Post by RedFlag32 on Oct 1, 2007 16:07:43 GMT
Cuba to open new stage in foreign investment
In what may be seen as an attempt to open up its economy,
Cuba is preparing to invite more foreign investment in a "new
climate" in the country and to prevent errors committed in the past,
Foreign Investment Minister Marta Lomas said.
"There's a new climate for investment, the consolidation of the
economy is a fact. We've had years with sustained growth of the
economy and that allows there to be a new climate for doing new
things," Spanish news agency EFE quoted Lomas as saying.
Cuba opened itself to foreign investment at the beginning of the
1990s, during the so-called "special period," to salvage itself form
an economic crisis resulting from the fall of the Soviet bloc.
Almost 20 years later, "we're in a situation of maturation of foreign
investment.... We're in a condition to expand without committing the
errors of the early years (made) in ignorance and because of economic
necessity," the minister said.
In a speech to commemorate the Cuban Revolution Day on July 26,
interim President Raul Castro emphasized the need to increase
production and reduce imports, and expressed readiness to open up new
areas to foreign investment.
Tourism is one area the government is looking forward to with
increased foreign investment, Lomas said, although "we're studying
main sectors of the economy" to identify priorities.
The minister said the recently concluded Hispanic-Cuban Business
Committee meeting ended on an upbeat note and that the leaders agreed
to more talks next year to identify possible investment projects.
Cuba and Spain signed an agreement Saturday re-establishing the
cooperation programmes suspended four years ago in the wake of a
crackdown by Havana on dissidents.
At the end of 2006, according to official estimates, Cuba had 236
foreign and mixed firms operating on the island the business volume
of which exceeded $3 billion annually.
In what may be seen as an attempt to open up its economy,
Cuba is preparing to invite more foreign investment in a "new
climate" in the country and to prevent errors committed in the past,
Foreign Investment Minister Marta Lomas said.
"There's a new climate for investment, the consolidation of the
economy is a fact. We've had years with sustained growth of the
economy and that allows there to be a new climate for doing new
things," Spanish news agency EFE quoted Lomas as saying.
Cuba opened itself to foreign investment at the beginning of the
1990s, during the so-called "special period," to salvage itself form
an economic crisis resulting from the fall of the Soviet bloc.
Almost 20 years later, "we're in a situation of maturation of foreign
investment.... We're in a condition to expand without committing the
errors of the early years (made) in ignorance and because of economic
necessity," the minister said.
In a speech to commemorate the Cuban Revolution Day on July 26,
interim President Raul Castro emphasized the need to increase
production and reduce imports, and expressed readiness to open up new
areas to foreign investment.
Tourism is one area the government is looking forward to with
increased foreign investment, Lomas said, although "we're studying
main sectors of the economy" to identify priorities.
The minister said the recently concluded Hispanic-Cuban Business
Committee meeting ended on an upbeat note and that the leaders agreed
to more talks next year to identify possible investment projects.
Cuba and Spain signed an agreement Saturday re-establishing the
cooperation programmes suspended four years ago in the wake of a
crackdown by Havana on dissidents.
At the end of 2006, according to official estimates, Cuba had 236
foreign and mixed firms operating on the island the business volume
of which exceeded $3 billion annually.
