Óscar Pérez-Oliva Fraga, Cuba's vice prime minister and minister of Foreign Trade and Foreign Investment, has dismissed claims that the Cuban government is replicating the economic models of China or Vietnam. While he acknowledged that the experiences of these countries have been reviewed, he admitted that the reforms being implemented in Cuba will need adjustments as they progress.
His remarks were made during an interview with journalist Juan Carlos López from CNN, and excerpts of this conversation were shared by the Ministry of Foreign Trade and Foreign Investment (MINCEX) on Saturday. This comes amid discussions surrounding the 176 economic measures approved by the National Assembly at the end of June.
When questioned about whether Cuba is moving towards a model akin to China's, Pérez-Oliva Fraga stated, "It is not the model of any particular country."
He elaborated, "We cannot deny that we have studied the experiences of other countries, like China and Vietnam; there are successful experiences where certain aspects had to be rectified."
Economic Transformation and Flexibility
The official clarified that the economic transformation process being undertaken by the government is not designed to be inflexible. He acknowledged that changes will be necessary as its implementation progresses.
He emphasized, "We are embarking on a path of multidimensional transformations. Undoubtedly, this is a path where some errors will need to be corrected; where results are positive, we will expand the possibilities."
Refuting a Shift to Capitalism
During the interview, Pérez-Oliva Fraga also dismissed interpretations suggesting that the reforms signify an abandonment of the socialist model.
"There is talk that Cuba is returning to capitalism, that subsidies are being removed, that people are left unprotected, and precisely what we are seeking is quite the opposite," he asserted.
The vice prime minister did acknowledge, however, that one of the biggest challenges will be changing the mindset of a population accustomed to decades of universal subsidies.
He believes that this cultural shift is "the most complex" aspect of the process, though he expressed confidence that both citizens within the island and the Cuban community abroad will understand the necessity of these transformations.
Economic Challenges and External Opinions
His statements contrast with the views of several analysts consulted by CNN.
Political analyst José Azel argued that the reforms are unlikely to attract foreign capital unless the government provides greater legal assurances to investors.
"Cuba needs foreign investments, capital, and that capital simply will not materialize without much stronger guarantees than those currently offered by the Cuban government," Azel stated.
Similarly, economist Pedro Monreal warned in May that Cuba missed the opportunity to undergo a transformation similar to China or Vietnam, due to the lack of essential conditions such as a solid property rights framework, currency availability, and international integration.
Cuba's Economic Struggles
Pérez-Oliva Fraga's remarks come amid a severe economic crisis.
During the interview, he acknowledged the country's challenges in securing energy supplies.
"It is well known that our country is receiving fuel in containers; this is an unsustainable supply system for an economy," he stated.
While the government attempts to advance its reform program and attract foreign investment—including recent presentations to Chinese businessmen in Yangzhou—pressure from the United States continues.
On June 23, the Trump administration expanded sanctions against five entities linked to the military conglomerate GAESA. Concurrently, the State Department described Cuba's economic reforms as "modest, long-awaited, and ultimately superficial smoke signals," arguing that they do not address the island's structural economic issues.
Understanding Cuba's Economic Reforms
What economic model is Cuba pursuing with its reforms?
Cuba is not pursuing the economic model of any specific country. While it has studied the experiences of countries like China and Vietnam, the Cuban government is focusing on a unique path of multidimensional transformations.
How does the Cuban government view its economic reforms?
The Cuban government views its economic reforms as a flexible process, requiring adjustments as implementation progresses. They emphasize that these changes are not a move toward capitalism but rather a continuation of the socialist model with necessary updates.
What challenges does Cuba face in attracting foreign investment?
Cuba faces challenges in attracting foreign investment due to insufficient legal guarantees for investors. Analysts suggest that stronger legal frameworks are necessary to secure foreign capital.