Cuba’s Ministry of Foreign Trade and Foreign Investment is opening up to Cuban Americans who desire to take part in foreign investment projects as the island seeks to kickstart its troubled economy, while also encouraging Washington to roll back sanctions.
“Cuba is open to foreign capital regardless of its place of origin”Katia Alonso, Cuban Ministry of Foreign Trade and Foreign Investment
“Cuba is open to foreign capital regardless of its place of origin”
Katia Alonso, the ministry’s director of foreign capital investments, told the Miami Herald: “Cuba is open to foreign capital regardless of its place of origin,” Alonso explained, “so if a Cuban American were interested — whether they were born in the U.S. or migrated to that country — in investing on the island, their interest would be evaluated just like any other potential investor from any other place of origin.”
This invitation comes as Cuba looks out for ways to increase foreign investment by making room for the involvement of small and medium business investors within the 503 projects now available, estimated to be worth $12 billion. Most of the proposals that are currently open are in the tourism and energy industries, while sectors such as agriculture, commerce, telecommunications, construction, medical tourism and pharmaceutical industries take up the rest.
Cuba is currently experiencing its most severe economic contraction since the collapse of the Soviet Union, with the government reporting an 11% contraction last year.
Cuba is currently experiencing its most severe economic contraction since the collapse of the Soviet Union, with the government reporting an 11% contraction last year. Among the factors responsible for this contraction are lockdowns, Trump administration sanctions and Venezuela’s worsening crisis.
Although Cuban officials hope the Biden administration will loosen restrictions on travel and remittances imposed by the Trump administration, the signs so far do not show that the Biden administration considers altering Cuba policy a priority.
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