Foreign Direct Investment projects in Cuba increase to 525

Foreign Direct Investment projects in Cuba increase to 525

Dec 18 (Radio Rebelde) In 2014, when Cuba approved the Foreign Investment Law and its Portfolio of Opportunities initially had 246 projects, and by 2018 that number has increased to 525, as an expression of the priority given by the State to a policy that is already bearing its first fruits, despite the U.S. blockade, the main obstacle to the country’s development.

Rodrigo Malmierca, Minister of Foreign Trade and Foreign Investment (Mincex), clarified that if before the triumph of the Revolution that activity constituted an instrument of neocolonial domination, but now is a fundamental element in the economic and social development of the Island.

He pointed out that the U.S. blockade, a kind of financial terrorism due to fines and persecution of those who try to negotiate with Cuba, is the main obstacle to Foreign Direct Investment (FDI), to which are added other obstacles such as monetary duality, delays in the payment of debts to suppliers, the lack of preparation in the negotiating personnel and false fears as to how much that could affect sovereignty.

He stated that according to studies carried out, for the contribution of FDI to the Gross Domestic Product to be significant, more than two billion dollars would need to be raised annually, but we are far below what we need even though we are beginning to see encouraging results, said Malmierca.

The minister recalled the call of Cuban President Miguel Diaz-Canel not only to work to increase the presence of that foreign capital in the nation, but to achieve its permanence and even attract more investors.

He reiterated as attractive or beneficial to have a well-prepared workforce capable of assimilating new technologies, the security and political stability of the country, its seriousness and confrontation with the slightest vestige of corruption.

Ana Teresa Igarza Martinez, director general of the Special Zone for Mariel Development, reported that five years after its creation today shows positive results both in the development of its infrastructure and business, which has a favorable impact on the lives of more than five thousand workers so far has, most of the province of Artemisa.

There are 43 approved businesses there and this has been the year in which more money has been captured, a figure that exceeds 474 million dollars, at the same time that we achieved the first administrative concession with the company Viglacera SA, a Vietnamese construction entity, which in turn may bring other investors.

Also René Mesa Villafarma, Minister of Construction, offered details on the needs – and contributions – of this agency in terms of foreign direct investment, particularly for now in the branches of cement and ceramics, and how it has agreed with International Economic Associations for the construction of hotels in Trinidad.

But at the same time the Micons offers services of projects, designs and construction forces, because in Mariel, as in so many other poles of extraordinary importance for the country, its men and women assume the execution of highways, railway lines, aqueducts and diverse buildings.

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