Havana, Jul 16 (Prensa Latina) Despite the blockade and financial persecution of the United States, Cuba is working to attract foreign capital for prioritized projects, the government said Tuesday.
The objective of this strategy is to promote exports, substitute imports and promote productive chains, Rodrigo Malmierca, Cuba's Minister of Foreign Trade and Investment, wrote on Twitter.
President Miguel Diaz-Canel has repeatedly stressed that foreign direct investment is a priority for national development.
Diaz-Canel, Malmierca and other Cuban officials have insisted in recent weeks on full protection for the foreign capital present on the island against the most recent U.S. measures, especially the activation of Title III of the Helms-Burton Act.
This section allows U.S. nationals to sue before the U.S. courts persons and entities, including those from third countries, who invest in Cuban territory in properties nationalized after the triumph of the Revolution on January 1, 1959.
Opening a business forum in June, Malmierca revealed that in the last two years Cuba has approved business with foreign investment commitments of more than 4.5 billion dollars and, so far in 2019, projects worth more than 1.3 billion were given the green light.
An example of this strategy was the recent creation of the Cuban-Slovakian joint venture Proxcor S.A., dedicated to the production of jams.
Shortly before, the Canadian chain Blue Diamond signed two contracts for the management of two new hotels in Cuba: one will be built in Cayo Coco, in the north of the central province of Ciego de Avila, and the other in Varadero.
In recent weeks Cuba has hosted several business forums with foreign businessmen, a symptom of the desire to learn about opportunities in this country.
mh/apz/jf/rob/gdc
President Miguel Diaz-Canel has repeatedly stressed that foreign direct investment is a priority for national development.
Diaz-Canel, Malmierca and other Cuban officials have insisted in recent weeks on full protection for the foreign capital present on the island against the most recent U.S. measures, especially the activation of Title III of the Helms-Burton Act.
This section allows U.S. nationals to sue before the U.S. courts persons and entities, including those from third countries, who invest in Cuban territory in properties nationalized after the triumph of the Revolution on January 1, 1959.
Opening a business forum in June, Malmierca revealed that in the last two years Cuba has approved business with foreign investment commitments of more than 4.5 billion dollars and, so far in 2019, projects worth more than 1.3 billion were given the green light.
An example of this strategy was the recent creation of the Cuban-Slovakian joint venture Proxcor S.A., dedicated to the production of jams.
Shortly before, the Canadian chain Blue Diamond signed two contracts for the management of two new hotels in Cuba: one will be built in Cayo Coco, in the north of the central province of Ciego de Avila, and the other in Varadero.
In recent weeks Cuba has hosted several business forums with foreign businessmen, a symptom of the desire to learn about opportunities in this country.
mh/apz/jf/rob/gdc
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