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Extraordinary session of National
Assembly convened
The country will not be put up for
sale
Deputies from Camagüey, Las Tunas and
Ciego de Ávila discuss proposed Foreign Investment
Law
Miguel Febles
Hernández
CAMAGÜEY.— The certainty that modifications proposed
in the new Foreign Investment Law in no way indicate
the sale of the country, or a return to the past,
was emphasized here by National Assembly deputies
from the provinces of Camagüey, Las Tunas and Ciego
de Ávila.
Before analyzing the legal document, the people’s
representatives heard a detailed report on the
policy to be approved, addressing its contents and
the principal changes proposed, presented by Rodrigo
Malmierca Díaz, minister of Foreign Trade and
Investment.
The Mariel Special Development Zone
is one of Cuba’s principal projects open to foreign
investment. Foto: Jorge Luis
González
“Far
from indicating a step back, it offers greater
guarantees and incentives for foreign investment and
ensures the attraction of capital which will
contribute effectively to the objectives of
sustainable development and recovery of the national
economy, which today has a strategic connotation for
the country,” the Minister said.
The
participation of foreign capital will be oriented
toward diversification and expansion of exports, the
substitution of imports, modernization,
infrastructure construction and new technology,
through comprehensive projects which will generate
related lines of production.
The
deputies agreed that the proposed legislation is in
harmony with the Economic and Policy Guidelines
approved by the 6th Party Congress, which
are guiding the process of updating the country’s
economic model.
They
nevertheless emphasized that the document should be
more explicit in relation to the external and
internal supervision to which joint ventures and
international economic associations will be subject,
to correct and avoid errors committed in the past in
negotiations.
Rodrigo Malmierca emphasized the importance of
strengthening aspects of the law which favor foreign
investment, support the country’s financial
reputation and gain the confidence of investors by
providing transparency, clear regulations and
incentives.
Responding to a question by Deputy Eulogio Pimentel
Vázquez from Nuevitas, several participants spoke to
the importance of having an updated, high-quality
portfolio of options to present potential investors
during negotiations, something that has not always
been the case.
Special emphasis was placed on the need to
prioritize the skills and specialization of
negotiating teams in Cuban institutions, so that on
the basis of policies approved for different
sectors, the demands and requisites of projects,
including feasibility studies, are fully understood
and respected.
The
proposals, concerns and doubts expressed by deputies
during the meeting in Camagüey will be further
discussed during the coming session of the National
Assembly convened to consider approval of the
important new law.
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