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Cuba boosts foreign investment despite US blockade

Cuba boosts foreign investment despite US blockade

Havana, Apr 8 (Prensa Latina) Over 60 businesses with foreign capital were approved in Cuba in the last two years in key economic sectors despite obstacles imposed by the US blockade, a specialized source informed on Thursday.
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Cuba’s Deputy Minister of Foreign Trade and Foreign Investment (MINCEX) Deborah Rivas tweeted that ‘despite the obstacles imposed by the US blockade against Cuba, foreign capital investment is not paralyzed.’

In just 2019 and 2020, 67 businesses were approved in tourism, construction, mining and industry, Rivas adds.

According to official data, at the end of 2020 the country accounted for 503 projects with foreign investment, 43 more than the previous year, for an amount exceeding 12 billion dollars.

Since January 2020, Cuba has had a Single Window for Foreign Investment (VUINEX), which that year carried out 186 procedures in the various modalities of foreign investment, according to reports from the MINCEX.

In addition, over 80 interests were received from potential investors related to industry, construction, transportation, renewable energy sources, food production, tourism, professional services, health, culture and mining.

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