{"id":235946,"date":"2021-03-11T14:16:13","date_gmt":"2021-03-11T19:16:13","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=235946"},"modified":"2021-03-11T14:16:13","modified_gmt":"2021-03-11T19:16:13","slug":"cuba-to-promote-investments-by-cubans-residing-abroad","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/cuba-to-promote-investments-by-cubans-residing-abroad\/","title":{"rendered":"Cuba to promote investments by Cubans residing abroad"},"content":{"rendered":"

The Cuban government promoted a business portfolio for <\/span>foreign investors<\/span><\/a>, incorporating projects that require low capital, and invited <\/span>Cubans who reside outside the country<\/span><\/a> to join, a novel approach in the strict commercial framework on the island.<\/span><\/p>\n

The Business Director of the Ministry of Foreign Trade, Katia Alonso, indicated this Wednesday that for the current year there are 503 opportunities for businesspeople around the world willing to operate with the island for an amount of 12 billion dollars, among which there are from large engineering or energy initiatives to small businesses.<\/span><\/p>\n

Alonso highlighted the change in focus represented by the incorporation of businesses that were not as large or demanding as those of the portfolio from previous years, giving even Cubans living abroad the possibility to participate.<\/span><\/p>\n

\u201cThe idea is that: small projects that will solve the food and non-food problem,\u201d said the official. \u201cThe projects in which we are interested in promoting and realizing can be up to less than a million dollars.\u201d<\/span><\/p>\n

https:\/\/twitter.com\/mincex_cuba\/status\/1369731863271645184?s=21<\/p>\n

Although the law does not reject it, for decades the Cuban authorities were very distrustful when allowing emigrated Cuban businesspeople to bring their capital to the island under the ideological premise of being incompatible with the nation\u2019s socialist model.<\/span><\/p>\n

In addition, the bulk of Cuban emigrants live in the United States, where the laws of sanctions imposed by Washington to pressure Havana impose limitations on bringing their capital. The issue of investment by Cubans is sensitive both in Cuba and abroad.<\/span><\/p>\n

\u201cThere have been comments that this (the investment of Cubans residing abroad) cannot be done, but that was never prohibited; now everything is being concatenated,\u201d said Alonso, who indicated that one point is that in general Cuban businesspeople abroad do not have so much capital to invest.<\/span><\/p>\n

\u201cSo we are also advocating for small projects and they are projects more tailored to Cubans living abroad, who are people who have small and medium-sized enterprises,\u201d added the official.<\/span><\/p>\n

Alonso even indicated that countries like China allow their natives who live abroad to reinvest in their country of origin. Neither the portfolio of opportunities nor the Foreign Investment Law applies to Cuban citizens on the island.<\/span><\/p>\n

Cubans living abroad can invest in Cuba, says Ministry of Foreign Trade and Investment<\/a><\/p><\/blockquote>\n