If implemented, the change would mark a significant departure from decades of restrictions that largely barred Cubans abroad from directly investing in businesses on the island. Cuba’s government has historically maintained tight control over the economy, with most industries operated by the state since the 1959 revolution.

Fraga said the U.S. has implemented a “blockade” and “policy of hostility” against Cuba, which has hindered economic growth on the island.

“The blockade deprives us of access to financing, access to technology, access to markets, and in recent years, it has specifically been aimed at depriving our country of access to fuel,” Fraga said.

The possible reform comes as Cuba increasingly looks to the private sector to stabilize the economy. Fraga said he is trying to create a “dynamic business environment” by reviving mining and tourism and updating the country’s power grid.

In recent years, the government has gradually permitted small private businesses and, earlier this month, approved rules allowing public-private enterprises for the first time in nearly 70 years.

Cuba’s economy has been battered by a combination of factors, including declining tourism, power shortages, and reduced oil shipments from allies such as Venezuela. The island has experienced frequent blackouts and shortages of fuel, food, and medicine, fueling economic pressure on the government.

The proposed shift comes amid heightened tensions with Washington under President Donald Trump.

The Trump administration has tightened sanctions and other restrictions on Cuba, including travel limits and additional economic pressure tied to allegations that Havana supports terrorism, and refused to cooperate on law enforcement matters.

Trump has repeatedly suggested Cuba’s economic crisis could force major political or economic concessions. In recent remarks, he said the island is in severe financial distress and suggested the U.S. could eventually see a “friendly takeover” of the country as officials engage in discussions with Cuban leaders.

OPINION: CUBA’S CRISIS IS CLOSER, AND MORE DANGEROUS, THAN WASHINGTON THINKS

Those comments come as officials from both countries have confirmed talks aimed at easing tensions and addressing Cuba’s worsening economic situation, though major disagreements remain over sanctions and political reforms.

Even if Cuba moves forward with allowing diaspora investment, U.S. sanctions could complicate the effort. The U.S. has maintained a sweeping economic embargo against Cuba since 1960, restricting most financial transactions and trade between the two countries.