ES / EN
- January 28, 2023 -
No Result
View All Result
OnCubaNews Needs You
OnCubaNews
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
OnCubaNews
ES / EN
Home Cuba Economy Foreign investment in Cuba

Cuban New Foreign Investment Law draft is already being discussed

by Avatar photo Javier Ortiz, javier
October 2, 2018
in Foreign investment in Cuba
0

“There will be no concessions or setbacks” is the title of the first journalistic work published in the Cuban press on the new Law on Foreign Investment, which will be discussed in the Cuban National Assembly in the coming days.

Deputy Jose Luis Toledo Santander, Chairman of the Parliamentary Committee on Constitutional and Legal Affairs, gave an interview in which he gives some hints of the developments new legislation will bring: it reinforces the guarantees to investors and “sets the priority of foreign investment in almost all sectors of the economy, especially those related to the production. “

All this is accompanied by “tax bonuses and total exemptions under certain circumstances, as well as easing the customs laws to encourage investment.”

Furthermore, they will establish “an investment portfolio, so that those who wish may know the areas of interest to the country. This folder will also bring a breakthrough in terms of the documentation that is required to make the investment, so that the process will be more agile. “

The draft is being discussed at provincial level by Cuban deputies, who have expressed concerns about “the labor rights of Cubans who would work on these projects, the terms of validity for investment and the protection of the National Heritage (….) “.

In the past, foreign investment did not seem to be among the priorities of the Cuban government. Economist Juan Triana noted that “the persistence of a design and management in excess discretionary of FDI prevented and prevent the creation of jobs in sectors with higher productivity or linkages to the domestic economy.”

Related Posts

Photo: Kempinski Hotels on Facebook.

Kempinski to open second hotel in Cuba

May 4, 2019
The diesel railcar that arrived in Cuba from Russia on January 3, 2019. Photo: Ricardo López Hevia / Granma.

More Russian locomotives and a diesel railcar for Cuba

January 6, 2019
The heritage city of Trinidad, in the center of Cuba. Photo: Archive

Italian T.O.MA. Group to build new hotel in Cuba

December 21, 2018
Spanish Government President Pedro Sánchez (l) with Minister of Industry Reyes Maroto and president of the Spanish Federation of Business Organizations, Antonio Garamendi, in a meeting in Havana with Spanish businesspeople who have interests in Cuba. Photo: JuanJo Martin / EFE.

Cuba to give priority to Spain in its railroad and airport projects

November 29, 2018

But now the subject occupies the spotlight on Cuba. President Raul Castro has mentioned the issue in each of his last speeches: in the last session of the National Assembly, at the opening of the presidential summit of CELAC and the recent closure of the Congress of the Confederation of Workers of Cuba (CTC by its Spanish acronym).

Talking to some thirty of his Latin American colleagues, Raul Castro said in January that they have to create “appropriate policies in the relationships with foreign investment and transnational corporations operating in the countries comprise the CELAC.”

He then added an emphatic sentence: “It is undeniable the benefits of foreign direct investment on the economies of the region and the capital injections of transnational companies operating in it.”

Almost a month later, at the end of the Congress of the CTC, the Cuban president said: “We must consider the urgent need to promote and attract foreign investment in the interests of boosting economic and social development.”

The “compelling need” was old news after the Cuban Foreign Minister Bruno Rodriguez traveled to Japan in November 2013 and discussed with a Japanese media outlet that Cuba had in its plans to pass a new law to attract foreign capital.

The current Foreign Investment Law 77 will be no more in days. It is not known exactly when it will be, but the announced special session of the Cuban Parliament, and all signs point to its successor is just weeks away from seeing the light.

Authors

Avatar photo Javier Ortiz, javier
Tags: Cuban National Assemblynew Law on Foreign Investment
Previous Post

Agreement to Preserve Finca Vigia will be renewed

Next Post

Some notes on the buying of houses in Havana

Javier Ortiz

Javier Ortiz

Periodista de la Televisión Cubana, vecino del Vedado habanero y guitarrista por cuenta propia (y sin licencia). Escribe para sitios en Internet desde los 14 y se hizo Licenciado en Periodismo diez años después. Se pasa el día tecleando sobre música, política y economía.

javier

javier

Next Post

Some notes on the buying of houses in Havana

Changuito unveils his mystery: heart and soul

Cubavisión Internacional now in Angola and Mozambique

Leave a Reply Cancel reply

The conversation here is moderated according to OnCuba News discussion guidelines. Please read the Comment Policy before joining the discussion.

Your email address will not be published. Required fields are marked *

Most Read

  • The Enchanted Shrimp of the Cuban Dance

    1490 shares
    Share 596 Tweet 373
  • What foods can be brought to Cuba and what imports are forbidden?

    379 shares
    Share 152 Tweet 95
  • Family Reunification Parole has not been canceled, U.S. Embassy in Cuba reported

    11 shares
    Share 4 Tweet 3
  • Biden and Cuba, the good and the bad…these days

    13 shares
    Share 5 Tweet 3
  • New online form for travelers arriving in Cuba

    43 shares
    Share 17 Tweet 11

Most Commented

    • About us
    • Work with OnCuba
    • Terms of use
    • Privacy Policy
    • Moderation policy for comments
    • Contact us
    • Advertisement offers

    OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
    OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

    No Result
    View All Result
    • World
    • Cuba
    • Cuba-USA
    • Opinion
      • Columns
      • Infographic
    • Culture
      • Billboard
    • Sports
    • Styles / Trends
    • Media
    • Special
    • Cuban Flavors

    OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
    OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

    Go to mobile version