The Cuban government’s most recent decisions. Aimed at fostering business development, have the immediate objectives of increasing national production of goods and services and foreign income through exports.
At the opening of the 8th Investment Forum, part of the 41st Havana International Fair. Oscar Pérez-Oliva Fraga, Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment (MINCEX in the Spanish acronym), presented the new measures that reaffirm foreign investment. As a fundamental component of the country’s economic and social development, and the participation of all economic actors.
Before officials and businesspeople from various nations, he clarified that the new decisions are in line with the Government Program. Within it, with the macroeconomic stabilization program, whose foundations point to a more dynamic business environment.
In his introductory remarks, he reported that there are 376 active businesses from 40 countries. 56 of which operate in the Mariel Special Development Zone (ZED). So far this year, 32 businesses from 13 countries have been approved.
The Deputy Prime Minister explained that, in order to boost foreign investment, the decisions adopted will expand production capacity and streamline operations. These include a new, differentiated financial scheme with greater autonomy. The ability to operate in both foreign currency and CUP (Cuban pesos). Which will stimulate exports and enable e-commerce with payments from abroad.
Pérez-Oliva Fraga added that the Economic Plan will also consider the treatment of foreign direct investment income. Foreign bank accounts for external revenue, and more competitive rates for services in foreign currency. He emphasized the goal of streamlining and expediting foreign investment approval processes. Including shortening evaluation periods by regulatory agencies from 15 to seven days, and authorizing foreign companies to lease tourist facilities.
A significant change lies in the hiring and compensation of the workforce. As the employing entity will be able to participate in personnel selection. While subsequent hiring can be direct, and bonuses in foreign currency will be charged against profits through bank transfers.
Without a doubt, this measure will reduce labor turnover and increase the protection of human resources. The Minister of Foreign Trade and Investment (MINCEX) affirmed.
Other operational facilitations for foreign investment include allowing the wholesale marketing of products to any economic actor with the capacity to pay, and access to fuel in foreign currency. Including its direct importation when necessary. The government also decided, as new business models, to make underutilized areas or facilities available to foreign investors, who would then profit from their operation, with the property reverting to the Cuban state at the end of the agreed-upon term.
Greater foreign capital participation in the banking and financial sector is also being considered, to the benefit of all economic actors, as well as the creation of new special development zones with specific objectives: the real estate sector and the promotion of science and technology parks.
The updated Foreign Investment Opportunities Portfolio is among the new developments announced by the Deputy Prime Minister. Now with a renewed and prioritized offering for foreign capital.
According to Pérez-Oliva Fraga, a total of 426 projects have been approved, 35 of them in the Mariel Special Development Zone, representing an investment of US$31.152 billion, concentrated in 13 sectors and present in all provinces. Regarding so-called SWAP operations, the Minister of Foreign Trade and Investment (MINCEX) explained that the decisions aim to provide a more selective instrument for generating foreign currency and managing obligations. Therefore, for example, priority is given to those operations that generate fresh foreign currency or reduce debt, thus allowing access to new financing.
A selective boost will be given to real estate transactions, in which the foreign partner provides financing and generates foreign currency income for the country. However, the country’s assets will be protected, and the use of renewable energy sources and efficient technologies will be mandatory, he emphasized.
In his extensive presentation, the Deputy Prime Minister mentioned exports and import substitution, food production, and knowledge-intensive activities as priorities. Although the regulations supporting these transactions will be released in the coming days, all these operations will be conducted in accordance with the Constitution and the Guidelines for Economic and Social Policy.
According to Pérez-Oliva Fraga, a total of 426 projects have been approved, 35 of them in the Mariel Special Development Zone (ZED Mariel). For a total of US$31.152 billion, concentrated in 13 sectors and present in all provinces.
Regarding the so-called SWAP operations, the Minister of Foreign Trade and Investment (MINCEX) explained that the decisions aim to have a more selective instrument for generating foreign currency and managing obligations; hence, for example, priority is given to those that generate fresh foreign currency or reduce debt, allowing access to new financing.
A selective boost will be given to real estate businesses, in which the foreign partner provides financing and generates foreign currency income for the country. However, the country’s assets will be protected, and the use of renewable energy sources and efficient technologies will be mandatory, he emphasized.
In his extensive presentation, the Deputy Prime Minister mentioned exports and import substitution, food production, and knowledge-intensive activities as priorities. Although the regulations supporting these initiatives will be released in the coming days, all these businesses will operate in accordance with the Constitution, the Guidelines for the Country’s Economic and Social Policy, and the Conceptualization of the Economic Model.
Therefore, the prospects and challenges lie in achieving a more modern, agile, and reliable environment; greater transparency, guarantees, and dynamism for foreign investment; and continuing to foster a more favorable business climate.
Pérez-Oliva Fraga highlighted the following areas of ongoing work: the regulatory framework for foreign investment in the non-state sector. Measures to protect national industry, increased participation of Cubans residing abroad as investors, and more support and projects from the local level.
With information from the Cuban News Agency
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