Portfolio of Foreign Investment Opportunities: A Gateway to Development
Cuba’s minister of Foreign Trade and Investment, Rodrigo Malmierca Diaz, unveiled the third Portfolio of Foreign Investment Opportunities in Cuba 2016-2017 as he opened Tuesday the inaugural Investment Forum within the 34th edition of the Havana International Fair (FIHAV).
This year, the portfolio embraces 395 projects, 69 more than in 2015, plus 120 new proposals that account for $9.5 billion worth of foreign capital revenues for the island nation’s economy.
All business opportunities are in sync with Cuba’s top priorities for economic and social development through 2030. According to Mr. Malmierca, the portfolio comprises two dozen projects at the Mariel Special Development Zone (ZEDM is the Spanish acronym).
Since the new foreign investment act was enacted in 2014, as many as 14 existing business deals, 15 new business agreements at ZEDM and 54 others outside its boundaries for a grand total of $1.3 billion.
Tourism, food industries, energy and oil rigging continue to be in the potential investors’ best interests.
One of the new things in this year’s portfolio is the possibility of letting foreign companies engage -directly or indirectly, or by means of long-term credit lines- in induced investments, especially in the travel industry.
According to the Cuban high-ranking official, banking and financing are now included on the list of business opportunities in an effort to have access to funds, management techniques and datamining, as well as to new financial markets and products worldwide.
Mr. Malmierca also spoke about a regional approach for the advance of tourism-oriented projects in the destinations of Guardalavaca, Cienfuegos, Santa Lucia (Camagüey), Covarrubias (Las Tunas) and for the first time ever, in Havana.
Even though other destinations, such as Trinidad, Varadero and Cayo Largo, are not ranked high on the portfolio, possibilities and interests in those places could be assessed.
Bringing Businesspeople Closer Together
One of the most anticipated moments of the 34th edition of FIHAV was the first Investment Forum that ends Wednesday. The meeting seeks to bring Cuban and foreign entrepreneurs closer together.
Over 165 attendees from 38 countries are attending the forum who have arranged 242 B2B appointments with Cuban companies.
