Raul Castro pushes Cuba to welcome more foreign investment

Economic recession pushes more reforms in Cuba


MIAMI – Venezuela's economic collapse continues to weaken Cuba's economy.

During a parliamentary session on Tuesday, Cuba's top economist asked Cuban government officials to find options to deal with the recession, according to El Pais.  

Economist Ricardo Cabrisas said tourism and remittances are the two engines counterbalancing the reduction of oil coming from Venezuela and a loss of revenue from the sale of medical services. 

President Raul Castro said that although the country should prioritize investment agreements with foreign companies in the energy sector, they will not be moving toward capitalism.

Castro also criticized the "excessive procrastination" and "obsolete mentality" of those in the Cuban government who are opposed to foreign investment. 

The investment won't be coming from the U.S. Under Donald Trump's presidency, Castro will have to deal with the U.S. embargo for at least four more years. 




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