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Cuba shows potential for Italian investments

Cuba shows potential for Italian investments

Havana, Nov 26 (Prensa Latina) Foreign Trade and Investment Minister Rodrigo Malmierca said on Friday that Cuba has great potential and very good prospects for Italian investment.
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When presenting business opportunities at a forum between representatives of the two countries, the minister stressed that the new portfolio of possibilities opens spaces for small financing options, which is intended to favor municipal growth.

This may be of interest for micro, small and medium-sized enterprises (MSMEs) from Italy, mainly those linked to the agri-food sector, he said.

Malmierca also highlighted, among the new elements of portfolio for foreign capital, the elimination of Cuba’s mandatory majority participation in sectors like tourism, biotechnology and others, although he explained that each case will be analyzed specifically.

In addition, investment funds may be established in the banking sector and companies with 100 percent foreign participation in the technology area, the latter in the science-technology programs created in Cuba.

The minister added that the portfolio of opportunities, consisting of 503 projects and more than 12 billion dollars in investment, will be presented on November 30, in the context of the 2nd Cuba Business Forum.

Italy and Cuba have common interests in industry, tourism, food production, renewable energy and transportation, among other sectors, said Malmierca, who referred to the favorable conditions that Cuba has for relations in this area.

They include the updating of the regulatory framework related to foreign investment and tax incentives, with a special tax regime that offers an eight-year exemption for new businesses and 10 years in the case of those settled in the Mariel Special Development Zone.

In addition, there is qualified human capital, universities, scientific potential, research centers, a privileged geographical location, as well as legal, political and social stability that guarantees the development of projects, the official stressed.

Malmierca highlighted the transformation of the Cuban scenario, with the approval of more than 700 MSMEs and cooperatives, which contribute to increasing business possibilities.

He noted that priorities are in food production, production chains, efficient import substitution, increased exports, and access to external financing and advanced technology.

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