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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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