Cuba calls for investment from its nationals abroad

0 Comment(s)Print E-mail Xinhua, June 8, 2019
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HAVANA, June 8 (Xinhua) -- Cuba called on Friday for its residents abroad to invest in priority sectors in the country amid new U.S. economic sanctions and domestic financial tensions.

Cubans living abroad can participate in 525 projects in the country's portfolio of opportunities, said Deborah Rivas, director of foreign investment at Cuba's Ministry of Foreign Trade and Investment.

"The Foreign Investment Law of 2014 doesn't establish any limits regarding the origin of the investor, it makes clear any future venture and its financial capital should come from abroad," the official said in an interview with local website Cubadebate.

Rivas explained that potential Cuban investors should benefit from the law because they are not permanent residents in the island country and their capital doesn't originate in the country.

"Like the rest of international investors, they (Cubans living abroad) can carry out any type of business whether it's joint ventures, international economic association contracts or 100 percent foreign capital firms," Rivas said.

Cuba's public policy of foreign investment has identified fundamental sectors in which international capital is required, such as renewable energies, industries, agriculture and food production, biotechnology, construction and tourism, among others.

Regarding investment guarantees, Rivas said that Cubans living abroad will have the same rights as international companies.

The majority of Cubans abroad live in the United States and the nearly six-decade old economic embargo is an obstacle for those seeking to invest in the island country.

"From our side there are no limitations, in fact, there are American companies investing in Cuba. The limitations are on the U.S. side because the Trump administration tries to subvert our development by reinforcing the economic blockade," she said.

Earlier this week, Washington implemented new regulations to restrict U.S. citizens' travel to the island and abruptly ended cruise ships and recreational vessel trips to Cuba.

As part of the measures of the Cuban government to encourage economic development, the official said a "Single Window for Foreign Investment" will be launched to provide information and advice to investors, promote business opportunities and speed up permits, licenses and authorizations.

"We continue to take steps to create a more favorable environment to facilitate foreign investment in Cuba and shorten deadlines and procedures," she added.

Cuba considers foreign investment at a rate of 2.5 billion U.S. dollars a year an essential source of income for its economy to grow steadily.

According to official figures, 40 new joint or foreign projects were authorized at over 1.5 billion dollars in 2018. Enditem

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