Cuba opens door to U.S. private enterprise as economy struggles

MIAMI — An economically desperate Cuba is looking to bring money to the island by opening it up to U.S. private enterprise. But Cuba’s minister of foreign trade says, don’t call it capitalism.

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“This past year has been very complex and we know the reason,” said Oscar Perez-Oliva, Cuba’s minister of foreign trade and investment. “The unprecedented tightening of the US blockade and the executive orders.”

“It’s got shock value,” said John Kavulich, president of the nonpartisan, nonprofit U.S.-Cuba Trade and Economic Council.

Kavulich points to policies and statutes already in place, but says actual action — if the past is a guide — may be a long time coming.

“I’ll give you an example,” Kavulich said. “In 2022, the Biden-Harris administration authorized the first direct investment into a Cuban private company and first direct financing for a Cuban private company.”

“That was May of 2022. We are still waiting for the regulations to allow that,” he added.

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The new announcement follows reforms announced last month allowing Cuban citizens to open gas stations and pharmacies for the first time — sectors that had been controlled by the government.

Since January, Cuba has made more economic openings in its communist history, approving 176, as the U.S. capture of Venezuela’s Nicolas Maduro ended Cuba’s main source of oil and U.S. sanctions crippled the economy to crisis levels.

“Now they’re trying to couch it that, well, we’re just expanding the definition of the revolution or this is within Fidel’s, you know — Fidel would have done the same thing,” Kavulich said. “No, I’m sorry, he wouldn’t have.”

Asked what Fidel Castro would have done, Kavulich said: “Well, he would have made a deal with President Trump a long time ago. Cuba would not have gotten to this stage.”

Cuba’s minister of foreign trade says the new reforms will go into effect on Wednesday.

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