The Biden administration has announced new measures aimed at supporting the expansion of free enterprise in Cuba. These measures include providing Cuban businessmen with conditional access to US banking services and online payment platforms, allowing them to conduct transactions and open bank accounts in the United States.
The move comes after President Biden pledged in May 2022 to support the growth of the private sector in Cuba by backing independent Cuban entrepreneurs. The measures announced on Tuesday align with this goal, marking a step towards empowering small and medium-sized private companies on the island.
Despite being mired in an economic crisis, Cuba has seen a resurgence of the private sector with the reauthorization of small and medium-sized companies with up to 100 employees. This shift towards private enterprise has led to the emergence of independent business leaders in Cuban society. US officials noted that this growth has had a significant impact on Cuban culture and that the communist government is now reliant on the private sector for providing essential services to its people.
The measures announced exclude Cuban officials, military personnel, and individuals close to the government from accessing US banking services, ensuring that they do not benefit the Cuban government. The announcement comes shortly after President Biden removed Cuba from its list of countries that do not cooperate in counterterrorism efforts, emphasizing that the US and Cuba have resumed cooperation on law enforcement issues, including counterterrorism.
While tensions between the two countries remain high, some progress has been made in improving relations between them. President Trump placed Cuba on the terrorism blacklist in 2021, but President Biden reversed this decision earlier this year as part of a broader effort to improve relations between Washington and Havana. The measures announced on Tuesday represent another step towards promoting economic development in Cuba through private enterprise.
In conclusion, these new measures by President Biden’s administration are intended to support economic development in Cuba through private enterprise while maintaining strict security protocols for preventing any potential harm or risk associated with such activity.
