Cuba Encourages Foreign Investment in Food Sector

Havana, May 21 (Prensa Latina) Five foreign investment projects in the food sector in Cuba are now coming to an approval, Deputy Minister of the Industry, Betsy Diaz, said.

The official told Prensa Latina that these investments will increase productive capacities in some of the most demanded areas for the domestic consumption.

The next construction of a water and soft drink plant in the country’s eastern region and the opening of a second brewery in the Mariel Special Development Zone, whose project is in advanced, is expected in this case.

Other purposes related to foreign investment also favor the seafood sector.

The completion of administration contracts for shrimp activity, prospection and cultivation of eel, and commercialization of sea cucumber is expected, Diaz said.

There is also a project for the production of jams in the central region of the country.

About 32 new investment projects exceeing $760 million USD are currently identified, and its role is predominant in the financing of the food industry, the vice minister said.

Some 10 joint ventures that were approved before the implementation of the Foreign Investment Law No.118, and three new certified businesses after the implementation of the legislation, all of them in the creation and investment phase, are currently operating in Cuba, Diaz said.

Foreign investment in food covers all activities in that sector, except lobster, the official said, and it has a sectoral policy that includes projects with productive links.

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