import their own fuel when necessary – an allusion to the ongoing energy crisis which continues to afflict the island. Announcing the planned overhaul of regulations, Pérez-Oliva Fraga claimed nonetheless that this year, 32 new businesses from 13 countries have been approved and have committed capital totalling US$1.1bn. He said that the island currently has 376 businesses with foreign capital from 40 countries. In July this year the economy ministry released new figures showing Cuba’s GDP contracted 1.1% in 2024, far short of the 2% growth target included in the government plan. Meanwhile, according to the figures, Cuba’s GDP has contracted 11% over the last five years.

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