The announcements made by the Government of Cuba regarding foreign investment and in the recognition of the economic role of Cubans residing abroad, they undoubtedly represent a step in the right direction.
Those of us who have advocated for years for this recognition—and for the full integration of the diaspora into the economic life of the country—see these measures as an important and long-awaited gesture. Although they are still insufficient, they open a door that remained closed for decades.
It is positive that the aim is to simplify procedures, grant greater autonomy in the hiring of the workforce, allow bonuses in foreign currency, facilitate access to critical inputs such as fuel and establish more agile and predictable deadlines for the approval of projects. In theory, these changes could favor a more dynamic, efficient and less bureaucratic environment for those who wish to invest and operate in Cuba.
But the true impact of these measures will depend on how they are implemented. Experience has taught us that many promising reforms have remained on paper due to a lack of coherence between what was announced and what was executed.
The country needs to move towards a stable, transparent and predictable regulatory framework that offers legal security and real confidence to investors, entrepreneurs and international partners. Without these fundamental guarantees, no change can be consolidated in a sustainable way.
I am also concerned that structural obstacles remain that continue to limit confidence in the investment climate. Cuba must eliminate excessive bureaucratic processes that delay, distort or make any initiative more expensive. But in addition, it is essential to confront corruption, nepotism and favoritism head-on, practices that generate inequality, uncertainty and a perception of arbitrariness. Equality of rules and opportunities must be a basic principle of any development model.
In this sense, the country needs to move towards greater operational and management independence of companies with respect to state agencies, allowing them to make decisions based on technical, commercial and efficiency criteria, and not on administrative restrictions or sectoral interests. A modern economy requires companies with real autonomy, capacity for innovation, competition and direct responsibility for their results.
The Cuban private sector—particularly MSMEs—has proven to be a resilient, dynamic and surprisingly successful actor, even working under adverse conditions and facing significant obstacles. Despite lack of access to inputs, regulatory instability, financial constraints, and numerous operational challenges, this sector has grown, innovated, and sustained thousands of families.
If they were provided with favorable conditions, clear rules and a truly conducive environment for their development, it would be impossible to predict the scope and positive impact they could achieve on the national economy. Its potential is immense and, until today, it has barely begun to be explored.
In this context, it is essential to recognize that the Cuban diaspora—due to its investment capacity, its business experience, its access to international markets and its emotional bond with the Island—can become the most important economic actor in the short and medium term in the transformation of the Cuban private sector.
Cubans abroad already support, finance and energize a good part of the current MSMEs, and their participation will grow as clearer and safer spaces exist. No other actor combines capital, knowledge, commitment and a natural interest in the well-being of the country like our diaspora does.
Fully integrating the diaspora is not a political gesture, it is an urgent economic need. Its capital, its global network and its modern vision can become an essential engine of reactivation if the right conditions are created.
Likewise, economic progress will depend on the creation of a solid legal framework that protects investments, guarantees contracts, establishes reliable dispute resolution mechanisms and allows operating with a functional and stable financial system.
International investors, local entrepreneurs and the diaspora need clear guarantees that their projects and capital will be protected and respected.
In short, I welcome this first step. It is positive, necessary and hopeful. But there is still a long way to go for Cuba to achieve a modern, competitive investment environment aligned with international standards. What happens now—implementation, coherence, and political will to transform the economic structure—will define the true scope and sustainability of these announcements.
