Cuba’s portfolio of foreign investment opportunities 2018-2019 contains 525 projects, seeking total financing of over 11.6 billion dollars. On this occasion, added were 168 new projects linked to cattle farming; the food processing, light, chemical, and metallurgical industries; tourism; and mining. Some 104 projects were removed, including those that have been successfully launched; others that have changed their scope or focus; and those being negotiated at this time.
In 13 other cases, the proposed amount to be invested has been adjusted, following the conducting of feasibility studies, and the updating of industrial policies, emphasizing the need to develop productive chains.
Minister of Foreign Trade and Investment Rodrigo Malmierca Díaz stated that these initiatives are distributed across the country, and 45 of them are in the Mariel Special Development Zone. Tourism is once again the sector with the greatest number of proposals, with 187 projects included in the portfolio.
In his comments during the presentation, the Minister explained that investments continue at the country’s airports and ports, and that special emphasis has been placed on railroad infrastructure.
Since October of last year through this month in 2018, 40 new projects have been authorized, representing total investment of more than 1.5 billion dollars, 35 of which are already moving forward. Additionally seven extensions and re-investments have been approved.
With respect to legal changes, Malmierca added that some complementary norms have been modified to streamline the evaluation process and that work is underway to create a “single window” service for foreign investors, which should be available by mid-2019.
“Although it is less than what we need, foreign investment in Cuba is growing despite the economic, commercial, financial blockade. Our model of sustainable development is being transformed, and to do so, our government defends and includes international economic relations.
“We are committed to supporting all those interested in establishing new businesses. To do so, we have prepared a new portfolio, more diverse in composition in terms of activities and sectors,” Malmierca stated.