Cuba launched the latest Portfolio of Opportunities for Foreign Investments at the online Cuba Business Forum 2020. The event continues today.
Rodrigo Malmierca, Minister of Foreign Trade and Investment, opened the first edition of the Cuba Business Forum 2020 yesterday. The virtual event, with the participation of 2,048 people from 93 countries replaced the annual Havana International Trade Fair (FIHAV) because of global COVID-19 restrictions on travel.
The Minister spoke of the need for foreign investment for the development of the economy. He said Cuba has attracted $1.9 billion in investments despite the ongoing problem of tighter U.S. sanctions against the Island. The interest in investing in Cuba is still very much evident.
Cuba aims to attract $2 billion to $2.5 billion worth of investments this year. He explained the changes that the government has made to continue attracting foreign investment.
These changes include a new plan for the economy, (National Plan for Economic and Social Development to 2030) in the face of the COVID-19 pandemic and to investment regulations including (Agreement No. 8732 of the Council of Ministers, Instruction No. 8/2020 of the Ministry of Justice, and Decree Laws of Commercial Guarantees, No. 14 “On Pledge and Mortgage,” and Decree-Laws No. 15 “On Guarantee Trust”.
Other advances made for investors are the VUCE and VUINEX platforms. VUINEX, in operation since last January, recently opened its head office in Havana.
Cuba has also enacted measures to boost the business sector, actions in the non-state sector, incentives for exports and territorial development, gradual decentralization of the allocation of foreign currency financing to the economy, computerization of society, impending monetary reform, and placed a greater focus on foreign investment.
This year’s Portfolio of Investment features 503 opportunities valued at $12.1 billion in the strategic sectors – 112 new projects, 44 of which are in the ZED Mariel. The Minister also said that 72 projects are already approved or in the advanced stages of negotiation and have been withdrawn.
A presentation of the progress at the ZED Mariel revealed a total of $9.5 billion USD total investments, 29 reinvestments, 44 businesses within and 169 businesses located outside the Zone. The 44 projects can be found Cuba’s main industry sectors: biotechnology and pharmaceutical, logistics, and advanced manufacturing.
The Portfolio of Investments also includes smaller projects for small and medium-sized businesses.
There was also a presentation of Cuba’s exportable goods from 230 Cuban companies offering thousands of products and services for export – eg, dairy, honey, seafood, pharmaceutical, chemical, leather, wood, charcoal and sugar, etc.
Investment Projects in the new Portfolio by sector include the following:
- Tourism 131
- Energy 129
- Food 98
- Industry 29
- Transportation 14
- Mining 13
- Construction 11
- Sugar 11
- Culture 6
- Professional Services 5
- Pharmaceuticals 4
- Information technology 4
- Housing 2
- and many others in the infrastructure, environment, technology etc., sectors
Today’s Cuba Business Forum session shared the experiences of non-state private and cooperative owners discuss their business successes.
Download this year’s Portfolio of Investments here.