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News > Bolivia

Cuba Authorizes Foreign Investment In 175 New Economic Activities

  • People work in a restaurant, Havana, Cuba, Sept. 25, 2021.

    People work in a restaurant, Havana, Cuba, Sept. 25, 2021. | Photo: EFE

Published 4 October 2021
Opinion

"The new project responds to strategic axes of the National Economic and Social Development Plan until 2030," Prime Minister Manuel Marrero stated. 

To fight the economic recession prompted by the COVID-19 pandemic, Cuba's Council of Ministers determined that 175 new economic activities could benefit from foreign investment.

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"The new project responds to strategic axes of the National Economic and Social Development Plan until 2030, such as transforming production, inserting our products in global markets, promoting science, and technology," Prime Minister Manuel Marrero stated. 

So far this year, the Council of Ministers has approved the directives of 429 economic projects ready for negotiation. Fifty-six of these projects will be settled in the Mariel Special Development Zone.

Although the food-producing sector will be the most represented, Marrero said that no industry would be unaware of this policy. "We are convinced that this will boost the national economy," he insisted, stressing that all provinces would benefit equally from this policy.

Last week, the Economy Ministry (MEP) also approved the creation of 32 small and medium-sized private enterprises (MSMEs) in 11 of the 15 provinces of the country, only ten days after the entry into force of the law that supports them and the submission of the first applications.

These new companies may have up to 100 employees, have to be incorporated as limited liability companies (SRL), and have the right to access credits and sources of financing. However, their import and export activities must be carried out through a State enterprise.

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