Socialist Cuba is planning a series of potentially far-reaching changes, with a new constitution set to recognize the free market and private property, while dividing political powers between a president and a prime minister, reports AFP from Havana.

In a reform of the island nation’s 1976 constitution expected to be quickly approved, the fundamental means of production will remain under central control, but foreign investment will be recognized as an important spur to development, according to details of the document published Saturday by the official newspaper Granma.