María Belén Martínez

María Belén Martínez

The 246 projects are divided among the Special Development Zone Mariel and sectors such as tourism, industry, transport, mining, and pharmaceutical and biotechnology industries / Photo: Roberto Ruiz.

246 opportunities to invest in Cuba

"We don’t want to improvise, we want to invest in what we truly need," said Rodrigo Malmierca, Minister of Foreign Trade and Foreign Investment, during the presentation of the Portfolio of Foreign Investment Opportunities, held Monday at the Havana International Trade Fair. The estimated amount is of 8.7 billion dollars for 246 projects, which are divided among the Special Development Zone Mariel and the agricultural, forestry and food, sugar, energy, trade, tourism, health, industry, transportation, construction , mining sectors, and pharmaceutical and biotechnology industries. In these numbers are not included business are already in the process of handling. Each project has a page with the description, type of investment, the Cuban side, the approximate amount, location and contacts. The overall document also includes the benefits of investing in Cuba, the arrangements and the legal regime of foreign investment, international agreements related to her, current numbers of businesses on the island, interesting facts about each area, the approved sector policies and a summary of the tax system. The minister explained that the portfolio is not a list made by the government, but all proposals have been submitted by Cuban companies, depending on their interests and needs to get linked to foreign...

Barrio Chino en La Habana

China and Cuba on the trade route

Conviction, patience, persistence, determination and knowledge: such were the recommendations Tuo Zhang, Chinese Ambassador to Havana, made refereeing to the possible increase of trade between Cuba and his country. Two Chinese business delegations yesterday participated in a business forum and a seminar on investments, respectively, where they obtained information about the prospects of the Special development Zone Mariel and Act 118, as well as initiatives with foreign participation in tourism, renewable energy and biotechnology. In this latter a collaboration agreement was signed, and another was signed by the Chamber of Commerce of Cuba and the Trade Development Bureau of China, seeking to strengthen the exchange and linkages already established. Chenghai Sun, CEO of the Bureau, expressed the interest of the mission for seafood and minerals, and spoke of the traditional sympathy and good economic and trade relations between the two countries. "The close ties of friendship existing between the two countries have had an indisputable reflection in multiple projects of trade and cooperation developed, many of them with great social impact," President of Cuba Raul Castro said recently. China currently ranks second among the partners of the island, preceded by Venezuela. Transportation, and telecommunications, food, health, oil prospecting and exploitation,...

Good signs to invest in Cuban oil

Authorities and businessmen in the country this week are participating in the XXI World Petroleum Congress in Moscow, where they will present the possibilities of foreign investment in hydrocarbons. The meeting will be a great business opportunity for the island, as Rafael Tenreyro, head of group exploration Union Cuba Petroleo (Cupet) told reporters. Plans foreshadow a greater presence of foreign capital especially in the central and north eastern coast, while continuing exploration in deep waters of the Exclusive Economic Zone (EEZ) in the Gulf of Mexico. The entry into force this month of the new Foreign Investment Law, gives greater importance to the Cuban participation in the event, because these rules include the energy sector as a priority in its portfolio. Recently it was announced the signing of two cooperation agreements between Cupet and Russian companies Rosneft and Zarubezhnetf, so this appointment could help strengthen relationships with current and future partners from that country, one the largest oil producers and exporters in the world. These agreements include developing oil exploration plans and establishing a logistics base for Rosneft in the Special Development Zone Mariel. There are 241.6 acres, corresponding to the A-4 sector, for a specialized logistics services in the...