Cuba presents new portfolio of foreign investment opportunities

HAVANA - Cuba presented on Tuesday its new portfolio for foreign investment, which includes 395 projects worth over 9.5 billion US dollars, in its quest to attract external capital.

Cuba needs foreign investment to update its economy, which has been deeply affected by the crisis in Venezuela, its top trading partner and main oil supplier.

"This new edition of Cuba' s business portfolio adds 120 new proposals for investment in 15 key sectors of our economy," said Rodrigo Malmierca, Minister of Foreign Trade and Investment at the inauguration of the island' s first ever investment forum, held during the 34th Havana International Trade Fair.

Malmierca said Cuba is looking to attract around 2 billion US dollars of foreign investment each year. However, that figure has not been reached in recent years and Raul Castro' s government is seeking more external capital.

"We must develop foreign investment in the country. This is a sovereign decision by Cuba that no-one is imposing on us, we do so because we are convinced it is necessary for the nation' s development," he said.

Presenting new investment opportunities to hundreds of businessmen from all over the world, Malmierca said the projects were located throughout the island, with 24 to be developed in the Mariel Special Economic Development Zone, Havana's flagship project for economic growth.

According to the minister, the tourism sector has seen most interest in investors and is the sector which has most opportunities within the business portfolio.

"We have taken a regional approach to new projects in the area of tourism by giving priority to less developed zones like Guardalavaca, St. Lucia beach and Covarrubias in the east, as well as Cienfuegos in the south," added Malmierca.

Cuba is experiencing a tourism boom since it reestablished diplomatic ties with the United States with almost 4 million visitors expected to visit by the end of 2016.

Other priority sectors for the island include renewable energy, oil exploration, food imports and nickel development.

The Cuban minister added that some projects had been removed from the portfolio as they are already being negotiated with foreign partners.

A new feature in this year's business portfolio is that non-agricultural cooperatives may participate directly or indirectly in foreign investment projects by associating with a Cuban state company.

The banking and financial sectors are now included, allowing Cuba to develop its financing, management techniques and information analysis.

"We want to create economic bases to consolidate the development of our country and build a prosperous and sustainable socialism," said Malmierca.