
{"id":246530,"date":"2021-12-03T10:27:17","date_gmt":"2021-12-03T15:27:17","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=246530"},"modified":"2021-12-03T10:27:17","modified_gmt":"2021-12-03T15:27:17","slug":"cuba-launches-12-5-billion-dollars-worth-of-foreign-investment-projects","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/cuba-launches-12-5-billion-dollars-worth-of-foreign-investment-projects\/","title":{"rendered":"Cuba launches 12.5 billion dollars\u2019 worth of foreign investment projects"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Cuba is looking for <\/span><a href=\"https:\/\/oncubanews.com\/en\/tag\/foreign-investment-in-cuba\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">foreign investors<\/span><\/a><span style=\"font-weight: 400;\"> for 678 projects, mainly in the food, biopharmaceutical, tourism and energy sectors, for a total amount of 12.5 billion dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a statement released this Wednesday by the Ministry of Foreign Trade and Investment (MINCEX), the new Portfolio of Business Opportunities with Foreign Investment seeks to \u201cattract foreign capital in a more proactive way, facilitating business, eliminating bureaucracy and promoting new opportunities.\u201d<\/span><\/p>\n<p>https:\/\/twitter.com\/MINCEX_CUBA\/status\/1466019733195702281?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1466019733195702281%7Ctwgr%5Ehb_0_7%7Ctwcon%5Es1_&#038;ref_url=https%3A%2F%2Foncubanews.com%2Fcuba%2Fcuba-lanza-proyectos-para-inversion-extranjera-por-12-500-millones-de-dolares%2F<\/p>\n<p><span style=\"font-weight: 400;\">The head of MINCEX, Rodrigo Malmierca, explained that the initiative is key to the development of the country. Cuba is in a serious economic situation, with strong inflation \u2014 60% official and <\/span><a href=\"https:\/\/oncubanews.com\/cuba\/gobierno-cubano-reconoce-una-inflacion-del-6-900-en-el-mercado-informal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.900% in the informal market<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 and an accumulated contraction of the gross domestic product (GDP) of 13% in two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The sector with the largest representation in the portfolio is food production, with 164 options, and also environmental impact projects, tourism, industry, pharmaceuticals, mining, oil and energy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Referring to the energy sector, the head of MINCEX pointed out the additional incentives for the promotion of renewable energy sources, which will be able to have access to a special tax regime, with exemptions from the start of operations. The initiative, with 175 more projects than the previous version, incorporates projects sponsored by local governments and lowers the minimum amount to facilitate access.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"wohpsEaxzX\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/foreign-direct-investment-in-cuba-a-contribution-to-national-development\/\">Foreign Direct Investment in Cuba: a contribution to national development<\/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 in Cuba: a contribution to national development&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/foreign-direct-investment-in-cuba-a-contribution-to-national-development\/embed\/#?secret=ThPs6sHiGF#?secret=wohpsEaxzX\" data-secret=\"wohpsEaxzX\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">One of the novelties of this business portfolio, according to Malmierca, is the elimination of the prohibition to establish bank accounts abroad linked to these projects, which may be opened with authorization from the Central Bank of Cuba.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The participation of corporate banks, second-tier corporate banks, investment banks and non-banking financial institutions, which must contribute capital, technologies, new products and services, as well as access to international financial markets, have been approved as measures to stimulate investment in the financial sector.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sector with the greatest representation in the island\u2019s new business portfolio is food production, with 164 options, and also environmental impact projects, tourism, industry, pharmaceuticals, mining, oil and energy.<\/p>\n","protected":false},"author":3546,"featured_media":246533,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13904],"tags":[14816,17876],"ppma_author":[17270],"class_list":["post-246530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuban-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>Cuba launches 12.5 billion dollars\u2019 worth of foreign investment projects | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"The sector with the greatest representation in the island\u2019s new business portfolio is food production, with 164 options, and also environmental impact projects, tourism, industry, 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