CUBA NEWS
October 5 , 2007

Cuba to open new stage in foreign investment

Yahoo! News.

Havana, Oct 1 (IANS) In what may be seen as an attempt to open up its economy, Cuba is preparing to invite more foreign investment in a 'new climate' in the country and to prevent errors committed in the past, Foreign Investment Minister Marta Lomas said.

'There's a new climate for investment, the consolidation of the economy is a fact. We've had years with sustained growth of the economy and that allows there to be a new climate for doing new things,' Spanish news agency EFE quoted Lomas as saying.

Cuba opened itself to foreign investment at the beginning of the 1990s, during the so-called 'special period,' to salvage itself form an economic crisis resulting from the fall of the Soviet bloc.

Almost 20 years later, 'we're in a situation of maturation of foreign investment.... We're in a condition to expand without committing the errors of the early years (made) in ignorance and because of economic necessity,' the minister said.

In a speech to commemorate the Cuban Revolution Day on July 26, interim President Raul Castro emphasized the need to increase production and reduce imports, and expressed readiness to open up new areas to foreign investment.

Tourism is one area the government is looking forward to with increased foreign investment, Lomas said, although 'we're studying main sectors of the economy' to identify priorities.

The minister said the recently concluded Hispanic-Cuban Business Committee meeting ended on an upbeat note and that the leaders agreed to more talks next year to identify possible investment projects.

Cuba and Spain signed an agreement Saturday re-establishing the cooperation programmes suspended four years ago in the wake of a crackdown by Havana on dissidents.

At the end of 2006, according to official estimates, Cuba had 236 foreign and mixed firms operating on the island the business volume of which exceeded $3 billion annually.


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