Cuba is seeking $8.2 billion of foreign investment in 326 projects ranging from rum production to high definition, pay-per-view television.
Foreign Trade Minister Rodrigo Malmierca unveiled the ready-made investment opportunities, officially called the foreign investment portfolio, at the 33rd annual Havana International Fair (FIHAV).
40 of the 246 projects described on last year’s wish list are in advanced negotiations and have been removed from this year’s portfolio, Malmierca said.
While most of the newly signed projects are joint ventures with the Cuban state, an unspecified number were financed with 100 per cent foreign capital, Malmierca said.
The annual portfolio initiative forms part of Cuba’s desire to bring in at least US$2 billion in foreign direct investment annually. Malmierca also reported Cuba has signed 36 deals since a new foreign investment law was approved last year – including six at the special development zone around the port of Mariel. The value of such deals was not revealed.
“We are in a new phase of the insertion of Cuba in the international economic scenario which introduces increased opportunities for trade and investment,” Malmierca said. “We will keep working on diversification of economic relations with the rest of the world and not to depend on a single market. The portfolio of opportunities for foreign investment 2015 has been renewed and offers more projects and additional information for potential investors. It contains 326 projects, 80 more than in 2014. The estimated investment amount of the projects contained in the portfolio exceeds US$8.173 billion.”
The Brookings Institute published an insightful summary of last year’s Portfolio of Foreign Investment Opportunities. According to Brookings, “The government publication provides remarkably frank, data-rich surveys, sector by sector, of current production capabilities and shortfalls – must reading for specialists in the Cuban economy.”
For detailed information about how to invest in Cuba, read the Cuba Journal’s Complete Guide to Investing in Cuba.