Nine companies with 100% foreign capital operating in Cuba

Nine companies with 100% foreign capital operating in Cuba, including a newly installed under a new Law on Foreign Investment, an official said Friday.

The Deputy Director of Foreign Investment, Ivonne Vertiz, told the official newspaper Granma that these nine companies are “linked to the energy, industrial infrastructure and banking”, but did not disclose their names.

He said one of them “was established after the adoption of the new Law No. 118/14” Foreign Investment, in effect since June 28 and seeks raise funds to shore up the ailing economy of the communist island.
After coming to power in 1959, Fidel Castro nationalized all foreign companies, but in the 90s, in the midst of the acute economic crisis that ensued on the island after the demise of the Soviet bloc, authorized the arrival of foreign firms, associated with Cuban state companies.

Vertiz said Havana continues to prioritize “partnerships” between companies in the country and abroad to “ensure the participation of our companies in projects of strategic interest, the effective transfer of new technologies and increasing the qualification of the workforce Cuban “.

“As of June 2014, in the country there were 208 businesses with foreign capital” and “tourism is the sector with more participation of foreign investors, with 42% of existing businesses,” he said. “He follows the energy and mining sector, with 13% of the total,” he said.

These investments will come from “Spain, Canada, Italy, Venezuela, France and the UK. The most strategic sectors in which it has invested are industries, energy and mining, construction, agriculture, food industry and communications,” he added.

In order to revive the economy, President Raul Castro put foreign investment as a priority theme of his reforms. Cuba seeks to attract about 2000-2500 billion annually in foreign investment to achieve the official goals of growth between 5% and 7%.