Second Cuba Business Forum Seeks to Attract Foreign Investment

The Minister of Foreign Trade and Foreign Investment, Rodrigo Malmierca Díaz, stressed at a press conference that the incorporation of the nascent MSMEs to this event "will result in the effort to promote foreign trade activity not only from state entities."

Parallel to the Cuba 2021 Business Forum, to be held from November 29 to December 2; a virtual fair will be launched to showcase products and services.

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As part of the program of activities, Deputy Prime Minister and Minister of Economy and Planning, Alejandro Gil Fernández, will give a master conference on the transformations in the national economy and the progress of the implementation of the development plan until 2030.

Malmierca Díaz announced that the new portfolio of business opportunities with foreign investment will also be presented, which for the first time includes projects from all provinces and "smaller in terms of capital to be invested."

In the future, he explained, this portfolio available virtually will be updated periodically, and as business deals are concluded, projects will be withdrawn and new ones will be added.

Within the scope of the business forum, there will be a panel on the effects caused by the tightening of the blockade and the opportunities in tourism and in the biopharmaceutical, food and energy industries, as well as in the Mariel Special Development Zone.

The minister stressed that Cubans living abroad will be able to participate in a panel where they will talk about the business possibilities open on the island, and reiterated that "Law No. 118 on Foreign Investment does not establish any kind of restriction on the origin of the capital."

"We inform the national and foreign press of details of the II Cuba 2021 Business Forum, which will be held virtually from November 29 to December 2. Hundreds of companies from 41 countries have already registered. All economic actors in #Cuba can participate."

Although Cubans living abroad can invest in Cuba, "this possibility has not materialized too much," "very few have been established," said Malmierca Díaz and mentioned among the causes that most of them have been interested in opening small businesses, "which were not really of interest to the Cuban side," which has a policy that defines priorities by sectors.

He exemplified that they are small-scale businesses, that is, establishments to provide certain services, such as restaurants.

However, "we are interested that all foreign capital can come to Cuba, including that of Cubans living abroad." That is why, he said, "we are seeking to bring their interests closer to ours, and there are possibilities for local development."

Malmierca Díaz commented that the business forum already has hundreds of registrations from 41 countries and expects this number to increase.

Those interested in participating can register on the website www.foroempresarial.mincex.gob.cu between October 4 and November 25, he noted.