Havana: Cuba plans to allow citizens living abroad, including in the US, to invest in the country, a senior official told NBC News, amid pressure from US President Donald Trump's administration.

According to Anadolu Agency, Cuban Deputy Prime Minister Oscar Perez-Oliva Fraga stated in an interview in Havana that Cuba is open to having a fluid commercial relationship with US companies and also with Cubans and their descendants residing in the US. Fraga, who is also Cuba's minister of foreign trade and investment, emphasized that this policy is not limited to the commercial sphere but extends to investments, including large investments in infrastructure.

Fraga mentioned that the policy would be officially announced on Monday night. This decision marks a significant change from decades of a largely state-controlled economy where private businesses faced stringent restrictions until 2021. The shift comes at a time when Cuba is dealing with challenges such as a failing energy grid and ongoing protests. Additionally, US threats to impose tariffs on countries supplying oil have exacerbated fuel shortages in Cuba.

President Trump has expressed strong opinions regarding Cuba, describing it as a "failed nation" and suggesting that he anticipates a "friendly takeover." Despite these developments, US sanctions continue to pose challenges for US nationals wishing to invest or conduct business in Cuba without government approval, and they also restrict transactions with companies linked to Cuba's military or intelligence services.