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Mario Vizcaíno Serrat

Mario Vizcaíno Serrat

Photo by Alexandre Rambault/Flickr

Where Does the Cuban Economy Go from Here?

Juan Triana Cordovi became one of Cuba’s most renowned economists thanks to a very popular video that circulated in 2013, where he was seen speaking about the island’s economic situation, its past and its future without mincing his words much. In this interview for OnCuba, the researcher for the University of Havana’s Center for Study of the Cuban Economy delves into the main issues facing the country’s economy today. Let’s talk about the foreign investment law approved last year. Is it a fully developed law, does it have any serious defects? Juan Triana: The current law improves on the previous one. It makes a whole series of processes and procedures more transparent. It establishes a response time for a series of business ventures. It establishes tax exemptions that the other law didn’t define too well. If we compare it to other investment laws in Latin America and the Caribbean, in countries that could be considered our competitors, such as the Dominican Republic, Costa Rica, Nicaragua or Panama, our law lacks some of the advantages that these others afford the foreign investor. We’ll have to learn and improve over time. No law is perfect. We always hear the same pronouncements about...