Mexican President Claudia Sheinbaum declared on Friday that Mexican businesses interested in investing in Cuba will receive support from the Ministry of Foreign Affairs to establish institutional connections with the island. This announcement was made during her morning press briefing at the National Palace.
Her remarks followed a day after Cuba's National Assembly of People's Power approved a series of 176 economic and social reforms. These were presented by Prime Minister Manuel Marrero Cruz and endorsed by President Miguel Díaz-Canel.
Private Sector Investment Urged
Sheinbaum hailed these reforms as a "significant change" and emphasized that the initiative to invest lies with the private sector, not the Mexican government: "It would have to be Mexican entrepreneurs," she stated.
The president highlighted that the measures approved by the Cuban regime include reaching out to those who left the island, encouraging them to engage in its economy: "They are calling for investments even from Cubans who left the island long ago," she remarked.
Facilitating Business Opportunities
For those interested in exploring business opportunities in Cuba, Sheinbaum outlined a specific pathway: "Mexican entrepreneurs who decide to invest in Cuba can approach the Foreign Ministry if they wish to establish any special connections."
She also urged recognition of the scope of these changes: "It is important to acknowledge what the Cuban government is doing alongside its people," she expressed, reflecting the close diplomatic ties Mexico maintains with Havana under her administration.
Cuba's Largest Structural Shift in Decades
The reforms approved by the Cuban Parliament on Thursday represent the most substantial attempt at structural change in decades. Among the most notable measures are the authorization of foreign direct investment in private companies and cooperatives—previously prohibited; the establishment of private banking for the first time in decades; the elimination of the requirement to hire workers through state entities; and the extension of land rights up to 99 years.
Cuban authorities have presented these measures as a rapid response to a severe economic crisis. The Economic Commission for Latin America and the Caribbean (ECLAC) projects a 6.5% decline in Cuba's GDP by 2026 and a cumulative contraction of 10.3% over the 2025-2026 period, amidst chronic power outages, widespread shortages, and soaring inflation.
Internal Pressures and External Perceptions
Díaz-Canel, however, dismissed claims that the reforms were a result of external pressure, asserting that "Cuba decides with no permission other than that of its people," though analysts and international media suggest that the urgency of the reforms reflects an escalating internal situation.
The legislative process was notably swift: less than a week passed between the June 12 announcement and parliamentary ratification, with an extraordinary plenary session of the Communist Party's Central Committee in between, highlighting the regime's pressure to deliver results to a population on edge.
Understanding Cuba's Economic Reforms
What are the key reforms approved by the Cuban Parliament?
The reforms include allowing foreign direct investment in private enterprises, establishing private banking, eliminating the need to hire workers via state entities, and extending land rights up to 99 years.
Why is Cuba implementing these economic reforms?
Cuba is implementing these reforms as a response to a deep economic crisis, characterized by a projected GDP decline, chronic power outages, widespread shortages, and high inflation.
How quickly were the reforms approved?
The approval process was notably swift, taking less than a week from announcement to parliamentary ratification, including an extraordinary plenary session of the Communist Party's Central Committee.