Cuba Trades with Over 20 Countries in Only three Years

HAVANA, Cuba, May 7 (ACN) Cuba's Foreign Trade and Investment Minister, Rodrigo Malmierca Diaz said on Monday in Havana that in the last three years, the island has approved businesses with companies from over 20 countries. Malmierca made the announcement during the 37th period of sessions of the Economic Commission for Latin America and the Caribbean, (ECLAC/CEPAL in Spanish).

He stressed that the agreements, with investment amounts superior to 4 billion dollars is related with the opening to the world after the approval of the Foreign Investment Law in 2014 including the sectors of energy, tourism industry, agro-food, construction, transportation, mining and oil.

In general, Cuba has expanded and diversified its economy internationally and maintains comercial relations with over 75 countries, said Malmeirca.

However, he recognized that such figures are encouraging, but not enough, as they understand that attracting foreign capital is a slow process.

We are at the disposition of the investors and the companies that are interested in supporting us in their management and can count on the commitment and decision of the Cuban government, he said.

Malmierca's declarations were made during the Foreign Investment Seminar: Business and Sustainable Development Opportunities for Cuba held in Havana as a prelude to the ECLAC event in which the UN Secretary General Antonio Guterres is to assist.

Regarding the importance of the event, Malmierca said it is an excellent opportunity to exchange on foreign investment, and is an important for the region and for Cuba as part of the process in updating the island's economic model.

He added that it will be an opportunity to revise and improve the strategies of attraction of the regional countries; will contribute in closing production gaps; and recognize that the positive effects of foreign investment are not automatic.

Two panels make up the seminar: one by business executives that currently operate on the island who will share their experiences, results and perspectives; the other, by representatives of Government, directives of international institutions and potential investments that will debate on the opportunities and spaces of cooperation.

Cuba is hosting the ECLAC meeting for the first time since the triumph of the Revolution in 1959.