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Latino Daily News

Tuesday April 1, 2014

Cuban Government Seeks Foreign Investment

Cuba’s new law regulating foreign investment will give priority to 11 economic sectors, Communist Party daily Granma said Tuesday.

The list includes the areas of agriculture and forestry, the food industry, energy and mines, the sugar industry, iron and steel, chemicals and electronics, pharmaceuticals and biotechnology, wholesale trade, health, construction, tourism and transport, officials told the newspaper.

The addition of the wholesale sector was highlighted by Granma and could have a direct impact on the country’s emergent private sector, one of whose chief complaints is precisely the lack of a wholesale market.

Cuba’s Foreign Trade and Investment Minister Rodrigo Malmierca has stressed that the priority activities for developing businesses with foreign capital are those “that generate a production chain, transfer technology including management techniques, and develop industrial infrastructures.

The new foreign investment law in Cuba seeks to attract foreign capital as an alternative element for developing the country and implementing the plan of reforms with which the island attempts to revive its lackluster economy and “modernize” its socialist model.

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