The Cuban government is planning to allow Cuban nationals who live abroad — including in the U.S. — to invest in companies on the island, a top government official told NBC News in an interview that aired Monday, as the country faces economic collapse and immense pressure from the Trump administration.
“Cuba is open to having a fluid commercial relationship with U.S. companies [and] also with Cubans residing in the United States and their descendants,” Deputy Prime Minister Oscar Pérez-Oliva Fraga said in an interview with the outlet. He added that the country is open to “not only small investments, but also large investments, particularly in infrastructure.”
Fraga indicated that the new policy would be announced Monday night.
CBS News has reached out to the White House for comment.
It marks a notable shift for the country, which has had a largely state-controlled economy for decades and heavily restricted residents from starting private businesses until 2021.
The policy change comes as Cuba grapples with a collapsing energy grid and bouts of public protest. The Trump administration threatened steep tariffs earlier this year on any country that ships oil to Cuba, choking off the country’s access to petroleum and leading to fuel shortages.
President Trump and members of his administration have suggested in recent months that the island’s communist regime could fall — after Mr. Trump ordered a U.S. military operation to arrest the leader of Venezuela, another adversarial Latin American country.
Mr. Trump told reporters late Sunday that the U.S. and Cuban governments are talking. Calling Cuba a “failed nation,” the president said Cuba “wants to make a deal, and I think we will pretty soon either make a deal or do whatever we have to do.” He also said that “something will happen with Cuba pretty quickly,” though he said he wants to deal with the war with Iran first.
Last month, the U.S. president said a “friendly takeover” of Cuba was possible.
Asked Monday about his plans for Cuba, the president said: “Whether I free it, take it, I think I could do anything I want with it, [if] you want to know the truth.”
It’s unclear how much foreign investment would be drawn to the island. Cuba is under intense U.S. sanctions that make it difficult for Americans to invest in Cuba or do business with the country without U.S. government permission, with some exceptions. The U.S. State Department also bans direct financial transactions with a litany of companies that it deems to be affiliated with Cuba’s military or intelligence services.
Fraga said the U.S.’s restrictions on commerce with Cuba are “undoubtedly an element that affects the development of these transformations.”
Andy Gomez, a professor of Cuban studies at the University of Miami, told CBS Miami that the risks of foreign investors in Cuba may outweigh the benefits.
“To invest in Cuba and be assured that you’re going to be able to, for the companies, be able to keep most of your earnings, that’s not very clear,” he said.