Cuba to attract foreign investment without privatisation
Indo Asian News Service
March 5, 2016
Havana, March 5 (IANS) Cuba’s bid to attract foreign investors does not
imply “accelerated privatisation” of the national economy, the media
reported on Saturday.
Deborah Rivas, the head of foreign investment at the ministry of
external trade and foreign investment, on Friday told daily Granma, that
Cuba already has more than 200 enterprises funded by foreign capital,
including 35 authorized ones since the March 2014 enactment of a revised
Foreign Investment Act, EFE reported.
“The goal is not to sell the country, it’s not about doing just any
project that interests some foreign investor. It’s a matter of
attracting investors whose projects coincide with our public policy. We
are not in a process of accelerated privatisation of the Cuban economy,”
While most investment comes from Europe and Canada, Cuba is pursuing a
“diversification” of economic partners to avoid dependence on a single
market, she said.
Regarding the growing interest among US companies in doing business in
Cuba, Rivas said that because the US is maintaining its economic embargo
against Cuba, “this is not one of the issues that will be resolved
quickly” in the current process of bilateral normalisation.
Foreign investment is a pillar of the economic reform plan launched by
President Raul Castro in 2011 to “update” Cuba’s socialist model.
The government has set a target of attracting roughly $2 billion a year
in foreign direct investment, but experts estimate the real need is much
Source: Cuba to attract foreign investment without privatisation –