“We must develop an export vocation in all entities. We need to substitute imports, because the less we spend, the more we have to re-circulate within our own productive processes,” said Miguel Diaz-Canel, President of Cuba’s Councils of State and Ministers, during a meeting of the National Assembly’s Public Services Committee, in which deputies received updated information on Law No.118 that governs foreign investment in the country.
Legislators learned that the portfolio of business opportunities promoted by the Ministry of Foreign Trade and Investment includes more than 500 projects in different sectors, among which tourism stands out.
The introduction of foreign capital in our economy is today an essential part of our development strategy, which is why this is one of the main lines of attack pursued by the United States government, he said. But despite the pressures on international investors and companies in our country, all have maintained a firm position in rejecting the extraterritorial nature of U.S. laws, mainly the Helms-Burton.
“No one has pulled out; some have submitted new projects and have said that they are willing to close businesses elsewhere to stay here, because of the potential to start new projects and security in Cuba,” Diaz-Canel said, explaining that business people know how much we are affected by the tightening of the criminal blockade and financial persecution, but they have confidence in the commitment of the Revolution’s leadership to fulfill obligations.
The President emphasized the need to attract capital, technology, and knowledge to advance economic growth. “We will not invest in just anything, but in key, prioritized sectors, very well defined in Cuban law, always defending our sovereignty and independence.”
Prior to the President, Ministers Eduardo Rodríguez Dávila (Transportation), Betsy Díaz Velázquez (Domestic Commerce), Manuel Marrero Cruz (Tourism) and Deputy Minister of Communications Ernesto Rodríguez reported on joint ventures in their sectors, currently providing mutual benefit, while difficulties were also recognized, such as delays in responding to international investors, in processing and documentation, and insufficient experience in contracting the purchase raw materials.
Nonetheless, investors continue to show interest in Cuba, given citizen security here; our highly qualified workforce; and the population’s human values ​​, including commitment and dedication to professional activity.