Among the proposals, presented at the Third Extraordinary Session of the National Assembly of People’s Power, is the creation of joint ventures and international economic association contracts with foreign capital.

  It is also anticipated that businesses with foreign capital will be able to open foreign bank accounts without authorization, after notifying the Central Bank of Cuba and the National Tax Administration Office.

  The reforms include eliminating the mandatory use of employer entities for hiring personnel, reducing processing times and documentation requirements for approvals, and implementing the principle of tacit approval for issuing licenses.

  In the area of ​​foreign trade, the proposal aims to promote exports through the decentralization of powers, differentiated incentives, and productive integration with foreign capital, as well as allowing private companies and cooperatives to directly engage in foreign trade activities.

  It is also planned to expand the scope of partial dollarization of the economy in intercompany and commercial transactions.

  In presenting these proposals, the Prime Minister emphasized that these measures do not constitute “a capitulation, but rather the sovereign exercise of adapting development instruments to the specific circumstances facing the country.”

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