Foreign investment grows in Cuba despite US economic blockade

At the end of 2020, Cuba will have 29 foreign investment projects under way for an amount of 2.4 billion dollars, the Ministry of Economy and Planning tweeted on Thursday.

Despite the tightening of the US economic, financial and commercial blockade, aimed at hindering the development of all sectors, Cuba is moving forward in the approval of new investments with foreign capital, mainly in tourism, construction, mining and industry.

According to the tweet, five of 29 projects operate in the Mariel Special Development Zone (ZEDM), in western Cuba, where 55 businesses are currently approved, 31 of which are already operating.

In total, eight of 55 projects authorized for installation in the ZEDM consits of purely Cuban capital, 30 with 100 percent foreign investment, 15 joint ventures and two international economic associations.

Those projects generate 11,763 jobs in companies from 21 countries, including 11 multinationals.

The ZEDM shows these achievements thanks to the conclusion of the investment process in the facilities for the final establishment of the new entities.

Among the new companies are Devox Caribe and Tot Color, dedicated to manufacture paints; Industrias Arhtis to produce diapers, and Resa Caribe, in the logistics sector.

In addition, this year, Mariel Solar Energy, which operates wind farms to generate power; Nescor, as a food producer, and Brascuba, which makes cigarettes, were installed in the ZEDM.

(Taken from Prensa Latina)

 

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