The event, the first of its kind in over a decade, will "redefine the direction of the local economy" and "make fundamental decisions to update the economic model," Castro said alongside Venezuelan President Hugo Chavez at a ceremony here celebrating their countries' bilateral cooperation.

Later next year, the PCC will hold a national conference "to discuss other matters of internal importance to the organization," added Castro, second secretary of the PCC, which is chaired by Fidel Castro.

Initially, the PCC congress had taken place every five years to design economic and social strategies for the party and the nation. However, the last session was in October 1997, after which the ruling party decided to postpone the next congress without public explanation.

Cuba has suffered deep financial woes in recent years, and is trying various measures to "update" its economy, such as eliminating 50-year-old subsidies and gratuities, encouraging self-employment and small private businesses, and relocating part of its workforce for "better use."