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Foreign investment contributes to sugar sector in Cuba

Cuba-Inversión-extranjera

Foreign investment contributes to sugar sector in Cuba

Havana, Jun 29 (Prensa Latina) Several foreign investment projects will contribute to the development of the sugar sector, the modernization of power plants and the production of derivatives in Cuba, Granma newspaper reported today.
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The director of International Relations, Business and Foreign Investment of the Sugar Business Group (Azcuba), Lourdes Castellano, told the newspaper that nine of the 25 projects included in the Portfolio of Opportunities 2021-2022 for investment in that entity focus on the modernization of sugar factories.

Of these, three projects are already under negotiation: one in the Ciudad Caracas power plant, in Cienfuegos, with a Venezuelan company; another in Uruguay, Sancti Spíritus, and one more in the Jesús Rabí, of Matanzas, the last two with Russian companies.

On the other hand, of the total projects assigned to Azcuba, six will be carried out in the field of biotechnology and 19 will contribute to the development of the sugar sector and its derivatives.

There are some business intentions aimed at the production of organic sugar, Sorbitol Ifos and rum, as well as the installation of a boiler factory, she pointed out.

The Cuban sugar agribusiness has 56 plants, which have a level of deterioration considered medium to high, so it was decided to resort to the creation of joint ventures for their modernization.

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