Cuba opens to investment

Cuba seeks to open its trade after 60 years of blockades and delays to globalization. In their announcement, they comment that they will allow the participation of foreign investors. This is how it will be as part of the wholesale and retail trade.

This change could mean a positive increase in the Cuban economy and a reversal of Fidel Castro’s political line. In it, the premise was the nationalization of retail trade, and thus it was perpetuated for 60 years.

“The new measures that have been taken” emphasized the First Vice Minister of Foreign Trade and Foreign Investment (Mincex), Ana Teresita González Fraga. The government announced these measures during the last National Assembly of People’s Power.

“These measures announced in the recent session of the National Assembly are not independent or isolated. Their decisions aimed at repairing the complex economic situation” said González Fraga. He also clarified that his presence was on behalf of the Minister of Foreign Trade, Alejandro Gil.

For his part, Gil declared through his Twitter account: “In the strong restrictions we face, foreign investment in wholesale and retail trade, with State regulation, will allow the population to expand and diversify the offer and will contribute to the recovery of the national industry.”

Until now, foreign investment in Cuba was focused on goods and services. That is about to change, allowing new investors. There will be access to sell raw materials, inputs, equipment “and other goods that promote the development of national production.” Statements were made from the website of the Ministry of Foreign Trade of Cuba.

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According to themselves, one of the essential points in the said opening is to prioritize the “supply of food, cleaning, economical products and for the installation of electricity generation systems. All with renewable energy sources, which immediately impact problems of shortages and contribute to improving supply in the national market”.

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