UNO September 2016

Cuba, a safe place for foreign investment

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With a seductive atmosphere favorable to foreign investors, Cuba has become an excellent place for investment. Guarantees and incentives go hand in hand with an environment of political, social and legal stability; a safe environment for foreign staff; highly qualified labor; and positive indicators regarding social security and health.

Other advantages of investing in Cuba include its existing natural resources and minerals; the government’s development and promotion of research and technological innovations; and the country’s geographical location, placing it at the center of an expanding market.

Furthermore, Cuba has a developed infrastructure that includes 10 international airports located throughout the island; ports that support docking for large ships; a power service grid that covers more than 95 percent of its territory; and railways and roads that extend across the country.

Along with these benefits, potential investors can count on support from the Center for the Promotion of Foreign Trade and Investment, ProCuba, which offers a variety of specialized services, including:

• Advice and guidance on how to negotiate in Cuba.

• Assistance in identifying business opportunities.

• Networking to link potential investors with corresponding Cuban entities.

• Meeting agenda preparation.

Cuba has become an excellent place for investment. Guarantees and incentives go hand in hand with an environment of political, social and
legal stability

ProCuba is also involved in promoting the Portfolio of Opportunities for Foreign Investment, a useful tool that provides summaries of the business interests being developed with foreign capital and information on industrial sector policies. This document, which is updated every year at Havana’s International Trade Fair (FIHAV), focuses on the 12 sectors that are key for the national economy, selected by Cuban companies for their organizational processes; updated and modern technologies; management methods; and comprehensive development of all branches in accordance with the country’s economic and social development in the context of the global economy, based on attracting foreign capital.

04_1The Portfolio of Opportunities for Foreign Investment currently outlines 326 projects and a total investment estimated to be at over $8.1 billion. Among the new developments are proposals for: the tourism sector, with 94 projects, including service administration contracts in seven of the country’s marinas (including Marina Tarara and Marina Dársena Varadero); the oil sector (86); the agro-food industry, standing out with the highest number of opportunities in this edition (40), including new projects for the development of mariculture, aquaculture and production and marketing for two Cuban rums (Perla del Norte and Cubay); and the transportation sector (15), with five new projects for the development, operation and management of port reception facilities for cruise ships (including in Havana, Cienfuegos and Santiago de Cuba). Feasibility studies have been carried out for each project.

Other distinctive features included in the document are health sector projects related to creating facilities to export health and tourism services, a second project related to sports and three projects pertaining to the audiovisual sector, which aim to boost the development of this industry. It also includes new projects in the commercial sector, such as the commercialization of hardware and building materials, supply chains of refrigerated food and fabrics and textile production, as well as the diversification of activities in the construction industry by incorporating production of marble, bathroom fixtures, ceramic flooring, and more. There are also projects to develop bioelectric, wind, and photovoltaic energy in the country.

These projects are all in line with the measures for the implementation of economic and social policy guidelines to enhance foreign investment

These projects are all in line with the measures for the implementation of economic and social policy guidelines to enhance foreign investment, which outline the need for maintaining a constantly-updated investment portfolio of potential foreign investment opportunities.

Cuba is an attractive destination to expand business, so we invite you to read this document and identify any projects of interest in industry sectors the country prioritizes.

Roberto Verrier
Director of the Center for the Promotion of Foreign Trade and Investment (ProCuba)
Roberto was vice dean and dean of the University of Pinar del Rio from 1972 to 1989, chairman of the National Association of Economists and Accountants of Cuba from 1992 to 2013 and chairman of the Association of Economists of Latin America and the Caribbean from 2005 to 2013. In addition, he served as the general auditor of the Inter-Parliamentary Union from 2005 to 2011 and has been the director of ProCuba since September 2013.

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