Cuba works on speeding up procedures of foreign investment

Por: Ivette Fenández Sosa

Havana, Jan 30 (Prensa Latina) With the determination that foreign investment must go hand in hand with the economic development, Cuba maintain permanent efforts to perfect this activity by speeding up procedures entrepreneurs must go through to make business in the island.

In an exclusive statement to Prensa Latina, Deborah Rivas, general director of the Ministry of Foreign Trade and Foreign Investment, revealed that the strategy is to mix promotion policies with the implementation of tools that will speed up processes.

According to Rivas, her Ministry is working on the Foreign Investment Single Window System (VUINEX), in operation since January 6, which will ensure and facilitate procedures to both Cuban investors living abroad and foreign investors, when creating the dossier to be presented for approval of the relevant body.

This tool, which is now being tested, must be fully working during this year’s first six months and will speed up negotiation periods and deadlines for the approval of new businesses, she said.

As part of the actions undertaken to perfect this activity, Rivas said that it was approved a general promotion strategy to attract foreign capital, and also by sectors, which will have their own portfolios and policies.

In addition, in the face of threats posed by the tightening of the US blockade, Cuba has guarantees provided by Law 80, which states that the Helms-Burton Act is illegal, unenforceable and without legal force or effect.

Despite the blockade, we are planning to grow with the increase of the number of businesses with foreign investment, she said.

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