Cuba has announced new details of its plans to open up key sectors of its state-run economy to private industry amid Washington’s campaign of maximum pressure aiming to force an economic transformation on the communist-run island.

Economic Reforms

Economic changes including easing restrictions on land use, allowing businesses to import fuel and medications, and authorizing private tourist companies to operate on the island were discussed by Cuban lawmakers at a two-day National Assembly that concluded on Thursday.

Cuban President Miguel Diaz-Canel said the reforms were not being implemented to please the U.S. and key sectors of the economy would not be privatized. “We are not going to implement predatory capitalism or carry out a massive privatization of national assets, as some fear,” he said in a speech on Thursday afternoon.

Cuba had authorized the first foreign investment venture to import and sell fuel, and nearly 200 Cuban businesses have already received permission to engage in wholesale fuel distribution on the island, Prime Minister Manuel Marrero Cruz said during the National Assembly on Wednesday.

Changes to Agriculture and Tourism

Lawmakers on Wednesday approved a new agriculture law to streamline the procedures for granting the right to use state-owned land. The new framework would apply both to Cubans and foreigners, as well as private Cuban businesses.

Cuba’s tourism sector has been devastated by the departure of international hotel giants following the hardening of U.S. sanctions, as well as the cancellation of flight routes sparked by the fuel shortages. Lawmakers approved 10 measures aimed at stimulating private investment, including easing restrictions for private tour companies, car rental businesses and eco-tourism ventures.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.