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Havana. November 6, 2014

FIHAV 2014
Cuban industry seeking foreign investment to support modernization

Yudy Castro Morales & Lorena Sánchez

Foreign investment opportunities, featured Wednesday at the Havana International Trade Fair, included projects in the steel, chemical, electronic and light industries, attracting the attention of businesspeople in attendance.

Adriana Barceló Permuy, general director for industrial management at the Ministry of Industry reported, at a special forum, that available to foreign investors were some 20 projects potentially involving a total of 1.2 billion dollars, 10 of which would be located in the Mariel Special Development Zone (ZEDM).

Proposals include the modernization of the country’s industrial facilities, and the creation of new capacity to meet national demand, replace imports with domestic products, and generate exports.

Barceló reported that discussions have already begun with representatives from Portugal, China, Russia, Brazil, Italy, Ecuador, South Africa, Vietnam and the UK, among others.

Options in the electronic industry, the specialist stated, include the manufacturing of LED lights, cellular telephones, computers and optics.

While light industry projects are directed toward technological modernization, with a view toward replacing imports of toiletries, disposable sanitary items, footwear and packaging, Barceló reported.

Other foreign investment opportunities include several in the chemical industry, she said, the most significant involving the production of newsprint, bond and tissue paper, as well as radial tires.

The steel and metal work industry is seeking investors to develop projects in recycling, machinery, motor vehicles and agricultural equipment, the Ministry official reported, prioritizing the production of steel and containers, along with more extensive projects in agriculture and transportation. 

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