A 2026 with new measures for greater foreign exchange incomes

With new policies and incentives aimed at improving foreign exchange earnings, boosting exports, attracting investment, and strengthening its international integration in foreign trade, 2026 began for Cuba.

A series of measures announced last November during the 41st Havana International Fair (FIHAV 2025) are intended to foster a more dynamic business environment by including greater monetary flexibility, simplified procedures, faster processing times, and innovative operating models.

According to Cuban authorities, the sectors of greatest interest for developing foreign investment are food production, tourism (including health tourism), the energy sector (with an emphasis on developing renewable energy sources), hydrocarbon exploration and production, mining, construction, and the improvement and expansion of industrial infrastructure.

Most of these sectors are identified as strategic in the National Economic and Social Development Plan through 2030, as Minister of Economy and Planning Joaquín Alonso Vázquez explained to Cuban deputies last December.

In all cases, attracting foreign investment aims to increase exports and effectively substitute imports, access new technologies, and establish production linkages with the rest of the national economy.

Also considered a key objective is implementing projects in areas with less economic development and aligning them with the potential of these territories, with the support of provincial governments.

As a complement to these measures, an updated Investment Opportunities Portfolio was presented at the 41st Havana International Fair.

This portfolio comprises 426 projects exceeding US$30 billion, distributed across 13 sectors and all provinces of the country.

Changes and Incentives for Foreign Direct Investment During the 8th Investment Forum at Fihav 2025, Oscar Pérez-Oliva Fraga, Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment (Mincex by its Spanish acronym), mentioned among the changes and incentives a differentiated scheme that will allow foreign companies to operate, according to their needs, in both national currency and foreign exchange.

In terms of operations, they can market their products wholesale to any national economic actor with the capacity to pay, without restrictions.

They will also have unrestricted access to fuel purchases in foreign currency and the option to import it if it is unavailable domestically.

Also, as part of monetary flexibility, more competitive exchange rates will be established for a new investment environment; companies will have access to foreign bank accounts; and, in terms of streamlining procedures, the feasibility study will be replaced by a business plan, the evaluation period will be reduced from 15 to seven days, and "tacit approval" will be implemented.

The Minister of Foreign Trade and Investment (MINCEX) pointed out that, in terms of labor, investors can choose their workforce directly or through an employment agency and pay bonuses in foreign currency to workers involved in the project via bank transfers, provided the company generates external income.

Furthermore, other business models are emerging, such as unrestricted wholesale marketing and the use of underutilized production facilities.

Pérez-Oliva Fraga reaffirmed that Cubans residing abroad have the same rights and opportunities as any foreign investor to conduct business in the country, and that this will be applied with all the new measures without "any kind of difference or obstacle."

Other avenues for achieving higher income to increase and diversify external income, Cuba approved a policy aimed at incentivizing exports of IT services, which authorizes self-financing schemes in foreign currency for selected companies.

A policy aimed at incentivizing exports in the knowledge sector is currently being updated.

In presenting the government's program to correct distortions and revitalize the economy to the National Assembly of People's Power, Prime Minister Manuel Marrero Cruz emphasized that, in addition to the decisions announced at the Havana International Fair, five business directives for real estate projects had been approved, along with regulations to streamline e-commerce with payments from abroad.

A second phase of reorganizing state entities authorized to manage foreign trade for non-state management entities was carried out, leaving 52 companies.

According to the Prime Minister, through November, non-state management entities and individuals imported approximately $2.2 billion, 26% higher than the same period in 2014.

However, total foreign exchange earnings and exports fell short of projections, impacting tourism, which did not receive the expected number of visitors.

Therefore, in 2026, top priority will need to be given to the recovery of tourism services and other traditional export sectors, to increasing revenue from professional services, and to attracting a greater volume of foreign investment, remittances, and external financing.

Consequently, it is essential to develop new export sectors, add value to existing ones, and promote exports based on knowledge and high technology.