© Reuters. Cuba launches projects for foreign investment for 12,500 million dollars
Havana, Dec 1 (.) .- Cuba is looking for foreign investors for 678 projects, mainly in the food, biopharmaceutical, tourism and energy sectors, for a total amount of 12,500 million dollars.
According to a statement released this Wednesday by the Ministry of Foreign Trade and Foreign Investment (Mincex), the new Portfolio of Business Opportunities with Foreign Investment seeks to “attract foreign capital in a more proactive way, facilitating business, eliminating bureaucracy and promoting new opportunities “.
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 -60% official and 6,900% in the informal market- and a cumulative contraction of the gross domestic product (GDP) of 13% in two years.
The sector with the largest representation in the portfolio is food production, with 164 options, which also includes environmental impact projects, tourism, industry, pharmaceuticals, mining, and energy.
Referring to the energy sector, the head of Mincex pointed out the additional incentives for the promotion of renewable energy sources, which may access 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.
One of the novelties of this portfolio, according to Malmierca, is the elimination of the prohibition to establish bank accounts abroad linked to these projects, which may be opened with an authorization from the Central Bank of Cuba.
As measures to stimulate investment in the financial sector, the participation of corporate banks, second-tier corporate banks, investment banks and non-bank financial institutions, which must provide capital, technologies, new products and services, as well as access to markets are approved. international financial institutions.
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