Cuban President Checks Development of Foreign Investment

HAVANA, Cuba, Jun 14 (ACN) Foreign investment is fundamental for the growth and development of the country, we must be audacious and creative in the way we focus it in order to achieve advancing in the projects that we design. Meanwhile, exports is vitally important not only to substitute imports, but also to contribute resources that the country needs for its economic development.

That is how the President of the Council of States and Ministers, Miguel Diaz-Canel Bermudez valued the issue during a recent meeting that examined in a critical manner the advances of the programs and the limitations that impedes a better performance.

The Minister of Foreign Trade and Investment, Rodrigo Malmierca Diaz pointed out that Cuba's exports is concentrated in a few sectors, markets and modalities and the country needs to work in its expansion and diversification.

He explained on the behavior of our main exportable sectors, among them tourism, services, biopharmaceutical products, nickel and cigars.

Malmierca also informed on the actions underway to identify potential exports and its promotion from the country's different territories in order to stimulate and support its capacities.

Quality is key in order to export, said Malmierca during the meeting that is why we require competitive products in the international market.

Referring to foreign Investment, Malmierca pointed out that there was a favorable behavior during 2017; however, the levels reached are still not what the country needs.

During the meeting, the Cuban President insisted in the need to continue the path of investments with companies with foreign capital and not only from credits.

He added that foreign investment must also be seen as one of the more feasible ways to increase exports.

Diaz-Canel pointed out that the Foreign Investment Law, approved in 2014 is based on the respect of the country's sovereignty and independence.

The Cuban President oriented the participants at the meeting to carry out a detailed analysis with each one of the entities of the State Central Administration that are related with exports and foreign investment to illustrate what are the issues that limit the advancing quicker.

The next meeting of the Council of Ministers will also discuss the issue due to its importance for the country.

The Cuban President reiterated the opinions made on the issue by the First Secretary of the Communist Party, Army General Raul Castro regarding on how to make foreign investment more dynamic, end the excessive delays in the negotiating process and get rid of fears towards foreign capital.
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