Foreign investment, an essential contribution to Cuba’s development

Havana, (Prensa Latina) The incentive to direct foreign investment is an essential aspect in Cuba’s socioeconomic strategy for development, amid the global crisis and the United States blockade.

A document published recently in Cuba refers to the key sectors where foreign capital is most needed.

One of them is food production, where the Cuban Government seeks to speed up the management, implementation and execution of investment to increase production of chicken, pork, cattle, and the agri-industry of fruits and vegetables.

According to the strategy, authorities are studying the incorporation of foreign entrepreneurs in the agri-industry of sugar and byproducts.

In order to develop the tourism sector, foreign financing is needed, especially in the facilities related to welfare, health care and quality of life.

Another prioritized sector for investments is the pharmaceutical, biotechnological and biomedical industries, where in addition to increasing exports, Cuba might materialize new projects with foreign capital that would benefit the Cubans’ quality of life and would raise the interest of foreign buyers.

Based on alliances with foreign investors, Cuba seeks to orient industrial development to modern production, such as 3D printing, nanotechnology, and automation with local designs, among others.

In the field of construction, businesses with foreign capital are also necessary. Precisely this sector benefited from the creation on Wednesday of a new joint venture, called Winperas S.A, which will make and market waterproofing products.

As an incentive to business in Cuba, the joint ventures that export their products and services will get a bonus of 10-30% from the taxes on profits, according to a resolution from the Ministry of Finance and Prices published on Wednesday.

In addition, since last week, the Ministry of Foreign Trade and Foreign Investment has facilitated the procedures for business people after the inauguration of the Single Window of Foreign Investment, through which it is possible to provide information and advisory, among other benefits.

All those actions are supported by the Foreign Investment Act that came into force in 2014 and has acquired more notoriety amid the global economic recession caused by the Covid-19 pandemic, of which Cuba is not exempted.

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