Political Prisoners of the Empire  MIAMI 5     



Havana. November 5, 2014

FIHAV 2014
Cuba presents over 200 projects as part of its investment portfolio

Livia Rodríguez Delis

An important tool for attracting investors, was how the Minister for Foreign Trade and Investment, Rodrigo Malmierca Díaz, described the broad and diverse portfolio of business opportunities presented as part of FIHAV 2014, with 246 projects valued at approximately 8.7 billion dollars.

In a presentation also focused on sectoral policies approved by the Cuban government, the official explained that these proposals, which demonstrate the country’s interest in development with foreign capital, do not include all projects conceived to date, as there are some already being negotiated and thus were excluded from the information presented at the fair.

According to the Cuban minister, there is interest across all sectors and regions of the island and most of the projects presented include feasibility or economic studies, which provide more detail and facilitate investors’ decisions.

Among the projects which have generated most expectations, are those designed for the Mariel Special Development Zone (ZEDM), which number 25 and are primarily related to the areas of food and agriculture, biotechnology and medicine, industry and renewable energy.

Malmierca gave a brief overview on the ZEDM, which was inaugurated a year ago, and where modern infrastructure works have been carried out, to ensure that investors who establish themselves in the zone have adequate space and services.

Separated into different sectors, thus far 221 additional business opportunities have been identified with broad representation in the areas of oil (86), tourism (56) and food and agriculture (32).

The minister clarified that in agribusiness the emphasis is on the promotion of integrated projects which enhance sustainable development, and raise the efficiency, quality and competitiveness of the different forms of management that operate in the sector.

Similarly, he considered of vital importance projects aimed at promoting renewable energy sources, with the objective of contributing to a gradual change in the energy grid to ensure that by 2030, cleaner sources of electrical generation stand at 24% of the total.

Malmierca noted that the portfolio will be updated annually, as it is open to new initiatives which promote the island’s economic development.

In his presentation, the minister of Foreign Trade and Investment recalled details of the general principles of the policy for foreign investment which, among its objectives, points to greater access to advanced technologies in order to increase productivity and enable the efficient use of the workforce.

He also stressed that, while foreign capital should be an active and essential element for growth, this is expected to be complimented by national projects of scientific and technological development.

Malmierca noted that the Cuban government has also decided not to grant exclusive rights to the Cuban market, so that the foreign partner may be both a supplier and a customer of the business, on an equal footing with third parties.

Under the Foreign Investment Law 118, business owners have a set of guarantees which, along with the country’s political, social and legal stability, its location at the center of an expanding market and its highly skilled workforce, among other advantages, ensure that Cuba represents a unique location for the successful establishment of commercial activities.

This, despite the blockade and other obstacles that continue to hinder commercial relations between the country and the world market.


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