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Almost ready new regulations to expedite foreign investment in Cuba
Mariel special development zone. Photo: Trabajadores.cu
According to a report presented to the representatives of the Economic Affairs Commission of the Cuban Parliament; New rules to streamline the evaluation and authorization processes of projects with foreign investment are in the final phase of approval
Déborah Rivas, Director General of Foreign Investment of the Ministry of Foreign Trade and Investment (Mincex), informed that the elaboration of the rules responds to the call of the National Assembly of People's Power, in its meeting in December 2016.

According to Rivas, this is a modification of the decree complementary to Law 188 of Foreign Investment, approved in 2014 as part of the updating of the Cuban economic model.

Rivas insisted that the rules do not solve everything, because to make more expeditious the realization of business requires, in addition, the commitment of the businessmen and organizations involved.

She acknowledged that although there are defined policies, incentives for investors and a broad portfolio of opportunities, there are still delays in the preparation of studies, compliance with procedures, and lack of preparation of entities.

The official underlined the importance of obtaining the effective support of the sponsors, including the organs of the People's Power at all levels, mainly in the projects that are carried out in their territories.

Deputy Agustín Lage, for Yaguajay, Sancti Spíritus, said that in addition to the training, there is also a need for a change of mentality, since many of the businessmen consider the issue of foreign investment as a state function.

Certainly the approval of the projects corresponds to the state organisms, but their promotion does not; in general, national entrepreneurs do not have the habit of looking outside (external market), she argued.

The fourth version of the business portfolio of Cuba, presented at the last International Fair of Havana, includes 456 opportunities, valued at an amount of more than 10.7 billion dollars.

With the approval until October of 30 foreign investment businesses, the country achieved this year the goal of attracting foreign capital exceeding two billion dollars, Rivas said.

She said that currently 95 projects are under negotiation, with real possibilities to be completed by 2018.

In line with the Mincex directive, starting in 2018, the National Statistics and Information Office will begin to publish data related to the behavior of foreign investment in the country.

With information of ACN

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