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German company sets shop in Mariel Special Development Zone

German company sets shop in Mariel Special Development ZoneHAVANA, Cuba, Sep 19 (ACN) The creation of the PASI Mariel Service, S.A. (PAMAS, S.A.) company and its establishment as a user of the Mariel Special Development Zone (ZEDM) was formalized on Thursday.

It is Germany's first investment in this strategic enclave for the development of the Cuban economy.
According to ZEDM's official website, the company has totally foreign capital and its purpose is the construction of a factory for the production and assembly of industrial valves, hydraulic and pneumatic systems, dynamic equipment and its components.
In addition, it will offer diagnostic, repair, maintenance and training of technical personnel services associated with these products, all of great impact on the industrial development of the country and for the substitution of imports.
The note states that PAMAS, S.A. is authorized to operate for a period of 30 years, will use modern technologies for the development of its productions and will use renewable energy sources for the generation of electricity.
With this new investment, the number of businesses approved since the creation of the Special Zone grew to 48, while the number of countries represented rises to 21.

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