Cuba to Make Major Free Market Reforms to Revive Tourism

In a historic move, the Cuban government will roll out significant free market reforms amid what has been a challenging year for the country’s tourism and entire economy.

The sweeping package of 176 reforms is aimed at reviving tourism, according to a press release from The Cuba Tourist Board in Canada. Notably, they include allowing 100% foreign ownership of new tourism projects and direct supply chain control, among many other big changes to how the island’s economy runs.

“We are excited to be part of this extraordinary chapter” said Gihana Galindo, director of the Cuba Tourist Board in Toronto. “These reforms mark a milestone that allows our industry to be more sustainable, autonomous, and resilient.”    

The reforms come after the country has faced severe power outages this year, as well as mounting economic pressure from the U.S. and E.U., that have crippled the tourism sector. Due to restrictions placed by U.S. President Donald Trump, hoteliers such as Meliá International recently decided to limit or cease operations of properties in Cuba.

Further details of Cuba’s emergency economic package have not yet been released to the public, according to AP News. However, according to the Cuba Tourist Board, they involve allowing more private ownership of hotels and excursions, establishing digital global banking integrations, and unlocking capital in previously restricted state zones like Old Havana, Trinidad, and Los Cayos. The plan would ultimately create more opportunity for private business and global imports and exports, even allowing the establishment of fast-food chains on the island, according to PBS News.