Cuba’s Deputy Minister of Foreign Trade Ana Gonzalez on Wednesday informed that her country launched its "2020-2021 Foreign Investment Opportunities Portfolio", which includes 503 foreign investment projects.
Cuba Attracts $1.9 B in Foreign Investment Despite Sanctions
The investment amount offered by the portfolio is about US$12 billion, Gonzalez mentioned, adding that the new projects are distributed into strategic areas such as tourism, energy, food production, transport, and the sugar industry.
The Cuban authorities said that the new portfolio also seeks to attract hard currency sources to develop mining, telecommunications, professional services, construction, and the biopharmaceutical industry.
The island has issued a series of new measures since July to attract foreign investment and expedite procedures for investors seeking to do business.
Cuba's compulsory majority shareholding has been eliminated from such fields as tourism, biotechnology, and wholesale trade, remaining solely for the extraction of natural resources and public services.
Besides, franchise and lease contracts for tourist facilities linked to foreign investment modalities have been incorporated while the participation of investment funds is allowed.
The Mariel Special Development Zone (ZEDM) Director Ana Igarza said that the strength of the local health system has helped maintain the vitality of operations at the business hub during the COVID-19 pandemic.
"Since 2014, 55 investment projects have been approved at ZEDM, 31 of which are already operating," she said, adding that more than 21 countries and 11 multinational companies are represented at the shipping hub.