CONTENT
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Foreign Investment in Cuba |
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| Foreign Direct Investment is focused on the search for new external markets, competitive technologies and capital. In order to foster its growth and development, a new legislation on foreign invesment (Law No. 77) was enacted in 1995. This law is in line with international trends. | ||||
| In addition to the attractive legal framework, Cuba's compartive advantages include: availability of highly skilled labor capable of assimilating new technologies in a short period of time; adequate infrastructure (95% of national territory is electrified; social stability; safety climate for expatriates; Cuba's prospects of integration to the region; geographic location in the middle of an expanding market and important commercial routes; signing of Agreements on Promotion and Reciprocal Protection of Investments with 54 countries and 7 agreements for avoidance of double taxation. |  |
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ToAt the end of 2000 there were 392 Economic Associations with foreign capital operating in the country,
with a strong presence in sectors such as mining, oil prospecting and extraction,
tourism, industries (light, food and iron and steel and metalworking) and
construction. In |
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the last few years, foreign investment has expanded to new sectors such as the
energy and gas industry, financial sector, marketing of cigars, management of aqueducts
and water supply to the Capital City. More recently, important businesses have been
approved for development of hotels, the cement industry, civil aviation, paint industry
and bus manufacturing. In Invested capital in these Associations comes from over 46 countries. Standing out among them are: Spain, Canada, Italy, England and France . About 50% of the projects involve European Union member countries.
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