Havana, Cuba: Cuba unveiled a fresh batch of regulations on Thursday aimed at attracting foreign investment, trade and tourism as the Caribbean island continues to adopt market-oriented reforms amid US pressure and a deepening economic crisis.
The country's Gaceta, or national registry, published 34 pages of new rules and amendments that, at least on paper, make the island's white-sand beaches, workforce and real estate more accessible to foreign and domestic investors.
Scepticism and uncertainty, however, continue to prevail on an island grappling with increasingly stringent US sanctions, prolonged blackouts and an opaque government that has, until recently, resisted market reforms.
Foreign Trade Minister Oscar Perez-Oliva Fraga acknowledged the difficult conditions and challenging environment for attracting foreign investment, but said the new rules would help chart a new course.
The regulatory changes follow a historic package of 174 reforms announced in June, widely seen as the single largest shift in Cuba's socialist economic model since former leader Fidel Castro's 1959 revolution.
Under the latest measures, private companies will no longer be required to contract workers through state employment agencies. Businesses can now manage hiring and dismissals without state involvement, according to the regulations.
Joint ventures and domestic investors engaged in foreign commerce, who were previously required to obtain government authorisation to open accounts in foreign banks, will now only have to notify Cuban authorities, removing another hurdle for businesses.
Cuba will also allow private businesses to operate travel agencies and self-employed individuals to work as tour guides, marking significant concessions in an industry that was once largely dominated by the Cuban government.
Despite introducing free-market reforms that have been sought by the administration of US President Donald Trump, talks between the two neighbouring countries have stagnated in recent months.