{"id":236028,"date":"2021-03-13T08:40:41","date_gmt":"2021-03-13T13:40:41","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=236028"},"modified":"2021-03-13T08:40:41","modified_gmt":"2021-03-13T13:40:41","slug":"on-cubas-decision-to-promote-investments-by-cubans-residing-abroad","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/on-cubas-decision-to-promote-investments-by-cubans-residing-abroad\/","title":{"rendered":"On Cuba\u2019s decision to promote investments by Cubans residing abroad"},"content":{"rendered":"

According to <\/span>information<\/span><\/a> yet to be confirmed in detail, from the Ministry of Foreign Trade and Investment sources, an important decision has been made for the reform process of the Cuban economy: the opening for investment by Cubans abroad with capital of less than one million dollars.<\/span><\/p>\n

It is true that it is a measure that could have been promoted before\u2014valid for the reform in general\u2014and which we have referred to many times. It is also true, as Pedro Monreal rightly points out in a <\/span>recent text<\/span><\/a>, that all the legislation in force in Cuba referring to foreign investment is designed for larger investments and that if a small investor has to adapt to it, the transaction costs would be disproportionate and consequently both discouraging. It is also true that without the necessary legalization of SMEs, the operation of this measure would be questionable, especially considering that so far the flow of capital for small investments that has come from Cubans abroad has been given through remittances to support family businesses, which, without much legislation in this regard, has worked well and has increased supply and employment. It is also true that there should be a policy that channels these potential resources towards the main pressing needs of the country, especially food production.<\/span><\/p>\n

Cuba to promote investments by Cubans residing abroad<\/a><\/p><\/blockquote>\n