ES / EN
- February 2, 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 Economy and Business

New Foreign Investment Law in Cuba might attract British entrepreneurs

by Avatar photo Sundred Suzarte Medina
March 18, 2014
in Economy and Business, Reports
0

Despite the fact the United Kingdom is one of the top economies in the world, relies on powerful enterprises distributed worldwide, maintains good diplomatic relations with Cuba, and constitutes an important emitting market of tourists to the island, investments and commercial flow between the two nations are not in a relevant position in contrast with other European countries.

However, according to Tim Cole, ambassador of the UK to Cuba, that reality might change in view of the approval of a new Foreign Investment Law in Cuba and the incentives provided by Mariel’s Special Development Zone (ZEDM by its acronym in Spanish).

In statements for this article, Cole highlighted that even though Cuba is favored in the trading balance, there are development areas that are not exploited upright and it would be a positive thing that British companies would turn to these areas like biotechnology, tourism, and renewable energy.

He also pointed out that the presence of British companies such as Imperial Tobacco, British American Tobacco, Castrol, or Unilever is not enough to achieve a major boost for British capital in Cuba.

To what extent can the Cuban market be boosted before the British entrepreneurs?

My work as ambassador is to speak to those interested in this market and explain them what are the opportunities they have here. I think that their interest could riseconsidering ZEDM’s incentives and the new changes foreseen in the investment law in Cuba.

Related Posts

The pandemic has affected economies and aggravated the already existing crises, as in the case of Cuba, where the cyclical shortage in state stores keeps its inhabitants constantly on the hunt for essential items. Photo: Otmaro Rodríguez

Superheroes in exchange for milk: bartering that alleviate shortages in Cuba using a cell phone

October 18, 2020
Photo courtesy of Havana Club International.

Havana Club 7 years: a Cuban bottle

December 17, 2016

AT&T and ETECSA will connect Cuba and the US for voice, text and data

August 22, 2016

No room. An Island in demand

June 3, 2015

In what ways could ZEDM’s investment incentives favor British entrepreneurs?

The most important thing in this case is that there are different rules. I believe that not only Cuba, but any country that desires to bring foreign investmentsin, should establish proper regulations that favor and promote incentives and guarantees for foreign investors.

For the Cuban economy, direct foreign investments could be really fruitful but it is necessary to keep in mind the unusual economic structure of Cuba, given that most enterprises belong to the State. Nonetheless, I think it has been a right decision by the Cuban Government to attempt modifying the foreign investment law as this economy is not developing as it should as noted by the Cuban president Raul Castro.

In contrast with other European nations like France and Spain, the United Kingdom hasn’t thoroughly exploited the tourist sector…

In 2013, the United Kingdom issued about 150,000 British tourists to Cuba, which turned it into the first European issuer nation of tourists. We have tour operators working in Cuba and Virgin Atlantic has had a good performance here. Yet, it is true that in comparison with other nations like Spain or France we are not much into building hotels.

However, the British company Esencia Hotel & Resorts has a project here for the construction of a golf course with lots of conveniences, apartments, houses, in Carbonera, near Varadero beach, which is a transcendental step in the development of tourism in Cuba.
What are the advantages of direct foreign investments?

In my opinion Cuba would benefit with the access to high technologies and the acquisition of new ideas on the management of enterprises, or with the update of fresh knowledge on marketing and the promotion of products.

To what extent would the US blockade hinder the interest in negotiations with Cuba?

I’m sure there are British companies with branches in the US that will not invest in Cuba given those limitations. Banks have been fined by US authorities for maintaining contact with Cuba. Still, the British government is trying to explain Cuba’s opportunities to British entrepreneurs.

Relations move on and we already have a new coffee trademark in Europe called Alma de Cuba, which is sold through the internet and is produced with coffee harvested in the eastern Cuban province of Guantanamo.

I’d like to stress that I have recently visited the Isle of Youth, where I noticed remarkable progress in the development of renewable energy sources. In this case, there is political will from both governments to tighten relations and we are dealing with the Ministry of Energy and mines to contribute with the instauration of photovoltaic panels.

Author

Avatar photo Sundred Suzarte Medina
Tags: Mariel’s Special Development ZoneUnited Kingdom
Previous Post

Frank Fernandez, 70 years and a promise

Next Post

A conference to promote dialogue between the two shores

Sundred Suzarte Medina

Sundred Suzarte Medina

Next Post

A conference to promote dialogue between the two shores

Agreement to Preserve Finca Vigia will be renewed

Cuban New Foreign Investment Law draft is already being discussed

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

    1523 shares
    Share 609 Tweet 381
  • Western Union sets up new offices to send remittances to Cuba

    17 shares
    Share 7 Tweet 4
  • What foods can be brought to Cuba and what imports are forbidden?

    388 shares
    Share 155 Tweet 97
  • Yanis Varoufakis in Cuba: the left must recover the concept of freedom

    9 shares
    Share 4 Tweet 2
  • How the U.S. Can Support Cuba’s Emerging Private Sector

    9 shares
    Share 4 Tweet 2

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