Vietnam’s Agri VMA company will manufacture and market animal feed and raw materials, breed pigs and other animals. Illustrative image (Photo: www. cubabusinessreport.com) Havana (VNA) - Vietnam’s Agri VMA company hasset up a branch at the Mariel Special Economic Development Zone (ZEDM) of Cuba,becoming the fifth with Vietnamese capital established at the zone,which is about 45km west of Havana capital, according to the zone’s office.
In a statement posted on ZEDM's website, a representative of the special zoneemphasised that Agri VMA’s new investment, estimated at 21 million USD, contributesto strengthening the position of the Asian country with the largest presencehere.
The company will manufacture and market animal feed and raw materials, breedpigs and other animals as well as import agricultural inputs and technology.
Agri VMA production is expected to have a positive effect on food productionand import substitution, contributing to the achievement of food sovereignty inCuba.
A corner of Mariel Special Economic Development Zone of Cuba. (Photo: Getty Images) Established in November 2013, ZEDM was the first and only of its kind inthe country.
Covering 465.4sq.m, ZEDM enjoys a privileged geographic locationas it locates in the centre of the Caribbean Sea and at the crossroads ofthe main maritime commercial traffic routes in the Western Hemisphere.
Once investing in ZEDM, foreign investors are entitled to benefit from a 0%tax rate for repatriated earnings and duty-free treatment of importing rawmaterials during the investment phase as well as 10-year exemption on taxes onprofits.
Other incentives include a one-stop-shop system that providesinformation to investors and facilitates companies' set up, registration andlicensing./.
