Cuba changing laws to attract more foreign investment
HAVANA, Cuba, Thursday July 12, 2012 – Cuba is working on its Law 77 to facilitate the greater inflow of foreign capital, Yamila Fernandez, director for finances in the Foreign Ministry for Foreign Trade and Investment (MINCEX) has revealed.
Speaking in the final session of the 8th International Meeting on Accountancy, Audit and Finances, Fernandez pointed out that a new law should be enacted before December, 2012.
While addressing participants in a panel on the Cuban economic model, Fernandez said that efforts are being made for the preparation and updating of the portfolio of projects and businesses with foreign capital, with adequate pre-feasibility studies.
In this way, she told experts from some 30 nations gathered at Havana’s Convention Center, foreign investment would continue to be supported, as a complement to national investment efforts, with emphasis on prioritized sectors.
Fernandez said these developments should favour access to technologies, contribute financing and access to markets, and generate jobs.
The official also noted that central purchasing was started in 2011 in order to improve this capacity in the country and influence the balance of trade favourably through reducing imports.
In her presentation she also stressed that food production was a strategic issue for Cuba and so suburban development of agricultural and livestock production and credit opportunities for farmers were vital.