Cuba is Willing to Expanding Foreign Investment Opportunities

Havana, Nov 7 (ACN) Cuban deputy Premier and Foreign Trade and Investment Minister Ricardo Cabrisas affirmed his government’s willingness to diversify and expand the current portfolio of opportunities for foreign investment.

Speaking before Cuban and foreign entrepreneurs and diplomats at the 6th Investment Forum underway at Havana’s International Trade Fair, Minister Cabrisas said that the forum aims at promoting the best experiences and policies in the field by panel sessions on Cuban exports, industrial capabilities with potential for foreign participation as well as the performance of the Mariel Special Development Zone, in western Cuba.

Meanwhile, general director for Foreign Investment Carlos Luis Jorge referred to the complex scenario facing Cuban economy in which foreign business people have also operated under the impact by the US economic, commercial and financial blockade against the island nation.

Jorge explained for instance that some business deals could not be signed during the fair due to difficulties faced with money transfers. He said the Cuban state prioritizes foreign investment due to its effect on diversifying and expanding export markets, access to advanced technology, replacement of imports, the access to financing and the creation of jobs.

The official said that the approval this year of 33 businesses with foreign capital, five less than in 2018 though, proves the ongoing recovery of the sector despite the difficult economic scenario and also the trust by foreign investors in the Cuban market.

Some 334 businesses based on foreign capital are operating in key economic sectors, whose managers come from over 40 countries, Jorge said and went on to announce that the updated portfolio of foreign investment opportunities offers 729 projects, with 139 of them proposed by municipal governments.

Most projects are related to food production in most economic sectors, though the major interest targets exports, the recovery of the local sugar industry, renewable sources, tourism, pharmaceuticals, telecommunications and the so-called intensive knowledge industries.
Havana’s International Trade Fair opened Monday with the participation of over 800 companies from more than 60 nations of the world.