With the hopes that foreign capital will play a large role in the future growth of the Cuban economy, Cuba will kick off November with their 32nd International Fair FIHAV in order to attract foreign investment. In the exhibition, there will be companies from 60 different countries. Minister of Foreign Trade and Foreign Investment, Rodrigo Malmierca, wants to use the exhibition as a “promotional” for the country.
This coming Monday, Cuba will launch its official portfolio of businesses that Cuba offers in key sectors of its economy, according to Venezuelan newspaper, Ultimas Noticias. The projects that will be included within the portfolio range from: agribusiness, construction, pharmaceutical and biotechnological industries, and renewable resources among others. These projects are designed to promote development in all of Cuba’s provinces.
In June a new Foreign Investment Law was implemented to stress that the International Fair and Cuban investment will provide “greater incentives and guarantees for investors,” according to the president organizing the fair in Havana. This legislation replaced the one formerly undertaken by Raul Castro in 1995 which reaffirmed the socialism of the island.
With the current Cuban economy, Ultimas Noticias reports, Cuba would need between 2,000-2,500 million dollars a year to sustain its model and its amendments, to which the government has opened its doors to investment. As earlier reported in this blog, the construction of the Mariel Port in Cuba, which is being constructed with the funding of Russia, will open up the space creating a modern container terminal.
The goal of last year’s international fair was the promotion of the Mariel Port, to which now Cuba has received the investment and funding for. Cuban Minister of Foreign Investment and Commerce invited all interested foreign investors affirming that opportunities of exchange would be “fruitful and useful” for both parties. The minister urged that the opportunities offered in Cuba are some of the largest in its region of the Community of Latin American and Caribbean States (CELAC), already having strongly established corporate representation from Venezuela, China, Russia and Spain, which are the main trading partners of the island.