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Latino Daily News

Friday June 20, 2014

Cuba Looks to Foreign Investors in Bottling, Electronics Sectors

Cuba Looks to Foreign Investors in Bottling, Electronics Sectors

Photo: Cuban economy

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Cuba is looking to attract foreign investment in a range of industrial sectors and sees special potential for capital inflows to the bottling and packaging and electronic equipment and appliances industries, a government official said Thursday.

“The main sectors we’re focusing on, the biggest opportunities, are in the bottling and packaging sector,” the Industry Ministry’s director of industrial management, Adriana Barcelo, said just days before the Caribbean island’s new foreign investment law goes into effect.

Cuban manufacturing is at a very depressed level and its development is key for import substitution and eliminating one of the bottlenecks hindering local productive chains, Barcelo said at a press conference.

Another sector with very encouraging prospects is electronics and appliances, she added.

“There’s a wide range of products we’re seeking to develop and many of them are already in the prototype and first-test phase, such as flat-screen TVs, development of the assembly of computing media and computers,” Barcelo said.

Cuba’s government also has its sights set on manufacturing electronic tablets, data-storage media and cellphones to expand the public’s access to those products, the official said, adding that authorities are working in alliance with industry worldwide, “with a strong presence of Chinese industry.”

Prospects for Cuban industry will be the focus of next week’s Cubaindustria 2014 international convention and exhibition, an event that is the first of its kind on the Communist-ruled island and which is expected to draw more than 200 companies from 29 countries, Barcelo said.

The Industry Ministry says the search for “strategic alliances” will be one of the convention’s main goals.

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