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Cuba presents latest investment opportunities to foreign investors

11/02/2018 15:42

Cuba's government presented its 2018-2019 portfolio of investment opportunities to foreign investors on Wednesday.

As part of this year's Havana International Fair (FIHAV 2018), Foreign Trade and Investment Minister Rodrigo Malmierca showcased the portfolio of 525 projects worth an estimated 11.6 billion U.S. dollars.

Forty-five of the proposed projects fall within Cuba's special development zone of Mariel (ZEDM), an industrial park and deep water port that is considered the biggest state infrastructure project of the past decade.

Some 108 projects are in agriculture, a priority sector since cash-strapped Cuba spends some 2 billion U.S. dollars a year on costly food imports to meet domestic demand.

The great majority of investment projects are in tourism, the country's second leading source of foreign revenue and an "engine" of economic growth.

Investment opportunities also appear in such areas as renewable energy, iron and steel production, chemicals and mining.

According to Malmierca, 104 projects listed in the previous portfolio have been delisted because they have either been completed, modified or are under negotiation.

Last year, authorities approved more than 2 billion U.S. dollars in foreign investment, marking a record figure, he said.

Cuban authorities say the island needs 2.5 billion U.S. dollars a year in foreign investment to sustain economic growth. Foreign investors represent an important source of modern technology and know-how, in addition to capital.

(Source: Xinhua)

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