Cuba adds more projects to annual portfolio of FDI opportunities

Havana (VNA) – Cuba on October 31 announced its 2018 portfolio of opportunities for foreign investment at the 36th Havana International Fair (FIHAV) 2018 in Havana.

The country removed 104 projects from the portfolio as they are in progress or have found investors while 168 new others were added to the list, bringing the total number of projects this year to 525 which call for a combined investment of over 11.6 billion USD.

Speaking at the announcing event, Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca said most of the new projects are in animal husbandry, food, light industry, mechanics and metallurgy, chemicals, tourism and mining.

Tourism accounts for the highest number of project or 187, while 45 are located at the Mariel Special Development Zone (ZEDM).

Malmierca further said that Cuba has licensed 40 FDI projects, valued at 1.5 billion USD, from October 2017 to the end of September 2018; 35 of which are in progress. Also during the period, Cuban enterprises and foreign partners have sealed seven agreements to expand investment or reinvest with a total capital of 100 million USD.

Statistics show that since Cuba issued Law 118 on Foreign Investment in 2014, the country has lured 175 new FDI projects, worth a total 5.5 billion USD, and at the same time, allowed 21 others to be reinvested. The foreign investors in these projects came from 28 countries and territories worldwide.

FIHAV 2018, which takes place from October 29 to November 2, draws 2,500 enterprises from 60 countries and territories around the world, including Vietnam. This year’s event features a wide range of activities to celebrate the 500th founding anniversary of Havana.

First held in 1982, the event is the biggest annual fair of Cuba and one of the largest of its kind in Latin America. –VNA