{"id":245599,"date":"2021-11-09T12:46:18","date_gmt":"2021-11-09T17:46:18","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=245599"},"modified":"2021-11-09T12:46:18","modified_gmt":"2021-11-09T17:46:18","slug":"foreign-direct-investment-in-cuba-a-contribution-to-national-development","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/foreign-direct-investment-in-cuba-a-contribution-to-national-development\/","title":{"rendered":"Foreign Direct Investment in Cuba: a contribution to national development"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It is more than demonstrated what the contribution of foreign capital has meant for Cuba after the 1990s. First of all, in tourism, but also in mining, oil, beverages and food.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the <\/span><a href=\"https:\/\/oncubanews.com\/en\/tag\/foreign-investment-in-cuba\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">foreign investment<\/span><\/a><span style=\"font-weight: 400;\"> process has not been linear in terms of policy makers. It could be said that in an initial stage it was considered a necessary evil (\u201cwe had no other options\u201d), that later it was considered a complement to national efforts and lately that it is vital for the development of the country.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"M5YhlKiCAI\"><p><a href=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/foreign-direct-investment-and-organization\/\">Foreign Direct Investment and organization<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Foreign Direct Investment and organization&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/foreign-direct-investment-and-organization\/embed\/#?secret=Essn9kELB9#?secret=M5YhlKiCAI\" data-secret=\"M5YhlKiCAI\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">I\u2019m not going to refer to each of these stages in detail, but I would say that foreign capital has been more than vital for Cuba\u2019s tourism development, either because of its contribution in the construction of hotel facilities or in management contracts. Having dozens of hotel management contracts with renowned Spanish firms \u2014 especially with Meli\u00e1 Hotels and Iberostar, among others \u2014 has been able to guarantee high levels of occupancy of these facilities, not only in sun and beach hotels, but also in urban spaces.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I would not make any mistake when saying that without the Mexican company CITEL at the beginning and the Italian company STET later, ETECSA would be further behind: millions of dollars in initial investments with capital from those entities destined to buy digital telephone plants and transportation infrastructure, among other things. All this in the middle of the Special Period and with a very high lack of liquidity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same happens with nickel: the joint venture Sherrit S.A.\u00a0 has been in charge of more than 50% of its production and export. Or with the export of 100% Premium tobacco through Habanos S.A. Or with the export of Havana Club rum by the company Pernod Ricard, among other important companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although it may seem small, these foreign companies\u2019 investment in gross fixed capital formation in relation to the country\u2019s total formation in 2020 reached the figure of 5.4%; in other years their contribution was greater. Also in 2020, among the country\u2019s main exports of goods and services, the contribution of foreign investment was 20% with respect to total exports of goods and services.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"WEI1CmYKjT\"><p><a href=\"https:\/\/oncubanews.com\/cuba\/cuba-por-agilizar-tramites-para-la-inversion-extranjera\/\">Cuba por agilizar tr\u00e1mites para la inversi\u00f3n extranjera<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abCuba por agilizar tr\u00e1mites para la inversi\u00f3n extranjera\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/cuba\/cuba-por-agilizar-tramites-para-la-inversion-extranjera\/embed\/#?secret=lSZoOEtnBx#?secret=WEI1CmYKjT\" data-secret=\"WEI1CmYKjT\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">If it is related only to the export of Cuban goods, we would see that in 2017 they accounted for 62% of total exports. But in 2020 they became the totality of exports of goods, with 98.7%. This data corroborates that not only is foreign investment necessary, but also that exports of goods have only been possible due to the presence of those same capitals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is, at the same time, an indicator: it is necessary to break the inertia and the obstacles that still persist in the approval of foreign investment. And change the conception that businesses are more feasible the larger the enterprises. With the creation of Cuban <\/span><a href=\"https:\/\/oncubanews.com\/en\/tag\/msmes\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MSMEs<\/span><\/a><span style=\"font-weight: 400;\">, there is a new possibility of establishing joint ventures between a foreign company and a non-state Cuban legal entity of the recently created ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Designed to serve as a pointer to the rest of the approved businesses in the country, in my opinion the Mariel Special Development Zone (ZDEM) has been stagnant. The expected productive results have not been obtained, due to multiple factors that I\u2019m not going to delve into now. But, without a doubt, one has been the slowness in the construction process of the approved businesses, together with the lack of construction materials and qualified personnel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the official site of the ZDEM, in 2021 there are 18 companies in the construction process. One is six years in the making; more than three companies, five. And the majority group takes, on average, about four years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you compare it with 2018, the great delay can be seen. That year, 26 companies were in the process of investing. This means that, on average, fewer than three businesses have been completed per year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With 24 companies operating at the end of 2021, some providing services or logistics, the minority is in the production of goods: only 6. Given the economic situation of the country, this is what is most needed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the highest ranking Cuban authorities, everything suggests that there will be greater attention to this area of \u200b\u200bforeign capital. In <\/span><i><span style=\"font-weight: 400;\">La inversi\u00f3n extranjera en Cuba<\/span><\/i><span style=\"font-weight: 400;\">, the National Office of Statistics and Information (ONEI) has just reported that there are 318 businesses with foreign capital, figures well above the minimum reached by these companies in 2008: just 211 companies, but still far from the year 2002, when 403 businesses with foreign capital were operating.<\/span><\/p>\n<p><b>Graph 1: Associations with foreign capital in Cuba<\/b><\/p>\n<figure id=\"attachment_362465\" aria-describedby=\"caption-attachment-362465\" style=\"width: 1162px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyloaded wp-image-362465 size-full\" title=\"Source: The author\u2019s based on Statistical Yearbooks of Cuba, ONEI (several years) and Portfolio of Business Opportunities, of the Ministry of Foreign Trade and Investment.\" src=\"https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1.jpg\" sizes=\"auto, (max-width: 1162px) 100vw, 1162px\" srcset=\"https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1.jpg 1162w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-300x169.jpg 300w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-1024x578.jpg 1024w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-768x434.jpg 768w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-750x423.jpg 750w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-1140x644.jpg 1140w\" alt=\"\" width=\"1162\" height=\"656\" data-src=\"https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1.jpg\" data-srcset=\"https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1.jpg 1162w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-300x169.jpg 300w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-1024x578.jpg 1024w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-768x434.jpg 768w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-750x423.jpg 750w, https:\/\/oncubanews.com\/wp-content\/uploads\/2021\/11\/Grafico-1-1140x644.jpg 1140w\" data-pin-no-hover=\"true\" \/><figcaption id=\"caption-attachment-362465\" class=\"wp-caption-text\">Source: The author\u2019s based on Statistical Yearbooks of Cuba, ONEI (several years) and Portfolio of Business Opportunities, of the Ministry of Foreign Trade and Investment.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In short, although the figures show a positive increase in the number of businesses, the authorities must accelerate the pace of approvals, since today the existing investment figures are insufficient. The positive results have been seen for this type of companies\u2019 exports.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are provisions and structures that make the process more complex, including the employing agency, a bridge between the worker and the investor, added to other negative factors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Cuban Ministry of Foreign Trade and Investment (MINCEX) affirmed that in 2020 it obtained foreign investments for more than 2 billion dollars; that is, committed capital not invested through 30 new authorized businesses. But in 2019 the committed capital did not exceed 1.5 billion dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loud and clear: we are facing an economy that must invest no less than 2.5 billion dollars annually from abroad and another important group of national resources. Cuba aspires to have between 25 and 30% of foreign investment in relation to the Gross Domestic Product (GDP), which would allow it to grow at rates of more than 5%.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"F2VyhkgwHT\"><p><a href=\"https:\/\/oncubanews.com\/cuba\/cuba-lejos-de-sus-necesidades-de-inversion-extranjera\/\">Cuba lejos de sus necesidades de inversi\u00f3n extranjera<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abCuba lejos de sus necesidades de inversi\u00f3n extranjera\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/cuba\/cuba-lejos-de-sus-necesidades-de-inversion-extranjera\/embed\/#?secret=aGQd1E8m1v#?secret=F2VyhkgwHT\" data-secret=\"F2VyhkgwHT\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">It is necessary to overcome the years of decline in the national economy, and foreign capital plays a vital role in this. It has already been said and repeated that the island does not have the internal financial resources necessary to avoid the decapitalization of Cuban companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In October 2021, Prime Minister Manuel Marrero said: \u201cIt is necessary to be more proactive and bold,\u201d since the required amount of capital needed to reactivate the economy has not been attracted. It is necessary to reflect on the causes that prevent the successful completion of investment projects in the country. \u201cAre we going to wait for the blockade to be lifted?\u201d he asked, then emphasizing: \u201cWe have to go ahead and develop on our own.\u201d And that includes, he affirmed, foreign investment. These processes should not be delayed. It is necessary to stimulate and add rather than hinder.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, he said: \u201cA total transformation is required in the ways of doing things; it is necessary to listen to all the proposals as long as they do not violate the sovereignty and principles of the country, and it is necessary to go out in search of new businesses, be more proactive. This change in the ways of analyzing and doing is today an urgent need.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The highest leadership levels are aware of the need to attract foreign investment. But in practice the influence of a bureaucracy still persists, holding it back: the number of new approvals testifies to this. There is a lack of alignment between all the entities that participate in the approval process, including the institutions that decide at levels higher than MINCEX.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Everything indicates that despite the Single Window,<\/span><b>1<\/b><span style=\"font-weight: 400;\"> created by the Ministry of Foreign Trade to attend to the investment proposals that are received, the speed of approval must change. The curious thing, I repeat, is that the highest authorities are urging the removal of the obstacles. Then the question arises: who locks what needs to be unlocked?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The answer lies in defining those who lock in order to remove those who lock.<\/span><\/p>\n<hr \/>\n<p><i><span style=\"font-weight: 400;\">Note:<\/span><\/i><\/p>\n<p><b>1<\/b><span style=\"font-weight: 400;\"> The Single Window is a content management system that allows documenting and publishing online the different procedures for carrying out procedures related to foreign trade. Its objective is to facilitate the proceedings of Cuban and foreign businessmen who carry out sales operations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The authorities must accelerate the pace of approvals, given that today existing investment figures are insufficient.<\/p>\n","protected":false},"author":1880,"featured_media":245601,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13903],"tags":[14816,17876],"ppma_author":[33641],"class_list":["post-245599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-cuban-economy","tag-foreign-investment-in-cuba"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreign Direct Investment in Cuba: a contribution to national development | OnCubaNews 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Sus publicaciones recientes, incluyen, entre otras The Cuban Economy in a New Era: An Agenda for Change toward Durable Development, con Jorge I. Dom\u00ednguez y Lorena Barberia, Harvard University Press, 2017; \u201cLa econom\u00eda cubana: evoluci\u00f3n y perspectivas \u201d, Estudios Cubanos, no. 44, University of Pittsburgh Press, 2016; \u201cForeign Direct Investment in Cuba: A Necessity and a Challenge\u201d, A New Chapter in US-Cuba Relations, editado por Eric Hershberg y William M. 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